Agreement for Transfer of Mining Property Interests and Royalties between Newmont, NCL, Vista, and VNC (October 2002)

Contract Categories: Business Finance › Purchase Agreements
Summary

This agreement, effective October 7, 2002, is between Newmont USA Limited, Newmont Capital Limited, Vista Gold Corporation, and Vista Nevada Corp. Newmont and NCL agree to transfer their interests in two mining properties (Maverick Springs and Mountain View) and related leases to VNC. In exchange, Vista will pay cash, issue shares and warrants to Newmont and NCL, and VNC will grant royalty interests back to Newmont and NCL. The agreement sets out closing procedures, payment terms, share and warrant issuance, and warranties regarding the properties and leases.

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EX-10.17 4 a2132241zex-10_17.txt EXHIBIT 10.17 EXHIBIT 10.17 AGREEMENT THIS AGREEMENT ("Agreement") is effective as of October [7], 2002, by and between Newmont USA Limited ("Newmont"), a Delaware corporation, doing business as Newmont Mining Corporation; Newmont Capital Limited ("NCL"), a Nevada corporation; Vista Gold Corporation ("Vista"), a Canadian corporation; and Vista Nevada Corp. ("VNC"), a Nevada corporation. RECITALS A. Newmont leases certain unpatented mining claims pursuant to that Lease dated October 1, 2001, as amended effective August 26, 2002 and August 29, 2002 ("Artemis Lease"), between Newmont Mining Corporation and Artemis Exploration Company, a memorandum of which was recorded in the Elko County Recorder's Office on September 3, 2002, at Book 2, Pages 31064-31068. Those unpatented mining claims are more fully described in EXHIBIT 1 attached hereto, and are referred to herein as the "Maverick Springs Property." Pursuant to Section 1(c) of that letter agreement, dated August 30, 2002 between Newmont and Vista, as amended (the "Letter Agreement"), the Artemis Lease was amended to allow until November 15, 2002 to complete at least 6,400 feet of exploration drilling on the Maverick Springs Property. B. NCL owns a partial interest in certain unpatented mining claims, pursuant to that Mining Deed and Assignment dated November 24, 1993, a copy of which was recorded in the official records of the Washoe County Recorder's Office on December 3, 1993, as Document 1738757 at Book 3917, Pages 0951-0952, and that Quitclaim Deed dated June 30, 2000, a copy of which was recorded in the Washoe County Recorder's Office on August 11, 2000, as Document ###-###-####. Those unpatented mining claims are more fully described in EXHIBIT 2 attached hereto, and are referred to herein as the "Mountain View Property." NCL also holds a leasehold interest and option in the Mountain View Property pursuant to that Lease/Option Agreement dated June 30, 2000, as amended on April 16, 2001 and June 6, 2002 ("Wittkopp Lease"), between Franco-Nevada Mining Corporation, Inc., and Raymond W. and Leslie A. Wittkopp, a memorandum of which was recorded in the Washoe County Recorder's Office on August 11, 2000, as Document ###-###-####. The Maverick Springs Property and the Mountain View Property are collectively referred to herein as the "Newmont Property." C. Newmont and NCL desire to convey their interests in the Maverick Springs Property and Mountain View Property and to assign their interests under the Artemis Lease and Wittkopp Lease, and Vista and VNC desire that VNC acquire those interests, pursuant to the terms set forth in this Agreement. WHEREFORE, in consideration of the mutual covenants contained in this Agreement, and other valuable consideration, the receipt of which is hereby acknowledged by the parties, Newmont, NCL, Vista and VNC agree as follows: ARTICLE 1. CLOSING 1.1 CLOSING DATE. Newmont, NCL, Vista and VNC shall consummate and close the transactions contemplated by Article 1 of this Agreement, on or before October 7, 2002 ("Closing"), at Newmont's offices located at 1700 Lincoln Street, Denver, Colorado. 1.2 FAILURE TO CLOSE. In the event the parties fail to close the transactions contemplated by Article 1 within the time-frame set forth in Section 1.1, and unless otherwise agreed to in writing by the parties hereto, this Agreement shall terminate and the parties shall have no further rights or obligations pursuant to either this Agreement or the Letter Agreement. 1.3 TRANSFER OF NEWMONT'S AND NCL'S INTERESTS. At closing, Newmont and NCL will transfer their interests in the Newmont Property and the Leases to VNC as follows: a. Newmont shall deliver to VNC an Assignment in the form of EXHIBIT 3 hereto, transferring to VNC its interest in the Artemis Lease. b. NCL shall deliver to VNC an Assignment in the form of EXHIBIT 4 hereto, transferring to VNC its interest in the Wittkopp Lease. c. NCL shall deliver to VNC a Quit Claim Deed in the form of EXHIBIT 5 hereto, conveying to VNC its ownership interest in the Mountain View Property. 1.4 CASH PAYMENT. At Closing, Vista will pay to Newmont (i) Three Hundred Thousand Dollars ($300,000.00) in cash by certified check or wire transfer ($250,000.00 for the Maverick Springs Property and $50,000.00 for the Mountain View Property), and (ii) Thirty Seven Thousand Three Hundred Dollars ($37,300.00) in cash by certified check or wire transfer to reimburse Newmont for the federal maintenance fees paid on the Newmont Property for the 2003 assessment year. 1.5 SHARE TRANSFER. a. At Closing, Vista shall issue (i) to Newmont one hundred forty-one thousand, two hundred and forty-three (141,243) shares of common stock in Vista; and (ii) to NCL fifty-six thousand, four hundred and ninety-seven (56,497) shares of common stock in Vista. b. At Closing, Vista shall also issue to Newmont one hundred forty-one thousand, two hundred and forty-three (141,243) warrants; and (ii) to NCL fifty-six thousand, four hundred and ninety-seven (56,497) warrants, with each warrant to entitle -2- the receiving party to purchase one share of common stock in Vista for four dollars and forty-three cents ($4.43) per share, exercisable for a period of two years after the date of Closing. c. The warrants and shares issued pursuant to this Section 1.5 and Section 1.7 below shall be subject to applicable statutory restrictions on trading when issued. Vista shall make best commercial efforts to (i) register all said shares, at its sole cost, so that they are free-trading within six months of the date of issuance, or (ii) obtain within 60 days of the date of issuance, at its sole cost, a satisfactory opinion of counsel acceptable to Newmont and NCL, stating that registration is not required or that exemptions from registration are available. 1.6 ROYALTY DEEDS. a. At Closing, VNC will convey to Newmont a net smelter return royalty on mineral production from the Maverick Springs Property and the Maverick Springs Area of Interest (as defined in EXHIBIT 6) by delivering to Newmont a royalty deed in the form of EXHIBIT 7 to this Agreement. b. At Closing, VNC will convey to NCL a net smelter return royalty on mineral production from the Mountain View Property and the Mountain View Area of Interest (as defined in EXHIBIT 8), by delivering to NCL a royalty deed in the form of EXHIBIT 9 to this Agreement. These two royalty deeds are collectively referred to herein as the "Royalty Deeds." 1.7 SUBSEQUENT SHARE TRANSFER. a. On the first anniversary of Closing, Vista shall issue to Newmont shares of common stock in Vista, the number of shares of which shall be determined by dividing Five Hundred Thousand Dollars ($500,000.00) by the weighted average closing price of such shares on the American Stock Exchange averaged over the 10-day trading period ending on the day before said first anniversary ("Weighted Average Price"). b. On the first anniversary of Closing, Vista shall also issue to Newmont one warrant for each share issued under Section 1.7(a), with each warrant to entitle Newmont to purchase one share of common stock in Vista for 125% of the Weighted Average Price, exercisable for a period of two years from the first anniversary of Closing. ARTICLE 2. WARRANTIES AND REPRESENTATIONS 2.1 WARRANTIES AND REPRESENTATIONS. a. Newmont and NCL represent and warrant that (i) other than the Artemis Lease and Wittkopp Lease, they have not created any royalty obligation with respect to the Newmont Property; (ii) they have not encumbered, mortgaged or conveyed -3- their interest in the Newmont Property; and (iii) they have not received any notice of default under the Artemis Lease or Wittkopp Lease, and, to the best of their knowledge, the Artemis Lease and Wittkopp Lease are in good standing. b. Each party represents and warrants to the other parties that it is in good standing under the laws of the jurisdiction in which it is incorporated, and that it has all the requisite power, right and authority to enter into this Agreement, and to perform its obligations under this Agreement, and to commit to this Agreement. The execution and delivery of this Agreement and the consummation of the transactions, indemnities and guarantees provided herein have been duly and validly authorized by all necessary corporate or company action on the part of each party. 2.2 PROPERTY AS IS. Vista and VNC acknowledge that they are being given full access to the Newmont Property for their due diligence review. Vista and VNC acknowledge that portions of the Newmont Property are located within a historic mining area and may have environmental and physical conditions related to prior mineral exploration or mining activities, including, but not limited to, adits, shafts, waste rock piles, roads and related facilities. Prior to closing, Vista and VNC will investigate the Newmont Property, including the environmental conditions on that property, to their satisfaction. VNC is acquiring Newmont's and NCL's interests in the Newmont Property "as is" without warranty of any kind as to the condition, suitability or usability of the Newmont Property for any purpose. The parties intend that this "as is" provision shall be effective as to the environmental condition of the Newmont Property, and any and all common law or statutory claims with respect thereto. Upon closing, Vista and VNC assume the risk of any environmental contamination, hazardous substances and other conditions on or related to the Newmont Property. ARTICLE 3. RIGHTS AND OBLIGATIONS OF THE PARTIES 3.1 WORK COMMITMENT. a. Vista and VNC shall perform on the Maverick Springs Property (i) at least 20,000 feet of exploration drilling on or before the second anniversary of Closing, and (ii) subject to VNC's rights under Section 3.3 below, at least an additional 30,000 feet of exploration drilling on or before the fourth anniversary of Closing. The obligation of Vista and VNC under Section 3.1(a)(i) is a firm commitment, and VNC may not exercise its rights under Section 3.3 below with respect to any part of the Maverick Springs Property or the Artemis Lease until after that drilling obligation has been satisfied. b. Vista and VNC shall perform on the Mountain View Property (i) at least 4,000 feet of exploration drilling on or before the first anniversary of Closing, and (ii) subject to VNC's rights under Section 3.3 below, at least an additional 4,000 feet of exploration drilling prior to the second anniversary of closing. The obligation of Vista and VNC under Section 3.1(b)(i) is a firm commitment, and VNC may not exercise its -4- rights under Section 3.3 below with respect to any part of the Mountain View Property or the Wittkopp Lease, until after that drilling obligation has been satisfied. 3.2 PROPERTY AND LEASE MAINTENANCE. Subject to Section 3.3 below, Vista and VNC shall make such payment and filings, conduct such assessment work and satisfy all other obligations necessary to keep the Artemis Lease, Wittkopp Lease and Newmont Property in good standing, including, but not limited to payment of federal maintenance fees for the unpatented mining claims, satisfying any federal and state filing requirements for maintaining unpatented mining claims, and satisfying any Lease work commitments. Upon making any such payments or filings, Vista or VNC shall promptly deliver to Newmont a copy of the documents that were filed, and written evidence of any payment that was made. On or before February 1 of each calendar year, Vista or VNC shall deliver to Newmont a written report summarizing all work that Vista or VNC completed on the Newmont Property during the previous calendar year and including all factual data resulting therefrom. Vista and VNC shall be jointly and severally responsible for the obligations under this Section 3.2. 3.3 ABANDONMENT OF LEASES AND PROPERTY. VNC may terminate or abandon its interests in the Newmont Property, the Artemis Lease and the Wittkopp Lease, in whole or in part, only in accordance with the provisions of this Section 3.3. a. At any time after the second anniversary of Closing and after it completes at least 20,000 feet of drilling on the Maverick Springs Property, VNC may terminate the Artemis Lease, in whole or in part, in accordance with the terms thereof and the provisions of this Section 3.3. b. At any time after it completes at least 4,000 feet of exploration drilling on the Mountain View Property, VNC may terminate the Wittkopp Lease, in whole or in part, in accordance with the terms thereof and the provisions of this Section 3.3. c. Prior to terminating either the Artemis Lease or Wittkopp Lease or any portion thereof, or otherwise abandoning any part of the Newmont Property, within 90 years of the effective date of this Agreement, VNC shall notify Newmont of its intent to do so, and provide Newmont with all factual data relating to the subject property that has not previously been provided to Newmont. Newmont shall have 30 days from the delivery of such notice and data, or until 90 years from the effective date of this Agreement, whichever is sooner, to elect to have VNC's lease or ownership rights in the subject property transferred to it. VNC shall deliver to Newmont an assignment (and a quit claim deed, if VNC has ownership interests) transferring to Newmont, VNC's entire interest in the subject property, within 30 days of the delivery of Newmont's written notice electing to receive such property. At the time VNC delivers such assignment and/or quit claim deed, VNC shall have satisfied all obligations or requirements that have or will become due within 60 days of the date of delivery of the assignment and/or quit claim deed, necessary to keep the subject Lease interest and mining claims in good standing. If Newmont elects not to acquire such property or fails to respond to VNC's -5- notice and data within 30 days, VNC shall be free to terminate the applicable Lease with respect to such property, and/or abandon such property. The applicability of the Royalty Deeds to any property VNC abandons shall be governed by Section 8 of the Royalty Deeds. Upon the transfer of any interests to Newmont under this Section 3.3, Vista and VNC shall promptly reclaim all disturbance caused by its activities on the subject property in accordance with applicable statutory and regulatory requirements, unless Newmont agrees in writing to assume such reclamation obligations, in which case, Newmont shall assume such obligations in writing, and take any other steps, such as posting a replacement bond, necessary to relieve Vista and VNC of the performance thereof. Vista's and VNC's obligation under Section 3.2 to maintain the Artemis Lease, Wittkopp Lease and Newmont Property in good standing shall continue until such time that VNC transfers its interest in such Leases and property to Newmont, or formally terminates its leasehold interest in such property pursuant to the terms of this Section. In the event Newmont reacquires any property pursuant to Sections 3.3 or 3.4, Newmont shall assume the risk of any environmental contamination, hazardous substances and other conditions on or related to the reacquired property, except for any that relates to or arises from Vista's or VNC's activities or operations. 3.4 RIGHT OF FIRST OFFER. a. If, within 90 years of the effective date of this Agreement, VNC intends to transfer all or any part of its interest, including, but not limited to any royalty, in the Artemis Lease, Wittkopp Lease or Newmont Property ("Offered Property"), to any person or entity, except as provided in Section 3.4(b) below, it shall promptly notify Newmont in writing. This notice shall specifically identify the Offered Property and shall state the price and all other material terms and conditions of the intended transfer, which shall be for monetary consideration only. VNC shall include with such notice all factual data pertaining to the Offered Property, which was not previously delivered to Newmont. Newmont shall have 30 days from the date such notice is delivered or until 90 years from the effective date of this Agreement, whichever is sooner, to notify VNC whether it elects to acquire the Offered Property at the same price and on the same terms as set forth in the notice. If Newmont does elect to acquire the Offered Property, such closing shall occur within 30 days after notice of such election is delivered to VNC. If Newmont fails to deliver to Vista notice of its election to acquire the Offered Property within such 30 days, such failure shall be deemed an election to not acquire the Offered Property. If Newmont elects to not acquire the Offered Property, VNC shall have 180 days from the date it delivered its notice to Newmont to complete the transfer of the entire Offered Property to a third party at a price and on terms no less favorable to VNC than those set forth in its notice to Newmont. If VNC fails to complete the transfer of the entire Offered Property to a third party within that period, Newmont's right of first refusal in the Offered Property shall be revived. Any subsequent proposal by VNC to transfer the Offered Property, or any part thereof, shall be conducted in accordance with the procedures set forth in this Section. The obligations of this Section shall apply to VNC and any successor, including affiliates or any successor by merger. Newmont's rights under this Section 3.4(a) shall be subordinate to any rights of first refusal or -6- preemptive right granted to a third-party under any joint venture referenced in Section 3.4(b)(iv) below. b. The provisions of Section 3.4(a) shall not apply to (i) any equity offering made by Vista or VNC, (ii) any full or partial sale of VNC made for purposes other than to circumvent Section 3.4(a), (iii) a transfer to an affiliate wholly owned by Vista or VNC, and (iv) entering into a joint venture to which VNC is a party, including a limited liability company in which VNC is a member. 3.5 THE JOINT VENTURE OPTION. a. Within 30 days after the fourth anniversary date of Closing, Vista and VNC shall deliver to Newmont a written notice, which includes (i) all factual data relating to the Newmont Property, which was not already provided to Newmont, and (ii) a detailed written accounting of all expenditures made by Vista and/or VNC to acquire, explore and hold the Maverick Springs Property and the Mountain View Property (the "Expenditures"). The Expenditures shall include the fair market value of the shares delivered by Vista under Sections 1.5 and 1.7, which the parties agree, for purposes of this Section 3.5, have a value of $1,000,000.00 for the Maverick Springs Property and $200,000.00 for the Mountain View Property. Thereafter, Newmont shall have a one-time option to elect to enter into a joint venture with VNC that would cover the Maverick Springs Property, the Mountain View Property or both (the "Joint Venture Option"). Newmont may elect to exercise the Joint Venture Option by delivering to VNC written notification within 60 days of delivery of Vista's and VNC's complete notice. During such 60 day period, Newmont shall have the right to review and audit Vista's and VNC's books and records with respect to their Expenditures. b. If Newmont elects to exercise the Joint Venture Option, Newmont and VNC shall negotiate and agree upon the terms of a joint venture agreement ("Joint Venture Agreement"), which will generally follow the form of Rocky Mountain Mineral Law Foundation, Model Form Mining Venture Agreement, Form 5, and will include the following terms: (i) Newmont shall pay to VNC an amount equal to two hundred percent (200%) of the Expenditures (defined in Section 3.5 above) (the "Expenditures Payment") by certified check or wire transfer to VNC's account. (ii) Upon making the Expenditures Payment, Newmont shall acquire a fifty-one percent (51%) participating interest in the joint venture property, and shall be the manager of the joint venture, so long as it maintains a fifty percent (50%) or greater participating interest. (iii) VNC and Newmont shall be required to fund all joint venture costs and expenditures in proportion to each party's participating interest, provided that once VNC has contributed two million dollars ($2,000,000.00) in joint venture expenditures, including its share of management fees, Newmont would thereafter -7- solely fund all joint venture expenditures, until completion of a feasibility study (as defined in EXHIBIT 10) that supports a decision by the joint venture to put the project into production ("Development Feasibility Study"). Once such decision is made, the parties shall again be required to fund future joint venture expenditures in proportion to their participating interests. VNC's contribution of 49% of all joint venture expenditures up to a maximum of two million dollars ($2,000,000.00), shall maintain VNC's 49% interest in the joint venture until completion of the Development Feasibility Study. For purposes of calculating the parties' participating interests in the joint venture and for calculation of dilution after completion of a Development Feasibility Study, VNC's basis in the joint venture shall be the greater of (1) VNC's actual contributions; or (2) 49% of the actual total expenditures made by the joint venture (both parties) until completion of the Development Feasibility Study. In the former case, Newmont's basis in the joint venture shall be the amount equal to VNC's basis multiplied by 51/49. In the latter case, Newmont's basis in the joint venture shall be 51% of the actual total expenditures made by the joint venture (both parties) until completion of the Development Feasibility Study. (iv) The manager of the joint venture shall earn a management fee from the joint venture of (i) ten percent (10%) of the joint venture exploration expenditures during exploration (except for invoices exceeding $50,000.00, in which case the fee would be five percent (5%) for the amount over $50,000.00), (ii) five percent (5%) of joint venture development expenses during development and (iii) seven dollars ($7.00) per ounce of gold produced from the joint venture property during production. After production commences, the management fee will be subject to adjustment to reflect the manager's actual costs, so that the manager makes neither a profit nor loss from being manager. (v) A management committee shall be formed, consisting of two representatives from each joint venture party. The management committee members shall have voting rights in proportion to the parties' respective participating interests. The manager shall present work programs and budgets to the management committee for approval. In the event of a tie vote, the manager shall have the deciding vote. (vi) Subject to Section 3.5(b)(iii), if either party elects not to contribute its proportionate share to an approved program and budget, once joint funding commences, such parties' participating interest shall be subject to straight-line dilution. If either party elects to contribute to an approved program and budget, but fails to make such contribution, the amount of dilution shall be twice the amount that would have occurred if the defaulting party had elected not to contribute. In the event either party's participating interest is diluted to below twenty percent (20%), it shall relinquish its participating interest to the other party, in return for a one percent net smelter returns royalty, as defined in the Royalty Deed. For the initial development program and budget, following the completion of a Development Feasibility Study, VNC shall have 180 days after management committee approval of such program and budget, to make its election whether to contribute and raise its share of the funds. -8- c. If Newmont elects to exercise the Joint Venture Option, Newmont and VNC shall negotiate and enter into the Joint Venture Agreement within 90 days of the date of delivery of Newmont's election notice. d. Upon execution of the Joint Venture Agreement, Newmont and/or NCL shall reconvey to VNC their interest in the Royalty Deeds with respect to that part of the Newmont Property that is subject to the Joint Venture Agreement. 3.6 PREFERENTIAL PROCESSING RIGHT. VNC grants to Newmont a preferential right to process any gold, silver or platinum group metals ("Precious Metals") developed from or within the Newmont Property, the Maverick Springs Area of Interest and the Mountain View Area of Interest, pursuant to the terms of this Section. Prior to VNC commencing construction of a mine within any portion of the Newmont Property or the Areas of Interest, which would involve milling or the use of processing technology other than oxide heap leaching (including, but not limited to, oxide milling for processing oxide ore, or pressure oxidation, roasting, floatation or bioxidation for processing sulfide ore) (hereafter "Processing"), VNC shall notify Newmont in writing, as soon as practicable, of the intended production rates, timing and technology to be used. Newmont shall have 60 days after the delivery of such notice, within which to notify VNC that Newmont desires to negotiate with VNC for the use of Newmont's processing facilities, or one or more of Newmont's proprietary (patented) processing technologies to perform such Processing. If Newmont provides such notice to VNC, the parties shall thereafter promptly meet and negotiate in good faith, the terms pursuant to which Newmont would conduct such Processing. VNC shall be under no obligation to use Newmont's technology or facilities unless the costs are competitive with those that VNC would otherwise incur. 3.7 INDEMNITIES. Vista and VNC shall fully indemnify, defend, release and hold harmless Newmont, NCL, their affiliates and successors, and their officers, directors, agents, and employees from and against all loss, costs, penalties, expense, damage and liability (including, without limitation, loss due to injury or death, reasonable attorneys' fees, expert fees and other expenses incurred in defending against litigation or administrative actions, either pending or threatened), arising out of, or relating to any claim or cause of action relating in any way to conditions, operations or other activities, whether known or unknown, at, or in connection with the Newmont Property, including, but not limited to environmental conditions, regardless of whether such conditions were created before or after the date of Closing, which arises in whole or in part under any federal, state or local law, now existing or hereafter enacted, adopted or amended, including, without limitation, any statutory or common law governing liability to third parties for personal injury or property damage. In the event Newmont reacquires any part of the Newmont Property pursuant to Sections 3.4 or 3.5, Newmont shall provide to VNC an indemnity following the terms of this Section 3.7 with respect to any conditions on the reacquired property, except for those arising from or relating to Vista's or VNC's activities or operations. -9- 3.8 SUBSEQUENT CONVEYANCE. In the event VNC conveys any interest in the Newmont Property, the Artemis Lease or the Wittkopp Lease to any third party, including but not limited to any affiliate or joint venturer (i) the conveyance instrument shall expressly provide that the interest being conveyed is subject to Newmont's and NCL's rights under this Agreement and the Royalty Deeds, and (ii) the third party shall agree in writing with Newmont and NCL to be bound by the provisions of this Agreement and any applicable Royalty Deeds. ARTICLE 4. DISPUTE RESOLUTION 4.1 RIGHTS UPON DEFAULT. In the event any party defaults on any one or more of its obligations or covenants under this Agreement, each party shall have all of the rights and remedies provided by law, including the right of specific performance. 4.2 ATTORNEYS FEES. In any litigation between the parties to this Agreement or persons claiming under them resulting from, arising out of, or in connection with this Agreement or the construction or enforcement thereof, the substantially prevailing party or parties shall be entitled to recover from the defaulting party or parties all reasonable costs, expenses, attorneys fees, expert fees, and other costs of suit incurred by it in connection with such litigation, including such costs, expenses and fees incurred prior to the commencement of the litigation, in connection with any appeals, and in collecting any final judgment entered therein. If a party or parties substantially prevails on some aspects of such action, but not on others, the court may apportion any award of costs and attorneys fees in such manner as it deems equitable. ARTICLE 5. GENERAL PROVISIONS 5.1 NOTICE. All notices or other communications to either party shall be in writing and shall be sufficiently given if (i) delivered in person, (ii) sent by electronic communication, with confirmation sent by registered or certified mail, return receipt requested, or (iii) sent by registered or certified mail, return receipt requested. Subject to the following sentence, all notices shall be effective and shall be deemed delivered (i) if by personal delivery, on the date of delivery, (ii) if by electronic communication, on the date of receipt of the electronic communication, and (iii) if by mail, on the date of delivery as shown on the actual receipt. If the date of such delivery or receipt is not a business day, the notice or other communication delivered or received shall be effective on the next business day ("business day" means a day, other than a Saturday, Sunday or statutory holiday observed by banks in the jurisdiction in which the intended recipient of a notice or other communication is situated.) A party may change its address from time to time by notice to the other party as indicated above. All notices to Newmont shall be addressed to: Newmont USA Limited d/b/a Newmont Mining Corporation 1700 Lincoln Street, Suite 2800 Denver, CO 80203 Attn: Land Department Telecopier No: (303) 837-5851 -10- With a copy to: Newmont Capital Limited 427 Ridge Street, Suite C Reno, Nevada 89501 Attn: Royalty Land Manager Telecopier No. (775) 784-8185 All notices to VNC shall be addressed to: Vista Nevada Corp. 7961 Shaffer Parkway, Suite 5 Littleton, Colorado 80127 Attn: Ronald J. (Jock) McGregor Telecopier No. (720) 981-1186 All notices to Vista shall be addressed to: Vista Gold Corp. 7961 Shaffer Parkway, Suite 5 Littleton, Colorado 80127 Attn: Ronald J. (Jock) McGregor Telecopier No. (720) 981-1186 5.2 INUREMENT. All covenants, conditions, indemnities, limitations, and provisions contained in this Agreement apply to, and are binding upon the parties to this Agreement, their heirs, representatives, successors, and assigns. The obligations of Vista and any Affiliate under Article 3 shall run with the subject land. 5.3 IMPLIED COVENANTS. The only implied covenants in this Agreement are those of good faith and fair dealing. 5.4 WAIVER. No waiver of any provision of this Agreement, or waiver of any breach of this Agreement, shall be effective unless the waiver is in writing and is signed by the party against whom the waiver is claimed. No waiver of any breach shall be deemed to be a waiver of any other subsequent breach. 5.5 MODIFICATION. No modification, variation, or amendment of this Agreement shall be effective unless it is in writing and signed by all parties to this Agreement. 5.6 ENTIRE AGREEMENT. This Agreement sets forth the entire agreement of the parties with respect to the transactions contemplated herein and supercedes any other agreement, representation, warranty, or undertaking, written or oral, including the Letter Agreement. -11- 5.7 MEMORANDUM. A memorandum of this Agreement in the form attached as EXHIBIT 11 shall be recorded in the records of Elko County, White Pine County and Washoe County, Nevada, promptly after execution of this Agreement. This Agreement shall not be recorded. 5.8 CONFIDENTIALITY OF INFORMATION. Except for recording the Assignments and Quit Claim Deed referenced in Section 1.3 above, the Royalty Deeds and a Memorandum pursuant to Section 5.7 above, and as otherwise provided in this Section 5.8, the terms and conditions of this Agreement shall be treated by the parties as confidential, and no party shall reveal or otherwise disclose such information to third parties without the prior written consent of the other party. This restriction shall not apply to disclosures to any affiliate, to any public or private financing agency or institution, securities regulatory authority, to any contractors or subcontractors the parties may engage and to employees or consultants of the parties, or to any third party to which a party contemplates the transfer, sale, assignment, encumbrance or other disposition of their interest in the Newmont Property, other property within the Area of Interest or the royalty interest granted by the Royalty Deed, or with which a party or its 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 need to know the disclosed information, and shall first agree in writing to protect the confidential nature of such information at least to the same extent as the parties are obligated under this Section. In the event a party is required to disclose the terms of this Agreement to any federal, state or local government, any court, agency or department thereof, or any stock exchange or securities regulatory authority, the party so required shall immediately notify the other party of such requirement, and the proposed form and content of the disclosure. To the extent legally permissible, such notice shall be delivered at least two business days prior to the date of the disclosure. The non-disclosing party shall have the right to review and comment upon the form and content of the disclosure and to object to such disclosure to the entity seeking the information, and to seek confidential treatment of that information by the receiving entity. 5.9 FURTHER ASSURANCES. Each of the parties agrees that it shall take from time to time such actions and execute such additional instruments as may be reasonably necessary or convenient to implement and carry out the intent and purpose of this Agreement. 5.10 CONSTRUCTION. The section and paragraph headings contained in this Agreement are for convenience only, and shall not be used in the construction of this Agreement. The invalidity of any provision of this Agreement shall not affect the enforceability of any other provision of this Agreement. 5.11 CURRENCY. All references to dollars herein shall mean United States dollars. -12- 5.12 GOVERNING LAW. This Agreement shall be governed by, interpreted and enforced in accordance with the laws of the State of Nevada, without regard to that State's conflicts of laws provisions. 5.13 SURVIVAL OF TERMS AND CONDITIONS. The warranties, representations, indemnities and covenants contained in this Agreement, shall survive closing and the recording of any conveyance documents pursuant to this Agreement. IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written. NEWMONT USA LIMITED D/B/A NEWMONT MINING CORPORATION By: /S/ DONALD B. KARRAS Name: Donald B. Karras Title: Vice President NEWMONT CAPITAL LIMITED By: /S/ DAVID HARQUAIL Name: David Harquail Title: President VISTA NEVADA CORP. By: /S/ R.J. MCGREGOR Name: R.J. McGregor Title: President VISTA GOLD CORPORATION By: /S/ R.J. MCGREGOR Name: R.J. McGregor Title: President -13- EXHIBIT 1 TO AGREEMENT BETWEEN NEWMONT USA LIMITED D/B/A NEWMONT MINING CORPORATION, NEWMONT CAPITAL LIMITED, VISTA GOLD CORPORATION AND VISTA NEVADA CORP. MAVERICK SPRINGS PROPERTY That certain Mining Lease and Agreement dated October 1, 2001 by and between Newmont Mining Corporation and Artemis Exploration Company, as amended, and the following described unpatented mining claims situated in Elko County and White Pine County, Nevada:
CLAIM NAME BOOK PAGE BLM SERIAL NUMBER - ---------------------------------------------------------------------------------------- WILLOW #1 968 784 NMC - 754059 WILLOW #2 968 785 NMC - 754060 WILLOW #9 968 792 NMC - 754067 WILLOW #10 968 793 NMC - 754068 WILLOW #11 968 794 NMC - 754069 WILLOW #12 968 795 NMC - 754070 WILLOW #13 968 796 NMC - 754071 WILLOW #14 968 797 NMC - 754072 WILLOW #15 968 798 NMC - 754073 WILLOW #16 968 799 NMC - 754074 WILLOW #17 968 800 NMC - 754075 WILLOW #18 968 801 NMC - 754076 WILLOW #19 968 802 NMC - 754077 WILLOW #20 968 803 NMC - 754078 WILLOW #21 968 804 NMC - 754079 WILLOW #22 968 805 NMC - 754080 WILLOW #23 968 806 NMC - 754081 WILLOW #24 968 807 NMC - 754082 WILLOW #25 968 808 NMC - 754083 WILLOW #26 968 809 NMC - 754084 WILLOW #27 968 810 NMC - 754085 WILLOW #28 968 811 NMC - 754086 WILLOW #29 968 812 NMC - 754087 WILLOW #30 968 813 NMC - 754088 WILLOW #37 968 814 NMC - 754089 WILLOW #38 968 815 NMC - 754090 WILLOW #39 968 816 NMC - 754091 WILLOW #40 968 817 NMC - 754092 WILLOW #41 968 818 NMC - 754093 WILLOW #42 968 819 NMC - 754094 WILLOW #43 968 820 NMC - 754095 WILLOW #44 968 821 NMC - 754096 WILLOW #45 968 822 NMC - 754097 WILLOW #46 968 823 NMC - 754098
CLAIM NAME BOOK PAGE BLM SERIAL NUMBER - ---------------------------------------------------------------------------------------- WILLOW #47 968 824 NMC - 754099 WILLOW #48 968 825 NMC - 754100 WILLOW #49 968 826 NMC - 754101 WILLOW #50 968 827 NMC - 754102 WILLOW #51 968 828 NMC - 754103 WILLOW #52 968 829 NMC - 754104 WILLOW #53 968 830 NMC - 754105 WILLOW #54 968 831 NMC - 754106 WILLOW 55 1025 487 NMC - 785303 WILLOW 56 1025 488 NMC - 785304 WILLOW 57 1025 489 NMC - 785305 WILLOW 63 1025 495 NMC - 785311 WILLOW 65 1025 497 NMC - 785313 WILLOW 66 1025 498 NMC - 785314 WILLOW 67 1025 499 NMC - 785315 WILLOW 68 1025 500 NMC - 785316 WILLOW 69 1025 501 NMC - 785317 WILLOW 70 1025 502 NMC - 785318 WILLOW 71 1025 503 NMC - 785319 MAVERICK #1 968 832 NMC - 754107 MAVERICK #3 968 834 NMC - 754109 MAVERICK #5 968 836 NMC - 754111 MAVERICK #7 968 838 NMC - 754113 MAVERICK #8 968 839 NMC - 754114 MAVERICK #9 968 840 NMC - 754115 MAVERICK #10 968 841 NMC - 754116 MAVERICK #11 968 842 NMC - 754117 MAVERICK #12 968 843 NMC - 754118 MAVERICK #13 968 844 NMC - 754119 MAVERICK #14 968 845 NMC - 754120 MAVERICK #15 968 846 NMC - 754121 MAVERICK #16 968 847 NMC - 754122 MAVERICK #17 968 848 NMC - 754123 MAVERICK #18 968 849 NMC - 754124 MAVERICK #39 968 864 NMC - 754140 MAVERICK #40 968 865 NMC - 754141 MAVERICK #41 968 866 NMC - 754142 MAVERICK #42 968 867 NMC - 754143 MAVERICK ###-###-#### 475 NMC - 785291 MAVERICK ###-###-#### 477 NMC - 785293 MAVERICK ###-###-#### 479 NMC - 785295 MAVERICK ###-###-#### 480 NMC - 785296 MAVERICK ###-###-#### 481 NMC - 785297 MAVERICK ###-###-#### 482 NMC - 785298 MAVERICK 67 1 38907 NMC - 826140 MAVERICK 68 1 38908 NMC - 826141 MAVERICK 69 1 38909 NMC - 826142 MAVERICK 70 1 38910 NMC - 826143 MAVERICK 71 1 38911 NMC - 826144 MAVERICK 72 1 38912 NMC - 826145
-2-
CLAIM NAME BOOK PAGE BLM SERIAL NUMBER - ---------------------------------------------------------------------------------------- MAVERICK 73 1 38913 NMC - 826146 MAVERICK 74 1 38914 NMC - 826147 NMS 1 - NMS 94 1 43585 - 43640 NMC - 826738 - 826831 NMS 96 1 43641 NMC - 826832 NMC 98 1 43642 NMC - 826833 NMS 100 1 43643 NMC - 826834 NMS 102 1 43644 NMC - 826835 NMS 104 1 43645 NMC - 826836 NMS 106 1 43646 NMC - 826837 NMS 107 - NMS 166 1 43647 - 43706 NMC - 826838 - 826897
-3- EXHIBIT 2 TO AGREEMENT BETWEEN NEWMONT USA LIMITED D/B/A NEWMONT MINING CORPORATION, NEWMONT CAPITAL LIMITED, VISTA GOLD CORPORATION AND VISTA NEVADA CORP. MOUNTAIN VIEW PROPERTY That certain Lease/Option Agreement effective June 30, 2000, by and between Raymond W. and Leslie A. Wittkopp, and Franco-Nevada Mining Corporation, Inc., as amended, and the following described unpatented lode mining claims situated in Washoe County, Nevada:
WASHOE COUNTY - ---------------------------------------------------------------------------------------------- BLM SERIAL NUMBER CLAIM NAME BOOK PAGE DOCUMENT # ("NMC") - ---------------------------------------------------------------------------------------------- Mt. View #1 1481 975 660347 142372 Mt. View #2 1481 976 660348 142373 Mt. View #3 1481 977 660349 142374 Mt. View #4 1481 978 660350 142375 Mt. View #5 1632 124 739181 196207 Mt. View #6 1644 549 745360 202456 Big R #1 1646 913 746334 203087 Jack 1 1797 724 821242 253233 Jack 2 1797 725 821243 253234 Jack 3 1797 726 821244 253235 Jack 4 1797 727 821245 253236 Jack 5 1797 728 821246 253237 Jack 6 1797 729 821247 253238 Jack 7 1797 730 821248 253239 Jack 8 1797 731 821249 253240 Jack 9 1797 732 821250 253241 Jack 10 1797 733 821251 253242 Jack 11 1797 734 821252 253243 Jack 12 1797 735 821253 253244 Jack 13 1797 736 821254 253245 Jack 14 1797 737 821255 253246 Jack 15 1797 738 821256 253247 Jack 35 1797 758 821276 253267 Jack 38 1797 761 821279 253270 Jack 63 1797 786 821304 253295 Jack 64 1797 787 821305 253296 Jack 65 1797 788 821306 253297
WASHOE COUNTY - ---------------------------------------------------------------------------------------------- BLM SERIAL NUMBER CLAIM NAME BOOK PAGE DOCUMENT # ("NMC") - ---------------------------------------------------------------------------------------------- Jack 66 1797 789 821307 253298 Jack 67 1797 790 821308 253299 Jack 68 1797 791 821309 253300 Jack 69 1797 792 821310 253301 Jack 70 1797 793 821311 253302 Jack 71 1797 794 821312 253303 Jack 72 1797 795 821313 253304 Jack 73 1797 796 821314 253305 Jack 74 1797 797 821315 253306 Jack 75 1797 798 821316 253307 Jack 76 1797 799 821317 253308 Jack 78 1797 801 821319 253310 Jack 79 1797 802 821320 253311 Jack 80 1797 803 821321 253312 Jack 81 1797 804 821322 253313 Jack 82 1797 805 821323 253314 Jack 83 1797 806 821324 253315 Jack 84 1797 807 821325 253316 Jack 85 1797 808 821326 253317 Jack 86 1797 809 821327 253318 Jack 87 1797 810 821328 253319 Jack 88 1797 811 821329 253320 Jack 89 1797 812 821330 253321 Jack 90 1797 813 821331 253322 Jack 91 1797 814 821332 253323 Jack 92 1797 815 821333 253324 Jack 93 1797 816 821334 253325 Jack 94 1797 817 821335 253326 Jack 95 1797 818 821336 253327 Jack 96 1797 819 821337 253328 Harlan #1 1796 876 820863 253656 Lara #1 1796 878 820865 253657 Rich #13 ###-###-#### 814670 Rich #14 ###-###-#### 814671 Rich #15 ###-###-#### 814672 Rich #16 ###-###-#### 814673 Rich #17 ###-###-#### 814674 Rich #18 ###-###-#### 814675 Rich #21 ###-###-#### 814676 Rich #22 ###-###-#### 814677 Rich #23 ###-###-#### 814678
-2-
WASHOE COUNTY - ---------------------------------------------------------------------------------------------- BLM SERIAL NUMBER CLAIM NAME DOCUMENT # ("NMC") - ---------------------------------------------------------------------------------------------- Rich #24 ###-###-#### 814679 Rich #39 ###-###-#### 814680 Rich 50 ###-###-#### 814685 Rich ###-###-#### 814686 Rich ###-###-#### 814687 Jack 67A ###-###-#### 822239 Jack 77R ###-###-#### 822240 Rich ###-###-#### 822249 Rich ###-###-#### 822251 Rich ###-###-#### 822252 Rich ###-###-#### 822254 Rich ###-###-#### 822256 Rich 70 ###-###-#### 822258 Rich ###-###-#### 822260 Rich ###-###-#### 822262 Rich ###-###-#### 822264 Rich ###-###-#### 822266 Rich 80 ###-###-#### 822268 Rich ###-###-#### 822269 Rich ###-###-#### 822270 Rich ###-###-#### 822271 Rich ###-###-#### 822272 Rich ###-###-#### 822273 Rich ###-###-#### 822274 Rich ###-###-#### 822275 Rich ###-###-#### 822276 Rich ###-###-#### 822277 Rich 90 ###-###-#### 822278 Rich ###-###-#### 822279 Rich ###-###-#### 822280 Rich ###-###-#### 822281 Rich ###-###-#### 822282 Rich ###-###-#### 822283 Rich ###-###-#### 822284 Rich ###-###-#### 822285 Rich ###-###-#### 822286 Rich ###-###-#### 822287 Rich 100 ###-###-#### 822288 Rich ###-###-#### 822289 Rich ###-###-#### 822290 Rich ###-###-#### 822291
-3-
WASHOE COUNTY - ---------------------------------------------------------------------------------------------- BLM SERIAL NUMBER CLAIM NAME DOCUMENT # ("NMC") - ---------------------------------------------------------------------------------------------- Rich ###-###-#### 822292 Rich ###-###-#### 822293 Rich ###-###-#### 822294 Rich ###-###-#### 822295 Rich ###-###-#### 822296 Rich ###-###-#### 822297 Rich ###-###-#### 822298 Rich ###-###-#### 822299 Rich ###-###-#### 822300 Rich ###-###-#### 822301 Rich ###-###-#### 822302 Rich ###-###-#### 822303 Rich ###-###-#### 822304 Rich ###-###-#### 822305 Rich ###-###-#### 822306 Rich ###-###-#### 822307 Rich 120 ###-###-#### 822308 Rich ###-###-#### 822309
-4- EXHIBIT 3 TO AGREEMENT BETWEEN NEWMONT USA LIMITED D/B/A NEWMONT MINING CORPORATION, NEWMONT CAPITAL LIMITED, VISTA GOLD CORPORATION AND VISTA NEVADA CORP. ASSIGNMENT This Assignment is effective as of October __, 2002, between Newmont USA Limited d/b/a Newmont Mining Corporation, a Delaware corporation, whose address is 1700 Lincoln Street, Suite 2800, Denver, Colorado 80203 ("Assignor"), and Vista Nevada Corp., a Nevada corporation, whose address is 7961 Shaffer Parkway, Suite 5, Littleton, Colorado 80127 ("Assignee"). RECITALS A. Assignor leases certain unpatented mining claims pursuant to that Lease dated October 1, 2001, as amended effective August 26, 2002, August 29, 2002, and September ____, 2002, between Assignor and Artemis Exploration Company, a memorandum of which was recorded in the Elko County Recorder's Office on September 3, 2002, at Book 2, Pages 31064-31068 (the "Lease"). Those unpatented mining claims are more fully described in Exhibit A attached hereto. B. Pursuant to that purchase agreement dated October __, 2002, between Assignor, Newmont Capital Limited, Vista Gold Corporation and Assignee ("Agreement"), Assignor has agreed to assign its interest in the Lease to Assignee. Assignee has agreed to acquire such rights, subject to the terms of the Agreement and this Assignment. Therefore, in consideration of the mutual covenants contained in this Assignment, and other valuable consideration, the receipt and sufficiency of which is hereby acknowledged by the parties, and subject to the terms of the Agreement, Assignor and Assignee agree as follows: AGREEMENT 1. As of the effective date of this Assignment, Assignor hereby assigns, transfers and conveys to Assignee, its successors and assigns, all of Assignor's right, title and interest in and to the Lease. 2. Assignee assumes all of Assignor's duties, obligations and liabilities in, to, and under, and agrees to fully perform and comply with all covenants and terms of, the Lease. 3. The obligations of Assignee under this Assignment are in addition to Assignee's obligations and indemnities under the Agreement. IN WITNESS WHEREOF, the parties have executed this Assignment as of the date first indicated above. NEWMONT USA LIMITED D/B/A NEWMONT MINING CORPORATION By:__________________________ Name:________________________ Title:_______________________ VISTA NEVADA CORP. By:__________________________ Name:________________________ Title:_______________________ -2- STATE OF COLORADO ) ) ss. CITY AND COUNTY OF DENVER) This instrument was acknowledged before me on this ___ day of _______________, 2002, by __________________________, as ______________________ of Newmont USA Limited d/b/a Newmont Mining Corporation. In witness whereof, I have hereunto set my hand and affixed my official seal the day and year first above written. ---------------------------------- Notary Public My Commission expires:__________________________ STATE OF COLORADO ) ) ss. CITY AND COUNTY OF DENVER) This instrument was acknowledged before me on this ___ day of _______________, 2002, by __________________________, as ______________________ of Vista Nevada Corp. In witness whereof, I have hereunto set my hand and affixed my official seal the day and year first above written. ---------------------------------- Notary Public My Commission expires:__________________________ -3- EXHIBIT A TO ASSIGNMENT BETWEEN NEWMONT USA LIMITED D/B/A NEWMONT MINING CORPORATION AND VISTA NEVADA CORP. THE LEASE That certain Mining Lease and Agreement dated October 1, 2001 by and between Newmont Mining Corporation and Artemis Exploration Company, as amended, covering the following described unpatented mining claims situated in Elko County and White Pine County, Nevada:
CLAIM NAME BOOK PAGE BLM SERIAL NUMBER - ---------------------------------------------------------------------------------------- WILLOW #1 968 784 NMC - 754059 WILLOW #2 968 785 NMC - 754060 WILLOW #9 968 792 NMC - 754067 WILLOW #10 968 793 NMC - 754068 WILLOW #11 968 794 NMC - 754069 WILLOW #12 968 795 NMC - 754070 WILLOW #13 968 796 NMC - 754071 WILLOW #14 968 797 NMC - 754072 WILLOW #15 968 798 NMC - 754073 WILLOW #16 968 799 NMC - 754074 WILLOW #17 968 800 NMC - 754075 WILLOW #18 968 801 NMC - 754076 WILLOW #19 968 802 NMC - 754077 WILLOW #20 968 803 NMC - 754078 WILLOW #21 968 804 NMC - 754079 WILLOW #22 968 805 NMC - 754080 WILLOW #23 968 806 NMC - 754081 WILLOW #24 968 807 NMC - 754082 WILLOW #25 968 808 NMC - 754083 WILLOW #26 968 809 NMC - 754084 WILLOW #27 968 810 NMC - 754085 WILLOW #28 968 811 NMC - 754086 WILLOW #29 968 812 NMC - 754087 WILLOW #30 968 813 NMC - 754088 WILLOW #37 968 814 NMC - 754089 WILLOW #38 968 815 NMC - 754090 WILLOW #39 968 816 NMC - 754091 WILLOW #40 968 817 NMC - 754092 WILLOW #41 968 818 NMC - 754093 WILLOW #42 968 819 NMC - 754094 WILLOW #43 968 820 NMC - 754095 WILLOW #44 968 821 NMC - 754096 WILLOW #45 968 822 NMC - 754097 WILLOW #46 968 823 NMC - 754098 WILLOW #47 968 824 NMC - 754099 WILLOW #48 968 825 NMC - 754100
CLAIM NAME BOOK PAGE BLM SERIAL NUMBER - ---------------------------------------------------------------------------------------- WILLOW #49 968 826 NMC - 754101 WILLOW #50 968 827 NMC - 754102 WILLOW #51 968 828 NMC - 754103 WILLOW #52 968 829 NMC - 754104 WILLOW #53 968 830 NMC - 754105 WILLOW #54 968 831 NMC - 754106 WILLOW 55 1025 487 NMC - 785303 WILLOW 56 1025 488 NMC - 785304 WILLOW 57 1025 489 NMC - 785305 WILLOW 63 1025 495 NMC - 785311 WILLOW 65 1025 497 NMC - 785313 WILLOW 66 1025 498 NMC - 785314 WILLOW 67 1025 499 NMC - 785315 WILLOW 68 1025 500 NMC - 785316 WILLOW 69 1025 501 NMC - 785317 WILLOW 70 1025 502 NMC - 785318 WILLOW 71 1025 503 NMC - 785319 MAVERICK #1 968 832 NMC - 754107 MAVERICK #3 968 834 NMC - 754109 MAVERICK #5 968 836 NMC - 754111 MAVERICK #7 968 838 NMC - 754113 MAVERICK #8 968 839 NMC - 754114 MAVERICK #9 968 840 NMC - 754115 MAVERICK #10 968 841 NMC - 754116 MAVERICK #11 968 842 NMC - 754117 MAVERICK #12 968 843 NMC - 754118 MAVERICK #13 968 844 NMC - 754119 MAVERICK #14 968 845 NMC - 754120 MAVERICK #15 968 846 NMC - 754121 MAVERICK #16 968 847 NMC - 754122 MAVERICK #17 968 848 NMC - 754123 MAVERICK #18 968 849 NMC - 754124 MAVERICK #39 968 864 NMC - 754140 MAVERICK #40 968 865 NMC - 754141 MAVERICK #41 968 866 NMC - 754142 MAVERICK #42 968 867 NMC - 754143 MAVERICK ###-###-#### 475 NMC - 785291 MAVERICK ###-###-#### 477 NMC - 785293 MAVERICK ###-###-#### 479 NMC - 785295 MAVERICK ###-###-#### 480 NMC - 785296 MAVERICK ###-###-#### 481 NMC - 785297 MAVERICK ###-###-#### 482 NMC - 785298 MAVERICK 67 1 38907 NMC - 826140 MAVERICK 68 1 38908 NMC - 826141 MAVERICK 69 1 38909 NMC - 826142 MAVERICK 70 1 38910 NMC - 826143 MAVERICK 71 1 38911 NMC - 826144 MAVERICK 72 1 38912 NMC - 826145 MAVERICK 73 1 38913 NMC - 826146 MAVERICK 74 1 38914 NMC - 826147
-2-
CLAIM NAME BOOK PAGE BLM SERIAL NUMBER - -------------------------------------------------------------------------------- NMS 1 - NMS 94 1 43585 - 43640 NMC - 826738 - 826831 NMS 96 1 43641 NMC - 826832 NMC 98 1 43642 NMC - 826833 NMS 100 1 43643 NMC - 826834 NMS 102 1 43644 NMC - 826835 NMS 104 1 43645 NMC - 826836 NMS 106 1 43646 NMC - 826837 NMS 107 - NMS 166 1 43647 - 43706 NMC - 826838 - 826897
-3- EXHIBIT 4 TO AGREEMENT BETWEEN NEWMONT USA LIMITED D/B/A NEWMONT MINING CORPORATION, NEWMONT CAPITAL LIMITED, VISTA GOLD CORPORATION AND VISTA NEVADA CORP. ASSIGNMENT This Assignment is effective as of ______________, 2002, between Newmont Capital Limited, a Nevada corporation, whose address is 1700 Lincoln Street, Denver, Colorado 80203 ("Assignor"), and Vista Nevada Corp., a Nevada corporation, whose address is 7961 Shaffer Parkway, Suite 5, Littleton, Colorado 80127 ("Assignee"). RECITALS A. Assignor leases certain unpatented mining claims pursuant to that Lease/Option Agreement dated June 30, 2000, as amended on April 16, 2001 and June 6, 2002, between Franco-Nevada Mining Corporation, Inc. and Raymond W. and Leslie A. Wittkopp, a memorandum of which was recorded in the Washoe County Recorder's Office on August 11, 2000, as Document ###-###-#### (the "Lease"). Those unpatented mining claims are more fully described in Exhibit A hereto. B. Pursuant to that agreement dated October __, 2002, by and between Assignor, Newmont USA Limited d/b/a Newmont Mining Corporation, Vista Gold Corporation and Assignee, Assignor agreed to convey its interest in the Lease to Assignee and Assignee agreed to acquire that interest, subject to the terms of the Agreement and this Assignment. Therefore, in consideration of the mutual covenants contained in this Assignment, and other valuable consideration, the receipt and sufficiency of which is hereby acknowledged by the parties, and subject to the terms of the Agreement, Assignor and Assignee agree as follows: AGREEMENT 1. As of the effective date of this Assignment, Assignor hereby assigns, transfers and conveys to Assignee, its successors and assigns, all of Assignor's right, title, and interest in and to the Lease. 2. Assignee assumes all of Assignor's duties, obligations, and liabilities in, to, and under, and agrees to fully perform and comply with all covenants and terms of, the Lease. 3. The obligations of Assignee under this Assignment are in addition to Assignee's obligations and indemnities under the Agreement. IN WITNESS WHEREOF, the parties have executed this Assignment as of the date first indicated above. NEWMONT CAPITAL LIMITED By:__________________________ Name:________________________ Title:_______________________ VISTA NEVADA CORP. By:__________________________ Name:________________________ Title:_______________________ -2- STATE OF COLORADO ) ) ss. CITY AND COUNTY OF DENVER) This instrument was acknowledged before me on this ___ day of _______________, 2002, by __________________________, as ______________________ Newmont Capital Limited. In witness whereof, I have hereunto set my hand and affixed my official seal the day and year first above written. ---------------------------------- Notary Public My Commission expires:__________________________ STATE OF COLORADO ) ) ss. CITY AND COUNTY OF DENVER) This instrument was acknowledged before me on this ___ day of _______________, 2002, by __________________________, as ______________________ of Vista Nevada Corp. In witness whereof, I have hereunto set my hand and affixed my official seal the day and year first above written. ---------------------------------- Notary Public My Commission expires:__________________________ -3- EXHIBIT A TO ASSIGNMENT BETWEEN NEWMONT CAPITAL LIMITED AND VISTA NEVADA CORP. THE LEASE That certain Lease/Option Agreement effective June 30, 2000, by and between Raymond W. and Leslie A. Wittkopp, and Franco-Nevada Mining Corporation, Inc., as amended, covering the following described unpatented lode mining claims situated in Washoe County, Nevada:
WASHOE COUNTY - ----------------------------------------------------------------------------------------- BLM SERIAL NUMBER CLAIM NAME BOOK PAGE DOCUMENT # ("NMC") - ----------------------------------------------------------------------------------------- Mt. View #1 1481 975 660347 142372 Mt. View #2 1481 976 660348 142373 Mt. View #3 1481 977 660349 142374 Mt. View #4 1481 978 660350 142375 Mt. View #5 1632 124 739181 196207 Mt. View #6 1644 549 745360 202456 Big R #1 1646 913 746334 203087 Jack 1 1797 724 821242 253233 Jack 2 1797 725 821243 253234 Jack 3 1797 726 821244 253235 Jack 4 1797 727 821245 253236 Jack 5 1797 728 821246 253237 Jack 6 1797 729 821247 253238 Jack 7 1797 730 821248 253239 Jack 8 1797 731 821249 253240 Jack 9 1797 732 821250 253241 Jack 10 1797 733 821251 253242 Jack 11 1797 734 821252 253243 Jack 12 1797 735 821253 253244 Jack 13 1797 736 821254 253245 Jack 14 1797 737 821255 253246 Jack 15 1797 738 821256 253247 Jack 35 1797 758 821276 253267 Jack 38 1797 761 821279 253270 Jack 63 1797 786 821304 253295 Jack 64 1797 787 821305 253296 Jack 65 1797 788 821306 253297 Jack 66 1797 789 821307 253298 Jack 67 1797 790 821308 253299
WASHOE COUNTY - -------------------------------------------------------------------------------- BLM SERIAL NUMBER CLAIM NAME BOOK PAGE DOCUMENT # ("NMC") - -------------------------------------------------------------------------------- Jack 68 1797 791 821309 253300 Jack 69 1797 792 821310 253301 Jack 70 1797 793 821311 253302 Jack 71 1797 794 821312 253303 Jack 72 1797 795 821313 253304 Jack 73 1797 796 821314 253305 Jack 74 1797 797 821315 253306 Jack 75 1797 798 821316 253307 Jack 76 1797 799 821317 253308 Jack 78 1797 801 821319 253310 Jack 79 1797 802 821320 253311 Jack 80 1797 803 821321 253312 Jack 81 1797 804 821322 253313 Jack 82 1797 805 821323 253314 Jack 83 1797 806 821324 253315 Jack 84 1797 807 821325 253316 Jack 85 1797 808 821326 253317 Jack 86 1797 809 821327 253318 Jack 87 1797 810 821328 253319 Jack 88 1797 811 821329 253320 Jack 89 1797 812 821330 253321 Jack 90 1797 813 821331 253322 Jack 91 1797 814 821332 253323 Jack 92 1797 815 821333 253324 Jack 93 1797 816 821334 253325 Jack 94 1797 817 821335 253326 Jack 95 1797 818 821336 253327 Jack 96 1797 819 821337 253328 Harlan #1 1796 876 820863 253656 Lara #1 1796 878 820865 253657 Rich #13 ###-###-#### 814670 Rich #14 ###-###-#### 814671 Rich #15 ###-###-#### 814672 Rich #16 ###-###-#### 814673 Rich #17 ###-###-#### 814674 Rich #18 ###-###-#### 814675 Rich #21 ###-###-#### 814676 Rich #22 ###-###-#### 814677 Rich #23 ###-###-#### 814678 Rich #24 ###-###-#### 814679 Rich #39 ###-###-#### 814680
-2-
WASHOE COUNTY - ------------------------------------------------------------------------------------------------- BLM SERIAL NUMBER CLAIM NAME DOCUMENT # ("NMC") - ------------------------------------------------------------------------------------------------- Rich 50 ###-###-#### 814685 Rich ###-###-#### 814686 Rich ###-###-#### 814687 Jack 67A ###-###-#### 822239 Jack 77R ###-###-#### 822240 Rich ###-###-#### 822249 Rich ###-###-#### 822251 Rich ###-###-#### 822252 Rich ###-###-#### 822254 Rich ###-###-#### 822256 Rich 70 ###-###-#### 822258 Rich ###-###-#### 822260 Rich ###-###-#### 822262 Rich ###-###-#### 822264 Rich ###-###-#### 822266 Rich 80 ###-###-#### 822268 Rich ###-###-#### 822269 Rich ###-###-#### 822270 Rich ###-###-#### 822271 Rich ###-###-#### 822272 Rich ###-###-#### 822273 Rich ###-###-#### 822274 Rich ###-###-#### 822275 Rich ###-###-#### 822276 Rich ###-###-#### 822277 Rich 90 ###-###-#### 822278 Rich ###-###-#### 822279 Rich ###-###-#### 822280 Rich ###-###-#### 822281 Rich ###-###-#### 822282 Rich ###-###-#### 822283 Rich ###-###-#### 822284 Rich ###-###-#### 822285 Rich ###-###-#### 822286 Rich ###-###-#### 822287 Rich 100 ###-###-#### 822288 Rich ###-###-#### 822289 Rich ###-###-#### 822290 Rich ###-###-#### 822291 Rich ###-###-#### 822292 Rich ###-###-#### 822293
-3-
WASHOE COUNTY - ------------------------------------------------------------------------------------------------- BLM SERIAL NUMBER CLAIM NAME DOCUMENT # ("NMC") - ------------------------------------------------------------------------------------------------- Rich ###-###-#### 822294 Rich ###-###-#### 822295 Rich ###-###-#### 822296 Rich ###-###-#### 822297 Rich ###-###-#### 822298 Rich ###-###-#### 822299 Rich ###-###-#### 822300 Rich ###-###-#### 822301 Rich ###-###-#### 822302 Rich ###-###-#### 822303 Rich ###-###-#### 822304 Rich ###-###-#### 822305 Rich ###-###-#### 822306 Rich ###-###-#### 822307 Rich 120 ###-###-#### 822308 Rich ###-###-#### 822309
-4- EXHIBIT 5 TO AGREEMENT BETWEEN NEWMONT USA LIMITED D/B/A NEWMONT MINING CORPORATION, NEWMONT CAPITAL LIMITED, VISTA GOLD CORPORATION AND VISTA NEVADA CORP. QUIT CLAIM DEED This Quit Claim Deed is between Newmont Capital Limited, a Nevada corporation, 1700 Lincoln Street, Suite 2800, Denver, Colorado 80203 ("Grantor"), and Vista Nevada Corp., a Nevada corporation, 7961 Shaffer Parkway, Suite 5, Littleton, Colorado 80127 ("Grantee"). For valuable consideration, the sufficiency of which is hereby acknowledged, Grantor conveys and quit claims to Grantee, Grantor's entire ownership interest in those unpatented mining claims located in Washoe County, Nevada, that are described in Exhibit A to this Quit Claim Deed. Dated this ___ day of October, 2002. NEWMONT CAPITAL LIMITED By:__________________________ Name:________________________ Title:_______________________ STATE OF COLORADO ) ) ss. CITY AND COUNTY OF DENVER) This instrument was acknowledged before me on this ___ day of _______________, 2002, by __________________________, as ______________________ of Newmont Capital Limited. In witness whereof, I have hereunto set my hand and affixed my official seal the day and year first above written. ---------------------------------- Notary Public My Commission expires:__________________________ -2- EXHIBIT A TO QUIT CLAIM DEED BETWEEN NEWMONT CAPITAL LIMITED AND VISTA NEVADA CORP.
WASHOE COUNTY - ------------------------------------------------------------------------------------------ BLM SERIAL NUMBER CLAIM NAME BOOK PAGE DOCUMENT # ("NMC") - ------------------------------------------------------------------------------------------ Mt. View #1 1481 975 660347 142372 Mt. View #2 1481 976 660348 142373 Mt. View #3 1481 977 660349 142374 Mt. View #4 1481 978 660350 142375 Mt. View #5 1632 124 739181 196207 Mt. View #6 1644 549 745360 202456 Big R #1 1646 913 746334 203087 Jack 1 1797 724 821242 253233 Jack 2 1797 725 821243 253234 Jack 3 1797 726 821244 253235 Jack 4 1797 727 821245 253236 Jack 5 1797 728 821246 253237 Jack 6 1797 729 821247 253238 Jack 7 1797 730 821248 253239 Jack 8 1797 731 821249 253240 Jack 9 1797 732 821250 253241 Jack 10 1797 733 821251 253242 Jack 11 1797 734 821252 253243 Jack 12 1797 735 821253 253244 Jack 13 1797 736 821254 253245 Jack 14 1797 737 821255 253246 Jack 15 1797 738 821256 253247 Jack 35 1797 758 821276 253267 Jack 38 1797 761 821279 253270 Jack 63 1797 786 821304 253295 Jack 64 1797 787 821305 253296 Jack 65 1797 788 821306 253297 Jack 66 1797 789 821307 253298 Jack 67 1797 790 821308 253299 Jack 68 1797 791 821309 253300 Jack 69 1797 792 821310 253301 Jack 70 1797 793 821311 253302 Jack 71 1797 794 821312 253303 Jack 72 1797 795 821313 253304 Jack 73 1797 796 821314 253305 Jack 74 1797 797 821315 253306 Jack 75 1797 798 821316 253307
WASHOE COUNTY - --------------------------------------------------------------------------------- BLM SERIAL NUMBER CLAIM NAME BOOK PAGE DOCUMENT # ("NMC") - --------------------------------------------------------------------------------- Jack 76 1797 799 821317 253308 Jack 78 1797 801 821319 253310 Jack 79 1797 802 821320 253311 Jack 80 1797 803 821321 253312 Jack 81 1797 804 821322 253313 Jack 82 1797 805 821323 253314 Jack 83 1797 806 821324 253315 Jack 84 1797 807 821325 253316 Jack 85 1797 808 821326 253317 Jack 86 1797 809 821327 253318 Jack 87 1797 810 821328 253319 Jack 88 1797 811 821329 253320 Jack 89 1797 812 821330 253321 Jack 90 1797 813 821331 253322 Jack 91 1797 814 821332 253323 Jack 92 1797 815 821333 253324 Jack 93 1797 816 821334 253325 Jack 94 1797 817 821335 253326 Jack 95 1797 818 821336 253327 Jack 96 1797 819 821337 253328 Harlan #1 1796 876 820863 253656 Lara #1 1796 878 820865 253657 Rich #13 ###-###-#### 814670 Rich #14 ###-###-#### 814671 Rich #15 ###-###-#### 814672 Rich #16 ###-###-#### 814673 Rich #17 ###-###-#### 814674 Rich #18 ###-###-#### 814675 Rich #21 ###-###-#### 814676 Rich #22 ###-###-#### 814677 Rich #23 ###-###-#### 814678 Rich #24 ###-###-#### 814679 Rich #39 ###-###-#### 814680 Rich 50 ###-###-#### 814685 Rich ###-###-#### 814686 Rich ###-###-#### 814687 Jack 67A ###-###-#### 822239 Jack 77R ###-###-#### 822240 Rich ###-###-#### 822249 Rich ###-###-#### 822251 Rich ###-###-#### 822252
-2-
WASHOE COUNTY - -------------------------------------------------------------------------------------------------- BLM SERIAL NUMBER CLAIM NAME DOCUMENT # ("NMC") - -------------------------------------------------------------------------------------------------- Rich ###-###-#### 822254 Rich ###-###-#### 822256 Rich 70 ###-###-#### 822258 Rich ###-###-#### 822260 Rich ###-###-#### 822262 Rich ###-###-#### 822264 Rich ###-###-#### 822266 Rich 80 ###-###-#### 822268 Rich ###-###-#### 822269 Rich ###-###-#### 822270 Rich ###-###-#### 822271 Rich ###-###-#### 822272 Rich ###-###-#### 822273 Rich ###-###-#### 822274 Rich ###-###-#### 822275 Rich ###-###-#### 822276 Rich ###-###-#### 822277 Rich 90 ###-###-#### 822278 Rich ###-###-#### 822279 Rich ###-###-#### 822280 Rich ###-###-#### 822281 Rich ###-###-#### 822282 Rich ###-###-#### 822283 Rich ###-###-#### 822284 Rich ###-###-#### 822285 Rich ###-###-#### 822286 Rich ###-###-#### 822287 Rich 100 ###-###-#### 822288 Rich ###-###-#### 822289 Rich ###-###-#### 822290 Rich ###-###-#### 822291 Rich ###-###-#### 822292 Rich ###-###-#### 822293 Rich ###-###-#### 822294 Rich ###-###-#### 822295 Rich ###-###-#### 822296 Rich ###-###-#### 822297 Rich ###-###-#### 822298 Rich ###-###-#### 822299 Rich ###-###-#### 822300 Rich ###-###-#### 822301
-3-
WASHOE COUNTY - -------------------------------------------------------------------------------------------------- BLM SERIAL NUMBER CLAIM NAME DOCUMENT # ("NMC") - -------------------------------------------------------------------------------------------------- Rich ###-###-#### 822302 Rich ###-###-#### 822303 Rich ###-###-#### 822304 Rich ###-###-#### 822305 Rich ###-###-#### 822306 Rich ###-###-#### 822307 Rich 120 ###-###-#### 822308 Rich ###-###-#### 822309
-4- EXHIBIT 6 TO AGREEMENT BETWEEN NEWMONT USA LIMITED D/B/A NEWMONT MINING CORPORATION, NEWMONT CAPITAL LIMITED, VISTA GOLD CORPORATION AND VISTA NEVADA CORP. MAVERICK SPRINGS AREA OF INTEREST The Maverick Springs Area of Interest includes all land situated within one mile from the exterior boundary of the following unpatented mining claims as they were located as of October 1, 2001:
CLAIM NAME BOOK PAGE BLM SERIAL NUMBER - ---------------------------------------------------------------------------------------- WILLOW #1 968 784 NMC - 754059 WILLOW #2 968 785 NMC - 754060 WILLOW #9 968 792 NMC - 754067 WILLOW #10 968 793 NMC - 754068 WILLOW #11 968 794 NMC - 754069 WILLOW #12 968 795 NMC - 754070 WILLOW #13 968 796 NMC - 754071 WILLOW #14 968 797 NMC - 754072 WILLOW #15 968 798 NMC - 754073 WILLOW #16 968 799 NMC - 754074 WILLOW #17 968 800 NMC - 754075 WILLOW #18 968 801 NMC - 754076 WILLOW #19 968 802 NMC - 754077 WILLOW #20 968 803 NMC - 754078 WILLOW #21 968 804 NMC - 754079 WILLOW #22 968 805 NMC - 754080 WILLOW #23 968 806 NMC - 754081 WILLOW #24 968 807 NMC - 754082 WILLOW #25 968 808 NMC - 754083 WILLOW #26 968 809 NMC - 754084 WILLOW #27 968 810 NMC - 754085 WILLOW #28 968 811 NMC - 754086 WILLOW #29 968 812 NMC - 754087 WILLOW #30 968 813 NMC - 754088 WILLOW #37 968 814 NMC - 754089 WILLOW #38 968 815 NMC - 754090 WILLOW #39 968 816 NMC - 754091 WILLOW #40 968 817 NMC - 754092 WILLOW #41 968 818 NMC - 754093 WILLOW #42 968 819 NMC - 754094 WILLOW #43 968 820 NMC - 754095 WILLOW #44 968 821 NMC - 754096 WILLOW #45 968 822 NMC - 754097 WILLOW #46 968 823 NMC - 754098 WILLOW #47 968 824 NMC - 754099 WILLOW #48 968 825 NMC - 754100 WILLOW #49 968 826 NMC - 754101
CLAIM NAME BOOK PAGE BLM SERIAL NUMBER - ---------------------------------------------------------------------------------------- WILLOW #50 968 827 NMC - 754102 WILLOW #51 968 828 NMC - 754103 WILLOW #52 968 829 NMC - 754104 WILLOW #53 968 830 NMC - 754105 WILLOW #54 968 831 NMC - 754106 WILLOW 55 1025 487 NMC - 785303 WILLOW 56 1025 488 NMC - 785304 WILLOW 57 1025 489 NMC - 785305 WILLOW 63 1025 495 NMC - 785311 WILLOW 65 1025 497 NMC - 785313 WILLOW 66 1025 498 NMC - 785314 WILLOW 67 1025 499 NMC - 785315 WILLOW 68 1025 500 NMC - 785316 WILLOW 69 1025 501 NMC - 785317 WILLOW 70 1025 502 NMC - 785318 WILLOW 71 1025 503 NMC - 785319 MAVERICK #1 968 832 NMC - 754107 MAVERICK #3 968 834 NMC - 754109 MAVERICK #5 968 836 NMC - 754111 MAVERICK #7 968 838 NMC - 754113 MAVERICK #8 968 839 NMC - 754114 MAVERICK #9 968 840 NMC - 754115 MAVERICK #10 968 841 NMC - 754116 MAVERICK #11 968 842 NMC - 754117 MAVERICK #12 968 843 NMC - 754118 MAVERICK #13 968 844 NMC - 754119 MAVERICK #14 968 845 NMC - 754120 MAVERICK #15 968 846 NMC - 754121 MAVERICK #16 968 847 NMC - 754122 MAVERICK #17 968 848 NMC - 754123 MAVERICK #18 968 849 NMC - 754124 MAVERICK #39 968 864 NMC - 754140 MAVERICK #40 968 865 NMC - 754141 MAVERICK #41 968 866 NMC - 754142 MAVERICK #42 968 867 NMC - 754143 MAVERICK ###-###-#### 475 NMC - 785291 MAVERICK ###-###-#### 477 NMC - 785293 MAVERICK ###-###-#### 479 NMC - 785295 MAVERICK ###-###-#### 480 NMC - 785296 MAVERICK ###-###-#### 481 NMC - 785297 MAVERICK ###-###-#### 482 NMC - 785298 MAVERICK 67 1 38907 NMC - 826140 MAVERICK 68 1 38908 NMC - 826141 MAVERICK 69 1 38909 NMC - 826142 MAVERICK 70 1 38910 NMC - 826143 MAVERICK 71 1 38911 NMC - 826144 MAVERICK 72 1 38912 NMC - 826145 MAVERICK 73 1 38913 NMC - 826146 MAVERICK 74 1 38914 NMC - 826147
-2- EXHIBIT 7 TO AGREEMENT BETWEEN NEWMONT USA LIMITED D/B/A NEWMONT MINING CORPORATION, NEWMONT CAPITAL LIMITED, VISTA GOLD CORPORATION AND VISTA NEVADA CORP. ROYALTY DEED This Royalty Deed (hereafter, the "Deed"), effective as of the __ day of October, 2002, is by and between Vista Nevada Corp., a Nevada corporation, whose address is 7961 Shaffer Parkway, Suite 5, Littleton, Colorado 80127 ("Grantor") and Newmont USA Limited d/b/a Newmont Mining Corporation, a Delaware corporation, whose address is 1700 Lincoln Street, Denver, Colorado 80203 ("Newmont"). Whereas, pursuant to that Agreement, dated October __, 2002, between Grantor, Vista Gold Corporation, Newmont and Newmont Capital Limited (the "Agreement"), Newmont has conveyed to Grantor, its interest in the Property (defined below); 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, has remised, released, sold, transferred, conveyed and quitclaimed, and by these presents does remise, release, sell, transfer, convey and forever quitclaim unto Newmont a production royalty (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 property more particularly described on EXHIBIT A to this Deed (the "Property"). 2. PRODUCTION ROYALTY. Grantor shall pay to Newmont a perpetual Production Royalty in an amount equal to one and one half percent (1 1/2%) of Net Smelter Returns (defined below) from the sale or other disposition of all Minerals produced and sold from the Property, determined in accordance with the provisions set forth in this Deed. (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 contained in the production from the Property ("Monthly Production") delivered to the smelter, refiner, processor, purchaser or other recipient of such production, or an insurer as a result of casualty to such production (collectively, "Payor") during the preceding calendar month, by (ii) for gold, the average of the London Bullion Market, Afternoon Fix, spot prices for the preceding calendar month and for all other Precious Metals, the average of the New York Commodities Exchange final spot prices for the preceding calendar 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: (A) charges imposed by the Payor for refining bullion from dore 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; (B) penalty substance, assaying, and sampling charges imposed by the Payor for refining Beneficiated Precious Metals contained in such production; and (C) 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; and 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. In the event Grantor receives insurance proceeds for loss of production, Grantor shall pay to Newmont the Royalty percentage of any such insurance proceeds which are received by Grantor for such loss of production. (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 delivered to the Payor during the preceding calendar month by (ii) the average of the New York Commodities Exchange final daily spot prices for the preceding calendar month of the appropriate Other Mineral, and subtracting from the product of (i) and (ii) only the following if actually incurred: (A) 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; -2- (B) 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 (C) 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 Beneficiated Precious Metals 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 milling 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. In the event Grantor receives insurance proceeds for loss of production, Grantor shall pay to Newmont the Royalty percentage of any such insurance proceeds which are received by Grantor for such loss of production. (c) PAYMENTS OF ROYALTY IN CASH OR IN KIND. Royalty payments shall be made to Newmont as follows: (i) ROYALTY IN KIND. Newmont may elect to receive its Royalty on 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 Royalty 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 Royalty for Precious Metals will continue to be paid as it is then being paid. As of the date of this Deed, Newmont elects to receive its Royalty on Precious Metals "in cash." Royalties on Other Minerals shall not be payable in kind. (A) If Newmont elects to receive its Royalty 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) Royalty will be paid by the deposit of refined bullion into Newmont's account. On or before the 25th day of each calendar month following a calendar month during which production and sale or other disposition -3- occurred, 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 in respect of the Royalty, by crediting to Newmont's account the number of ounces of refined bullion for which Royalty is due; PROVIDED, HOWEVER, that the words "other disposition" as used in this Deed shall not include processing, milling, beneficiation or refining losses of Precious Metals. The number of ounces of refined bullion to be credited will be based upon Newmont's share of the previous month's production and sale or other disposition as calculated pursuant to the commingling provisions of Section 2(f) hereof. (C) 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 2(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 agrees to hold harmless Grantor from any liability imposed as a result of the election of Newmont to receive Royalty in kind and from any losses incurred as a result of Newmont's trading and hedging activities. Newmont assumes all responsibility for 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 royalties are paid in kind, they will not reflect the costs deductible in calculating "Net Smelter Returns" under this Deed. Within 15 days of 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. If Newmont does not pay such charges when due, Grantor shall have the right, at its election, to deduct the gold equivalent of such charges from the ounces of gold bullion to be credited to Newmont in the following month. (ii) IN CASH. If Newmont elects to receive its Royalty for Precious Metals in cash, and as to Royalty payable on Other Minerals, payments shall be payable on or before the twenty-fifth (25th) day of the month following the calendar month in which the Minerals subject to the Royalty were shipped to the Payor by Grantor. For purposes of calculating the cash amount due to Newmont, Precious Metals and Other Minerals will be deemed to have been sold or otherwise disposed of at the time refined production from Property is delivered, made available, or credited to Grantor by a mint or refiner. The price used for calculating the cash amount due for Royalty on Precious Metals or Other Minerals shall be determined in accordance with Section 2(a) and (b) as applicable. Grantor shall make each Royalty payment to be paid in cash by delivery of a check or draft payable to Newmont and delivering the check to Grantor at its address listed in Section 9(h). Newmont hereby waives and agrees to hold Grantor -4- harmless against, and binds its successors and assigns to waive and hold Grantor harmless against, any claim by any other party to any Royalty paid by Grantor as herein provided. (iii) DETAILED STATEMENT. All Royalty payments or credits shall be accompanied by a detailed statement explaining the calculation thereof together with any available settlement sheets from the Payor. (d) MONTHLY RECONCILIATION. (i) On or before the 25th day of the month, Grantor shall make an interim settlement based on the information then available of such Royalty, 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 Precious Metals in kind Royalty payments and (B) not less than ninety-five percent (95%) of the anticipated final settlement of cash Royalty payments. (ii) The parties recognize that a period of time exists between the production of ore, the production of dore or concentrates from ore, the production of refined or finished product from dore or concentrates, and the receipt of Payor's statements for refined or finished product. As a result, the payment of Royalty will not coincide exactly with the actual amount of refined or finished product produced from the Property for the previous month. 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), Grantor shall pay the difference in cash by check and 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 2(c)(ii). (e) 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 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 Royalty to be paid on all Precious Metals subject to hedging transactions by Grantor shall be determined in the same manner as provided in Section 2(a), with the understanding that -5- the average monthly spot price shall be for the calendar month preceding the calendar month during which Precious Metals subject to hedging transactions are shipped by Grantor to the Payor. (ii) AFFECTING OTHER MINERALS. The amount of Royalty to be paid on all Other Minerals subject to hedging transactions by Grantor shall be determined in the same manner as provided in Section 2(b), with the understanding that the average monthly spot price shall be for the calendar month preceding the calendar month during which Other Minerals subject to hedging transactions are shipped to the Payor. (f) 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 eighteen (18) months, after receipt by Newmont of the Royalty paid with respect to such commingled Minerals from the Property; and shall retain such samples taken from the Property for seven (7) days after collection. (g) 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, nor shall it have any obligation to diligently explore or develop the Property. 3. BOOKS, RECORDS, INSPECTIONS, CONFIDENTIALITY AND PRESS RELEASES. (a) Not later than March 15 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, not more frequently than semi-annually, Newmont 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; 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 Newmont agrees that if it elects to rely on any such Data or information, it does so at its sole risk. -6- (b) Newmont shall have the right to audit the books and records pertaining to production from the Property and contest payments of Royalty for 24 months after receipt by Newmont of the payments to which such books and records pertain. Such payments shall be deemed conclusively correct unless Newmont objects to them in writing within 24 months after receipt thereof. (c) Newmont shall have the right, upon reasonable notice, to inspect the facilities associated with the Property. Such inspection shall be at the sole risk of Newmont, and Newmont shall indemnify Grantor from any liability caused by Newmont's exercise of inspection rights. (d) 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 with laws, rules, regulations or orders of a governmental agency 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 need to know the disclosed information, and shall first agree in writing to protect the confidential nature of such information to the same extent Newmont is obligated under this subsection. (e) Subject to its rights and obligations under Section 3(d), Newmont shall not issue any press releases pertaining to the Property except upon giving Grantor three (3) days advance written notice of the contents thereof, and Newmont shall make any reasonable changes to such proposed press releases requested by Grantor. Newmont shall not, without Grantor's consent, issue any press release that implies or infers that Grantor endorses or joins in Newmont's statements or representations contained in any press release. 4. RECORDS AND AUDITS. Grantor's records of all mining and milling operations on the Property, and its records with respect to commingling of production from the Property, shall be available for Newmont's or its authorized agents' inspection and/or audit upon reasonable advance notice and during normal business hours. If any such audit or inspection reveals that 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. Newmont shall be entitled to enter the mine workings and structures on the Property at reasonable times upon reasonable advance notice for inspection thereof, but Newmont shall so enter at its own risk and shall indemnify and hold Grantor and its affiliates harmless against and from any and all loss, costs, damage, liability and expense (including but not limited to reasonable attorneys' fees and costs) by reason of injury to Newmont or its agents or representatives or damage to or destruction of any property of Newmont or its agents or representatives while on the -7- Property on or in such mine workings and structures, unless such injury, damage, or destruction is a result, in whole or in part, of the negligence of Grantor. 5. NEW RESOURCES OR RESERVES. 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 6. COMPLIANCE WITH LAW. Grantor shall at all times comply with all applicable federal, provincial, 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 if such contest does not jeopardize the Property or Newmont's rights thereto or under this Deed. 7. 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 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 production, sale or other 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 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. 8. REAL PROPERTY INTEREST AND RELINQUISHMENT OF PROPERTY. The Net Smelter Return 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 Net Smelter Return 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, such properties shall no longer be part of the Property, provided however; if Grantor 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. 9. 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. -8- (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 Nevada. (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. (h) Assignment of Property. Grantor shall be free to convey, transfer, assign, abandon or encumber all or any portion of its interest in the Property only in accordance with the terms of the Agreement, provided that 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 interests, and thereupon it shall be relieved of all liability under this Deed as to such interest in the Property, except for liabilities existing on the date of such conveyance, transfer, or assignment. (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, electronic facsimile transmission, or Western Union telegraph, 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: -9- Grantor: Vista Nevada Corp. 7961 Shaffer Parkway, Suite 5 Littleton, Colorado 80127 Attention: Ronald J. (Jock) McGregor Facsimile: 720 ###-###-#### Newmont: Newmont USA Limited d/b/a Newmont Mining Corporation 1700 Lincoln Street Denver, Colorado 80203 Attention: Land Department Facsimile: 303 ###-###-#### 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. This Deed contains the entire agreement between Grantor and Newmont with respect to the subject matter hereof. Wherefore, this Deed is executed and delivered effective on the day and year above written. GRANTOR: Vista Nevada Corp. a Nevada corporation By:__________________________________ Name:_____________________________ Title:____________________________ NEWMONT: Newmont USA Limited d/b/a Newmont Mining Corporation, a Delaware corporation By:__________________________________ Name:_____________________________ Title:____________________________ -10- -11- STATE OF COLORADO ) ) ss. CITY AND COUNTY OF DENVER) This instrument was acknowledged before me on this ___ day of _______________, 2002, by __________________________, as ______________________ of Vista Nevada Corp. In witness whereof, I have hereunto set my hand and affixed my official seal the day and year first above written. ------------------------------------- Notary Public My Commission expires:_____________________________ STATE OF COLORADO ) ) ss. CITY AND COUNTY OF DENVER) This instrument was acknowledged before me on this ___ day of _______________, 2002, by __________________________, as ______________________ of Newmont USA Limited, d/b/a Newmont Mining Corporation. In witness whereof, I have hereunto set my hand and affixed my official seal the day and year first above written. ------------------------------------- Notary Public My Commission expires:_____________________________ -12- EXHIBIT A TO ROYALTY DEED BETWEEN VISTA NEVADA CORP. AND NEWMONT USA LIMITED D/B/A NEWMONT MINING CORPORATION THE PROPERTY 1. MAVERICK SPRINGS PROPERTY The following described unpatented mining claims situated in Elko County and White Pine County, Nevada:
CLAIM NAME BOOK PAGE BLM SERIAL NUMBER - ---------------------------------------------------------------------------------------- WILLOW #1 968 784 NMC - 754059 WILLOW #2 968 785 NMC - 754060 WILLOW #9 968 792 NMC - 754067 WILLOW #10 968 793 NMC - 754068 WILLOW #11 968 794 NMC - 754069 WILLOW #12 968 795 NMC - 754070 WILLOW #13 968 796 NMC - 754071 WILLOW #14 968 797 NMC - 754072 WILLOW #15 968 798 NMC - 754073 WILLOW #16 968 799 NMC - 754074 WILLOW #17 968 800 NMC - 754075 WILLOW #18 968 801 NMC - 754076 WILLOW #19 968 802 NMC - 754077 WILLOW #20 968 803 NMC - 754078 WILLOW #21 968 804 NMC - 754079 WILLOW #22 968 805 NMC - 754080 WILLOW #23 968 806 NMC - 754081 WILLOW #24 968 807 NMC - 754082 WILLOW #25 968 808 NMC - 754083 WILLOW #26 968 809 NMC - 754084 WILLOW #27 968 810 NMC - 754085 WILLOW #28 968 811 NMC - 754086 WILLOW #29 968 812 NMC - 754087 WILLOW #30 968 813 NMC - 754088 WILLOW #37 968 814 NMC - 754089 WILLOW #38 968 815 NMC - 754090 WILLOW #39 968 816 NMC - 754091 WILLOW #40 968 817 NMC - 754092 WILLOW #41 968 818 NMC - 754093 WILLOW #42 968 819 NMC - 754094 WILLOW #43 968 820 NMC - 754095 WILLOW #44 968 821 NMC - 754096 WILLOW #45 968 822 NMC - 754097 WILLOW #46 968 823 NMC - 754098 WILLOW #47 968 824 NMC - 754099 WILLOW #48 968 825 NMC - 754100 WILLOW #49 968 826 NMC - 754101 WILLOW #50 968 827 NMC - 754102
CLAIM NAME BOOK PAGE BLM SERIAL NUMBER - ---------------------------------------------------------------------------------------- WILLOW #51 968 828 NMC - 754103 WILLOW #52 968 829 NMC - 754104 WILLOW #53 968 830 NMC - 754105 WILLOW #54 968 831 NMC - 754106 WILLOW 55 1025 487 NMC - 785303 WILLOW 56 1025 488 NMC - 785304 WILLOW 57 1025 489 NMC - 785305 WILLOW 63 1025 495 NMC - 785311 WILLOW 65 1025 497 NMC - 785313 WILLOW 66 1025 498 NMC - 785314 WILLOW 67 1025 499 NMC - 785315 WILLOW 68 1025 500 NMC - 785316 WILLOW 69 1025 501 NMC - 785317 WILLOW 70 1025 502 NMC - 785318 WILLOW 71 1025 503 NMC - 785319 MAVERICK #1 968 832 NMC - 754107 MAVERICK #3 968 834 NMC - 754109 MAVERICK #5 968 836 NMC - 754111 MAVERICK #7 968 838 NMC - 754113 MAVERICK #8 968 839 NMC - 754114 MAVERICK #9 968 840 NMC - 754115 MAVERICK #10 968 841 NMC - 754116 MAVERICK #11 968 842 NMC - 754117 MAVERICK #12 968 843 NMC - 754118 MAVERICK #13 968 844 NMC - 754119 MAVERICK #14 968 845 NMC - 754120 MAVERICK #15 968 846 NMC - 754121 MAVERICK #16 968 847 NMC - 754122 MAVERICK #17 968 848 NMC - 754123 MAVERICK #18 968 849 NMC - 754124 MAVERICK #39 968 864 NMC - 754140 MAVERICK #40 968 865 NMC - 754141 MAVERICK #41 968 866 NMC - 754142 MAVERICK #42 968 867 NMC - 754143 MAVERICK ###-###-#### 475 NMC - 785291 MAVERICK ###-###-#### 477 NMC - 785293 MAVERICK ###-###-#### 479 NMC - 785295 MAVERICK ###-###-#### 480 NMC - 785296 MAVERICK ###-###-#### 481 NMC - 785297 MAVERICK ###-###-#### 482 NMC - 785298 MAVERICK 67 1 38907 NMC - 826140 MAVERICK 68 1 38908 NMC - 826141 MAVERICK 69 1 38909 NMC - 826142 MAVERICK 70 1 38910 NMC - 826143 MAVERICK 71 1 38911 NMC - 826144 MAVERICK 72 1 38912 NMC - 826145 MAVERICK 73 1 38913 NMC - 826146 MAVERICK 74 1 38914 NMC - 826147 NMS 1 - NMS 94 1 43585 - 43640 NMC - 826738 - 826831
-2-
CLAIM NAME BOOK PAGE BLM SERIAL NUMBER - ------------------------------------------------------------------------------------ NMS 96 1 43641 NMC - 826832 NMC 98 1 43642 NMC - 826833 NMS 100 1 43643 NMC - 826834 NMS 102 1 43644 NMC - 826835 NMS 104 1 43645 NMC - 826836 NMS 106 1 43646 NMC - 826837 NMS 107 - NMS 166 1 43647 - 43706 NMC - 826838 - 826897
2. All land situated within one mile from the exterior boundary of the following unpatented mining claims as they were located as of October 1, 2001:
CLAIM NAME BOOK PAGE BLM SERIAL NUMBER - ------------------------------------------------------------------------------------ WILLOW #1 968 784 NMC - 754059 WILLOW #2 968 785 NMC - 754060 WILLOW #9 968 792 NMC - 754067 WILLOW #10 968 793 NMC - 754068 WILLOW #11 968 794 NMC - 754069 WILLOW #12 968 795 NMC - 754070 WILLOW #13 968 796 NMC - 754071 WILLOW #14 968 797 NMC - 754072 WILLOW #15 968 798 NMC - 754073 WILLOW #16 968 799 NMC - 754074 WILLOW #17 968 800 NMC - 754075 WILLOW #18 968 801 NMC - 754076 WILLOW #19 968 802 NMC - 754077 WILLOW #20 968 803 NMC - 754078 WILLOW #21 968 804 NMC - 754079 WILLOW #22 968 805 NMC - 754080 WILLOW #23 968 806 NMC - 754081 WILLOW #24 968 807 NMC - 754082 WILLOW #25 968 808 NMC - 754083 WILLOW #26 968 809 NMC - 754084 WILLOW #27 968 810 NMC - 754085 WILLOW #28 968 811 NMC - 754086 WILLOW #29 968 812 NMC - 754087 WILLOW #30 968 813 NMC - 754088 WILLOW #37 968 814 NMC - 754089 WILLOW #38 968 815 NMC - 754090 WILLOW #39 968 816 NMC - 754091 WILLOW #40 968 817 NMC - 754092 WILLOW #41 968 818 NMC - 754093 WILLOW #42 968 819 NMC - 754094 WILLOW #43 968 820 NMC - 754095 WILLOW #44 968 821 NMC - 754096 WILLOW #45 968 822 NMC - 754097 WILLOW #46 968 823 NMC - 754098 WILLOW #47 968 824 NMC - 754099 WILLOW #48 968 825 NMC - 754100 WILLOW #49 968 826 NMC - 754101
-3-
CLAIM NAME BOOK PAGE BLM SERIAL NUMBER - ---------------------------------------------------------------------------------------- WILLOW #50 968 827 NMC - 754102 WILLOW #51 968 828 NMC - 754103 WILLOW #52 968 829 NMC - 754104 WILLOW #53 968 830 NMC - 754105 WILLOW #54 968 831 NMC - 754106 WILLOW 55 1025 487 NMC - 785303 WILLOW 56 1025 488 NMC - 785304 WILLOW 57 1025 489 NMC - 785305 WILLOW 63 1025 495 NMC - 785311 WILLOW 65 1025 497 NMC - 785313 WILLOW 66 1025 498 NMC - 785314 WILLOW 67 1025 499 NMC - 785315 WILLOW 68 1025 500 NMC - 785316 WILLOW 69 1025 501 NMC - 785317 WILLOW 70 1025 502 NMC - 785318 WILLOW 71 1025 503 NMC - 785319 MAVERICK #1 968 832 NMC - 754107 MAVERICK #3 968 834 NMC - 754109 MAVERICK #5 968 836 NMC - 754111 MAVERICK #7 968 838 NMC - 754113 MAVERICK #8 968 839 NMC - 754114 MAVERICK #9 968 840 NMC - 754115 MAVERICK #10 968 841 NMC - 754116 MAVERICK #11 968 842 NMC - 754117 MAVERICK #12 968 843 NMC - 754118 MAVERICK #13 968 844 NMC - 754119 MAVERICK #14 968 845 NMC - 754120 MAVERICK #15 968 846 NMC - 754121 MAVERICK #16 968 847 NMC - 754122 MAVERICK #17 968 848 NMC - 754123 MAVERICK #18 968 849 NMC - 754124 MAVERICK #39 968 864 NMC - 754140 MAVERICK #40 968 865 NMC - 754141 MAVERICK #41 968 866 NMC - 754142 MAVERICK #42 968 867 NMC - 754143 MAVERICK ###-###-#### 475 NMC - 785291 MAVERICK ###-###-#### 477 NMC - 785293 MAVERICK ###-###-#### 479 NMC - 785295 MAVERICK ###-###-#### 480 NMC - 785296 MAVERICK ###-###-#### 481 NMC - 785297 MAVERICK ###-###-#### 482 NMC - 785298 MAVERICK 67 1 38907 NMC - 826140 MAVERICK 68 1 38908 NMC - 826141 MAVERICK 69 1 38909 NMC - 826142 MAVERICK 70 1 38910 NMC - 826143 MAVERICK 71 1 38911 NMC - 826144 MAVERICK 72 1 38912 NMC - 826145 MAVERICK 73 1 38913 NMC - 826146 MAVERICK 74 1 38914 NMC - 826147
-4- EXHIBIT 8 TO AGREEMENT BETWEEN NEWMONT USA LIMITED D/B/A NEWMONT MINING CORPORATION, NEWMONT CAPITAL LIMITED, VISTA GOLD CORPORATION AND VISTA NEVADA CORP. MOUNTAIN VIEW AREA OF INTEREST The Mountain View Area of Interest includes all land within 0.5 miles of the exterior boundary of the following unpatented mining claims, as they were located as of June 30, 2000, and as generally depicted on Exhibit A to that Lease/Option Agreement dated June 3, 2000, as amended on April 16, 2001 and June 6, 2002, between Franco-Nevada Mining Corporation, Inc., and Raymond W. and Leslie A. Wittkopp, a memorandum of which was recorded in the Washoe County Recorder's Office on August 11, 2000, as Document ###-###-####.
WASHOE COUNTY - ------------------------------------------------------------------------------------------ BLM SERIAL NUMBER CLAIM NAME BOOK PAGE DOCUMENT # ("NMC") - ------------------------------------------------------------------------------------------ Mt. View #1 1481 975 660347 142372 Mt. View #2 1481 976 660348 142373 Mt. View #3 1481 977 660349 142374 Mt. View #4 1481 978 660350 142375 Mt. View #5 1632 124 739181 196207 Mt. View #6 1644 549 745360 202456 Big R #1 1646 913 746334 203087 Jack 1 1797 724 821242 253233 Jack 2 1797 725 821243 253234 Jack 3 1797 726 821244 253235 Jack 4 1797 727 821245 253236 Jack 5 1797 728 821246 253237 Jack 6 1797 729 821247 253238 Jack 7 1797 730 821248 253239 Jack 8 1797 731 821249 253240 Jack 9 1797 732 821250 253241 Jack 10 1797 733 821251 253242 Jack 11 1797 734 821252 253243 Jack 12 1797 735 821253 253244 Jack 13 1797 736 821254 253245 Jack 14 1797 737 821255 253246 Jack 15 1797 738 821256 253247 Jack 35 1797 758 821276 253267 Jack 38 1797 761 821279 253270 Jack 63 1797 786 821304 253295 Jack 64 1797 787 821305 253296
WASHOE COUNTY - --------------------------------------------------------------------------------- BLM SERIAL NUMBER CLAIM NAME BOOK PAGE DOCUMENT # ("NMC") - ---------------------------------------------------------------------------------- Jack 65 1797 788 821306 253297 Jack 66 1797 789 821307 253298 Jack 67 1797 790 821308 253299 Jack 68 1797 791 821309 253300 Jack 69 1797 792 821310 253301 Jack 70 1797 793 821311 253302 Jack 71 1797 794 821312 253303 Jack 72 1797 795 821313 253304 Jack 73 1797 796 821314 253305 Jack 74 1797 797 821315 253306 Jack 75 1797 798 821316 253307 Jack 76 1797 799 821317 253308 Jack 77 1979 800 821318 253309 Jack 78 1797 801 821319 253310 Jack 79 1797 802 821320 253311 Jack 80 1797 803 821321 253312 Jack 81 1797 804 821322 253313 Jack 82 1797 805 821323 253314 Jack 83 1797 806 821324 253315 Jack 84 1797 807 821325 253316 Jack 85 1797 808 821326 253317 Jack 86 1797 809 821327 253318 Jack 87 1797 810 821328 253319 Jack 88 1797 811 821329 253320 Jack 89 1797 812 821330 253321 Jack 90 1797 813 821331 253322 Jack 91 1797 814 821332 253323 Jack 92 1797 815 821333 253324 Jack 93 1797 816 821334 253325 Jack 94 1797 817 821335 253326 Jack 95 1797 818 821336 253327 Jack 96 1797 819 821337 253328 Harlan #1 1796 876 820863 253656 Lara #1 1796 878 820865 253657 Rich #13 ###-###-#### 814670 Rich #14 ###-###-#### 814671 Rich #15 ###-###-#### 814672 Rich #16 ###-###-#### 814673 Rich #17 ###-###-#### 814674 Rich #18 ###-###-#### 814675 Rich #21 ###-###-#### 814676
-2-
WASHOE COUNTY - --------------------------------------------------------------------------------- BLM SERIAL NUMBER CLAIM NAME DOCUMENT # ("NMC") - --------------------------------------------------------------------------------- Rich #22 ###-###-#### 814677 Rich #23 ###-###-#### 814678 Rich #24 ###-###-#### 814679 Rich #39 ###-###-#### 814680 Rich #41 ###-###-#### 814681 Rich #43 ###-###-#### 814682 Rich #45 ###-###-#### 814683 Rich #47 ###-###-#### 814684 Rich 50 ###-###-#### 814685 Rich ###-###-#### 814686 Rich ###-###-#### 814687
-3- EXHIBIT 9 TO AGREEMENT BETWEEN NEWMONT USA LIMITED D/B/A NEWMONT MINING CORPORATION, NEWMONT CAPITAL LIMITED, VISTA GOLD CORPORATION AND VISTA NEVADA CORP. ROYALTY DEED ------------ This Royalty Deed (hereafter, the "Deed"), effective as of the __ day of October, 2002, is by and between Vista Nevada Corp., a Nevada corporation, whose address is 7961 Shaffer Parkway, Suite 5, Littleton, Colorado 80127 ("Grantor") and Newmont Capital Limited, a Nevada corporation, whose address is 1700 Lincoln Street, Denver, Colorado 80203 ("Newmont"). Whereas, pursuant to that Agreement, dated October __, 2002, between Grantor, Vista Gold Corporation, Newmont and Newmont USA Limited d/b/a Newmont Mining Corporation (the "Agreement"), Newmont has conveyed to Grantor, its interests in the Property (defined below); 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, has remised, released, sold, transferred, conveyed and quitclaimed, and by these presents does remise, release, sell, transfer, convey and forever quitclaim unto Newmont a production royalty (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 property more particularly described on EXHIBIT A to this Deed (the "Property"). 2. PRODUCTION ROYALTY. Grantor shall pay to Newmont a perpetual Production Royalty in an amount equal to one and one half percent (1 1/2%) of Net Smelter Returns (defined below) from the sale or other disposition of all Minerals produced and sold from the Property, determined in accordance with the provisions set forth in this Deed. (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 contained in the production from the Property ("Monthly Production") delivered to the smelter, refiner, processor, purchaser or other recipient of such production, or an insurer as a result of casualty to such production (collectively, "Payor") during the preceding calendar month, by (ii) for gold, the average of the London Bullion Market, Afternoon Fix, spot prices for the preceding calendar month and for all other Precious Metals, the average of the New York Commodities Exchange final spot prices for the preceding calendar 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: (A) charges imposed by the Payor for refining bullion from dore 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; (B) penalty substance, assaying, and sampling charges imposed by the Payor for refining Beneficiated Precious Metals contained in such production; and (C) 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; and 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. In the event Grantor receives insurance proceeds for loss of production, Grantor shall pay to Newmont the Royalty percentage of any such insurance proceeds which are received by Grantor for such loss of production. (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 delivered to the Payor during the preceding calendar month by (ii) the average of the New York Commodities Exchange final daily spot prices for the preceding calendar month of the appropriate Other Mineral, and subtracting from the product of (i) and (ii) only the following if actually incurred: (A) 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; -2- (B) 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 (C) 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 Beneficiated Precious Metals 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 milling 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. In the event Grantor receives insurance proceeds for loss of production, Grantor shall pay to Newmont the Royalty percentage of any such insurance proceeds which are received by Grantor for such loss of production. (c) PAYMENTS OF ROYALTY IN CASH OR IN KIND. Royalty payments shall be made to Newmont as follows: (i) ROYALTY IN KIND. Newmont may elect to receive its Royalty on 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 Royalty 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 Royalty for Precious Metals will continue to be paid as it is then being paid. As of the date of this Deed, Newmont elects to receive its Royalty on Precious Metals "in cash." Royalties on Other Minerals shall not be payable in kind. (A) If Newmont elects to receive its Royalty 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) Royalty will be paid by the deposit of refined bullion into Newmont's account. On or before the 25th day of each calendar month following a calendar month during which production and sale or other disposition -3- occurred, 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 in respect of the Royalty, by crediting to Newmont's account the number of ounces of refined bullion for which Royalty is due; PROVIDED, HOWEVER, that the words "other disposition" as used in this Deed shall not include processing, milling, beneficiation or refining losses of Precious Metals. The number of ounces of refined bullion to be credited will be based upon Newmont's share of the previous month's production and sale or other disposition as calculated pursuant to the commingling provisions of Section 2(f) hereof. (C) 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 2(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 agrees to hold harmless Grantor from any liability imposed as a result of the election of Newmont to receive Royalty in kind and from any losses incurred as a result of Newmont's trading and hedging activities. Newmont assumes all responsibility for 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 royalties are paid in kind, they will not reflect the costs deductible in calculating "Net Smelter Returns" under this Deed. Within 15 days of 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. If Newmont does not pay such charges when due, Grantor shall have the right, at its election, to deduct the gold equivalent of such charges from the ounces of gold bullion to be credited to Newmont in the following month. (ii) IN CASH. If Newmont elects to receive its Royalty for Precious Metals in cash, and as to Royalty payable on Other Minerals, payments shall be payable on or before the twenty-fifth (25th) day of the month following the calendar month in which the Minerals subject to the Royalty were shipped to the Payor by Grantor. For purposes of calculating the cash amount due to Newmont, Precious Metals and Other Minerals will be deemed to have been sold or otherwise disposed of at the time refined production from Property is delivered, made available, or credited to Grantor by a mint or refiner. The price used for calculating the cash amount due for Royalty on Precious Metals or Other Minerals shall be determined in accordance with Section 2(a) and (b) as applicable. Grantor shall make each Royalty payment to be paid in cash by delivery of a check or draft payable to Newmont and delivering the check to Grantor at its address listed in Section 9(h). Newmont hereby waives and agrees to hold Grantor harmless against, and binds its successors and assigns to waive and hold Grantor -4- harmless against, any claim by any other party to any Royalty paid by Grantor as herein provided. (iii) DETAILED STATEMENT. All Royalty payments or credits shall be accompanied by a detailed statement explaining the calculation thereof together with any available settlement sheets from the Payor. (d) MONTHLY RECONCILIATION. (i) On or before the 25th day of the month, Grantor shall make an interim settlement based on the information then available of such Royalty, 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 Precious Metals in kind Royalty payments and (B) not less than ninety-five percent (95%) of the anticipated final settlement of cash Royalty payments. (ii) The parties recognize that a period of time exists between the production of ore, the production of dore or concentrates from ore, the production of refined or finished product from dore or concentrates, and the receipt of Payor's statements for refined or finished product. As a result, the payment of Royalty will not coincide exactly with the actual amount of refined or finished product produced from the Property for the previous month. 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), Grantor shall pay the difference in cash by check and 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 2(c)(ii). (e) 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 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 Royalty to be paid on all Precious Metals subject to hedging transactions by Grantor shall be determined in the same manner as provided in Section 2(a), with the understanding that -5- the average monthly spot price shall be for the calendar month preceding the calendar month during which Precious Metals subject to hedging transactions are shipped by Grantor to the Payor. (ii) AFFECTING OTHER MINERALS. The amount of Royalty to be paid on all Other Minerals subject to hedging transactions by Grantor shall be determined in the same manner as provided in Section 2(b), with the understanding that the average monthly spot price shall be for the calendar month preceding the calendar month during which Other Minerals subject to hedging transactions are shipped to the Payor. (f) 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 eighteen (18) months, after receipt by Newmont of the Royalty paid with respect to such commingled Minerals from the Property; and shall retain such samples taken from the Property for seven (7) days after collection. (g) 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, nor shall it have any obligation to diligently explore or develop the Property. 3. BOOKS, RECORDS, INSPECTIONS, CONFIDENTIALITY AND PRESS RELEASES. (a) Not later than March 15 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, not more frequently than semi-annually, Newmont 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; 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 Newmont agrees that if it elects to rely on any such Data or information, it does so at its sole risk. -6- (b) Newmont shall have the right to audit the books and records pertaining to production from the Property and contest payments of Royalty for 24 months after receipt by Newmont of the payments to which such books and records pertain. Such payments shall be deemed conclusively correct unless Newmont objects to them in writing within 24 months after receipt thereof. (c) Newmont shall have the right, upon reasonable notice, to inspect the facilities associated with the Property. Such inspection shall be at the sole risk of Newmont, and Newmont shall indemnify Grantor from any liability caused by Newmont's exercise of inspection rights. (d) 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 with laws, rules, regulations or orders of a governmental agency 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 need to know the disclosed information, and shall first agree in writing to protect the confidential nature of such information to the same extent Newmont is obligated under this subsection. (e) Subject to its rights and obligations under Section 3(d), Newmont shall not issue any press releases pertaining to the Property except upon giving Grantor three (3) days advance written notice of the contents thereof, and Newmont shall make any reasonable changes to such proposed press releases requested by Grantor. Newmont shall not, without Grantor's consent, issue any press release that implies or infers that Grantor endorses or joins in Newmont's statements or representations contained in any press release. 4. RECORDS AND AUDITS. Grantor's records of all mining and milling operations on the Property, and its records with respect to commingling of production from the Property, shall be available for Newmont's or its authorized agents' inspection and/or audit upon reasonable advance notice and during normal business hours. If any such audit or inspection reveals that 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. Newmont shall be entitled to enter the mine workings and structures on the Property at reasonable times upon reasonable advance notice for inspection thereof, but Newmont shall so enter at its own risk and shall indemnify and hold Grantor and its affiliates harmless against and from any and all loss, costs, damage, liability and expense (including but not limited to reasonable attorneys' fees and costs) by reason of injury to Newmont or its agents or representatives or damage to or destruction of any property of Newmont or its agents or representatives while on the -7- Property on or in such mine workings and structures, unless such injury, damage, or destruction is a result, in whole or in part, of the negligence of Grantor. 5. NEW RESOURCES OR RESERVES. 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 6. COMPLIANCE WITH LAW. Grantor shall at all times comply with all applicable federal, provincial, 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 if such contest does not jeopardize the Property or Newmont's rights thereto or under this Deed. 7. 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 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 production, sale or other 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 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. 8. REAL PROPERTY INTEREST AND RELINQUISHMENT OF PROPERTY. The Net Smelter Return 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 Net Smelter Return 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, such properties shall no longer be part of the Property, provided, however; that if Grantor 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. 9. 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. -8- (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 Nevada. (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. (h) Assignment of Property. Grantor shall be free to convey, transfer, assign, abandon or encumber all or any portion of its interest in the Property only in accordance with the terms of the Agreement, provided that 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 interests, and thereupon it shall be relieved of all liability under this Deed as to such interest in the Property, except for liabilities existing on the date of such conveyance, transfer, or assignment. (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, electronic facsimile transmission, or Western Union telegraph, 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: -9- Grantor: Vista Nevada Corp. 7961 Shaffer Parkway, Suite 5 Littleton, Colorado 80127 Attention: Ronald J. (Jock) McGregor) Facsimile: 720 ###-###-#### -10- Newmont: Newmont Capital Limited 1700 Lincoln Street Denver, Colorado 80203 Attention: Land Department Facsimile: 303 ###-###-#### 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. This Deed contains the entire agreement between Grantor and Newmont with respect to the subject matter hereof. Wherefore, this Deed is executed and delivered effective on the day and year above written. GRANTOR: Vista Nevada Corp. a Nevada corporation By: _________________________________ Name: Title: NEWMONT: Newmont Capital Limited a Nevada corporation By: _________________________________ Name: Title: -11- STATE OF COLORADO ) ) ss. CITY AND COUNTY OF DENVER) This instrument was acknowledged before me on this ___ day of _______________, 2002, by __________________________, as ______________________ of Vista Nevada Corp. In witness whereof, I have hereunto set my hand and affixed my official seal the day and year first above written. ____________________________________________ Notary Public My Commission expires:______________________ STATE OF COLORADO ) ) ss. CITY AND COUNTY OF DENVER) This instrument was acknowledged before me on this ___ day of _______________, 2002, by __________________________, as ______________________ of Newmont Capital Limited In witness whereof, I have hereunto set my hand and affixed my official seal the day and year first above written. ____________________________________________ Notary Public My Commission expires:______________________ -12- EXHIBIT A TO ROYALTY DEED BETWEEN VISTA NEVADA CORP. AND NEWMONT CAPITAL LIMITED THE PROPERTY 1. MOUNTAIN VIEW PROPERTY The following described unpatented lode mining claims situated in Washoe County, Nevada:
WASHOE COUNTY - -------------------------------------------------------------------------------------- BLM SERIAL NUMBER CLAIM NAME BOOK PAGE DOCUMENT # ("NMC") - -------------------------------------------------------------------------------------- Mt. View #1 1481 975 660347 142372 Mt. View #2 1481 976 660348 142373 Mt. View #3 1481 977 660349 142374 Mt. View #4 1481 978 660350 142375 Mt. View #5 1632 124 739181 196207 Mt. View #6 1644 549 745360 202456 Big R #1 1646 913 746334 203087 Jack 1 1797 724 821242 253233 Jack 2 1797 725 821243 253234 Jack 3 1797 726 821244 253235 Jack 4 1797 727 821245 253236 Jack 5 1797 728 821246 253237 Jack 6 1797 729 821247 253238 Jack 7 1797 730 821248 253239 Jack 8 1797 731 821249 253240 Jack 9 1797 732 821250 253241 Jack 10 1797 733 821251 253242 Jack 11 1797 734 821252 253243 Jack 12 1797 735 821253 253244 Jack 13 1797 736 821254 253245 Jack 14 1797 737 821255 253246 Jack 15 1797 738 821256 253247 Jack 35 1797 758 821276 253267 Jack 38 1797 761 821279 253270 Jack 63 1797 786 821304 253295 Jack 64 1797 787 821305 253296 Jack 65 1797 788 821306 253297 Jack 66 1797 789 821307 253298 Jack 67 1797 790 821308 253299 Jack 68 1797 791 821309 253300 Jack 69 1797 792 821310 253301
WASHOE COUNTY - -------------------------------------------------------------------------------------- BLM SERIAL NUMBER CLAIM NAME BOOK PAGE DOCUMENT # ("NMC") - -------------------------------------------------------------------------------------- Jack 70 1797 793 821311 253302 Jack 71 1797 794 821312 253303 Jack 72 1797 795 821313 253304 Jack 73 1797 796 821314 253305 Jack 74 1797 797 821315 253306 Jack 75 1797 798 821316 253307 Jack 76 1797 799 821317 253308 Jack 78 1797 801 821319 253310 Jack 79 1797 802 821320 253311 Jack 80 1797 803 821321 253312 Jack 81 1797 804 821322 253313 Jack 82 1797 805 821323 253314 Jack 83 1797 806 821324 253315 Jack 84 1797 807 821325 253316 Jack 85 1797 808 821326 253317 Jack 86 1797 809 821327 253318 Jack 87 1797 810 821328 253319 Jack 88 1797 811 821329 253320 Jack 89 1797 812 821330 253321 Jack 90 1797 813 821331 253322 Jack 91 1797 814 821332 253323 Jack 92 1797 815 821333 253324 Jack 93 1797 816 821334 253325 Jack 94 1797 817 821335 253326 Jack 95 1797 818 821336 253327 Jack 96 1797 819 821337 253328 Harlan #1 1796 876 820863 253656 Lara #1 1796 878 820865 253657 Rich #13 ###-###-#### 814670 Rich #14 ###-###-#### 814671 Rich #15 ###-###-#### 814672 Rich #16 ###-###-#### 814673 Rich #17 ###-###-#### 814674 Rich #18 ###-###-#### 814675 Rich #21 ###-###-#### 814676 Rich #22 ###-###-#### 814677 Rich #23 ###-###-#### 814678 Rich #24 ###-###-#### 814679 Rich #39 ###-###-#### 814680 Rich 50 ###-###-#### 814685 Rich ###-###-#### 814686
-2-
WASHOE COUNTY - -------------------------------------------------------------------------------------- BLM SERIAL NUMBER CLAIM NAME DOCUMENT # ("NMC") - -------------------------------------------------------------------------------------- Rich ###-###-#### 814687 Jack 67A ###-###-#### 822239 Jack 77R ###-###-#### 822240 Rich ###-###-#### 822249 Rich ###-###-#### 822251 Rich ###-###-#### 822252 Rich ###-###-#### 822254 Rich ###-###-#### 822256 Rich 70 ###-###-#### 822258 Rich ###-###-#### 822260 Rich ###-###-#### 822262 Rich ###-###-#### 822264 Rich ###-###-#### 822266 Rich 80 ###-###-#### 822268 Rich ###-###-#### 822269 Rich ###-###-#### 822270 Rich ###-###-#### 822271 Rich ###-###-#### 822272 Rich ###-###-#### 822273 Rich ###-###-#### 822274 Rich ###-###-#### 822275 Rich ###-###-#### 822276 Rich ###-###-#### 822277 Rich 90 ###-###-#### 822278 Rich ###-###-#### 822279 Rich ###-###-#### 822280 Rich ###-###-#### 822281 Rich ###-###-#### 822282 Rich ###-###-#### 822283 Rich ###-###-#### 822284 Rich ###-###-#### 822285 Rich ###-###-#### 822286 Rich ###-###-#### 822287 Rich 100 ###-###-#### 822288 Rich ###-###-#### 822289 Rich ###-###-#### 822290 Rich ###-###-#### 822291 Rich ###-###-#### 822292 Rich ###-###-#### 822293 Rich ###-###-#### 822294 Rich ###-###-#### 822295
-3-
WASHOE COUNTY - -------------------------------------------------------------------------------------- BLM SERIAL NUMBER CLAIM NAME DOCUMENT # ("NMC") - -------------------------------------------------------------------------------------- Rich ###-###-#### 822296 Rich ###-###-#### 822297 Rich ###-###-#### 822298 Rich ###-###-#### 822299 Rich ###-###-#### 822300 Rich ###-###-#### 822301 Rich ###-###-#### 822302 Rich ###-###-#### 822303 Rich ###-###-#### 822304 Rich ###-###-#### 822305 Rich ###-###-#### 822306 Rich ###-###-#### 822307 Rich 120 ###-###-#### 822308 Rich ###-###-#### 822309
2. All land within 0.5 miles of the exterior boundary of the following unpatented mining claims, as they were located as of June 30, 2000, and as generally depicted on Exhibit A to that Lease/Option Agreement dated June 3, 2000, as amended on April 16, 2001 and June 6, 2002, between Franco-Nevada Mining Corporation, Inc., and Raymond W. and Leslie A. Wittkopp, a memorandum of which was recorded in the Washoe County Recorder's Office on August 11, 2000, as Document ###-###-####.
WASHOE COUNTY - -------------------------------------------------------------------------------------- BLM SERIAL NUMBER CLAIM NAME BOOK PAGE DOCUMENT # ("NMC") - -------------------------------------------------------------------------------------- Mt. View #1 1481 975 660347 142372 Mt. View #2 1481 976 660348 142373 Mt. View #3 1481 977 660349 142374 Mt. View #4 1481 978 660350 142375 Mt. View #5 1632 124 739181 196207 Mt. View #6 1644 549 745360 202456 Big R #1 1646 913 746334 203087 Jack 1 1797 724 821242 253233 Jack 2 1797 725 821243 253234 Jack 3 1797 726 821244 253235 Jack 4 1797 727 821245 253236 Jack 5 1797 728 821246 253237 Jack 6 1797 729 821247 253238 Jack 7 1797 730 821248 253239 Jack 8 1797 731 821249 253240
-4-
WASHOE COUNTY - -------------------------------------------------------------------------------------- BLM SERIAL NUMBER CLAIM NAME BOOK PAGE DOCUMENT # ("NMC") - -------------------------------------------------------------------------------------- Jack 9 1797 732 821250 253241 Jack 10 1797 733 821251 253242 Jack 11 1797 734 821252 253243 Jack 12 1797 735 821253 253244 Jack 13 1797 736 821254 253245 Jack 14 1797 737 821255 253246 Jack 15 1797 738 821256 253247 Jack 35 1797 758 821276 253267 Jack 38 1797 761 821279 253270 Jack 63 1797 786 821304 253295 Jack 64 1797 787 821305 253296 Jack 65 1797 788 821306 253297 Jack 66 1797 789 821307 253298 Jack 67 1797 790 821308 253299 Jack 68 1797 791 821309 253300 Jack 69 1797 792 821310 253301 Jack 70 1797 793 821311 253302 Jack 71 1797 794 821312 253303 Jack 72 1797 795 821313 253304 Jack 73 1797 796 821314 253305 Jack 74 1797 797 821315 253306 Jack 75 1797 798 821316 253307 Jack 76 1797 799 821317 253308 Jack 77 1797 800 821318 253309 Jack 78 1797 801 821319 253310 Jack 79 1797 802 821320 253311 Jack 80 1797 803 821321 253312 Jack 81 1797 804 821322 253313 Jack 82 1797 805 821323 253314 Jack 83 1797 806 821324 253315 Jack 84 1797 807 821325 253316 Jack 85 1797 808 821326 253317 Jack 86 1797 809 821327 253318 Jack 87 1797 810 821328 253319 Jack 88 1797 811 821329 253320 Jack 89 1797 812 821330 253321 Jack 90 1797 813 821331 253322 Jack 91 1797 814 821332 253323 Jack 92 1797 815 821333 253324 Jack 93 1797 816 821334 253325 Jack 94 1797 817 821335 253326
-5-
WASHOE COUNTY - -------------------------------------------------------------------------------------- BLM SERIAL NUMBER CLAIM NAME BOOK PAGE DOCUMENT # ("NMC") - -------------------------------------------------------------------------------------- Jack 95 1797 818 821336 253327 Jack 96 1797 819 821337 253328 Harlan #1 1796 876 820863 253656 Lara #1 1796 878 820865 253657 Rich #13 ###-###-#### 814670 Rich #14 ###-###-#### 814671 Rich #15 ###-###-#### 814672 Rich #16 ###-###-#### 814673 Rich #17 ###-###-#### 814674 Rich #18 ###-###-#### 814675 Rich #21 ###-###-#### 814676 Rich #22 ###-###-#### 814677 Rich #23 ###-###-#### 814678 Rich #24 ###-###-#### 814679 Rich #39 ###-###-#### 814680 Rich #41 ###-###-#### 814681 Rich #43 ###-###-#### 814682 Rich #45 ###-###-#### 814683 Rich #47 ###-###-#### 814684 Rich 50 ###-###-#### 814685 Rich ###-###-#### 814686 Rich ###-###-#### 814687
-6- EXHIBIT 10 TO AGREEMENT BETWEEN NEWMONT USA LIMITED D/B/A NEWMONT MINING CORPORATION, NEWMONT CAPITAL LIMITED, VISTA GOLD CORPORATION AND VISTA NEVADA CORP. FEASIBILITY STUDY ----------------- Feasibility Study means a detailed report regarding the development of a mine on the Newmont Property, or any part thereof that is subject to the Joint Venture Agreement (the "Properties"), including at least the following information: o a description of that part of the Properties to be covered by the proposed mine; o the estimated recoverable reserves of minerals and the estimated composition and content thereof; o the proposed procedure for development, and mining production; o results of ore amenability tests (if any); o the nature and extent of the mine facilities proposed to be acquired which may include mill facilities, if the size, extent and location of the ore body makes such mill facilities feasible, in which event the report shall also include a preliminary design for such mill; o the total costs, including capital budget, which are reasonably required to purchase, construct and install all structures, machinery and equipment required for the proposed mine, including a schedule of timing of such requirements; o all environmental impact studies and costs; o the period in which it is proposed that the Properties be brought into commercial production; o such other data and information as are reasonably necessary to substantiate the existence of a mineral deposit of sufficient size and grade to justify development of a mine, taking into account all relevant business, tax and other economic considerations; and o working capital requirements for the initial four months of operation of the Properties as a mine or such longer period as may be reasonably justified in the circumstances; which is in such form as is necessary to substantially meet the standards of North American financial institutions for the purpose of determining the advisability of providing project financing on a commercial competitive basis taking into account all relevant criteria deemed to be both normal and prudent for the mining industry at that time. EXHIBIT 11 TO AGREEMENT BETWEEN NEWMONT USA LIMITED D/B/A NEWMONT MINING CORPORATION, NEWMONT CAPITAL LIMITED, VISTA GOLD CORPORATION AND VISTA NEVADA CORP. MEMORANDUM OF AGREEMENT KNOW ALL BY THESE PRESENT: That the undersigned have executed and delivered their agreement in writing bearing an effective date of October __, 2002 ("Agreement"), containing terms and conditions, all of which are hereby made a part hereof as fully and completely as if herein specifically set out in full, whereby (i) Newmont USA Limited d/b/a Newmont Mining Corporation, a Delaware corporation ("Newmont"), agreed to convey to Vista Nevada Corp., a Nevada corporation ("VNC"), its entire interest in that Lease described on Exhibit A hereto ("the Maverick Springs Property"), (ii) Newmont Capital Limited, a Nevada corporation ("NCL") agreed to convey and quit claim to VNC its entire interest in the Lease and unpatented mining claims described on Exhibit B hereto (the "Mountain View Property") (the Maverick Springs Property and Mountain View Property are collectively referred to herein as the "Property"), (iii) VNC agreed to convey to Newmont a royalty on production of minerals produced from the Maverick Springs Property and the Maverick Springs Area of Interest (described in Exhibit C hereto), and (iv) VNC agreed to convey to NCL a royalty on production of minerals from the Mountain View Property and the Mountain View Area of Interest (described in Exhibit D hereto). VNC and Vista Gold Corporation ("Vista") also agreed to maintain the Property in good standing, including, but not limited to payment of property taxes, payment of federal maintenance fees for unpatented mining claims, satisfying any federal or state filing requirements for maintaining unpatented mining claims, and fulfilling all requirements of the Leases referenced in Exhibits A and B (the "Leases"). Prior to abandoning any unpatented mining claims included within the Newmont Property or terminating any portion of the Leases, within 90 years of the date of the Agreement, VNC shall provide Newmont written notice of its intent to abandon such claims or terminate such Leases, and provide Newmont an opportunity to elect to have such claims or leasehold interest conveyed to it. VNC also granted to Newmont a right to elect to process metals mined from the Property, the Maverick Springs Area of Interest and the Mountain View Area of Interest. VNC and Vista agreed to indemnify Newmont and NCL for liabilities arising from or relating to operations and conditions on the Property, whether previously existing or hereafter created. These covenants, and obligations created thereby, are binding on the parties and their respective successors and assigns, and shall run with the subject lands. NEWMONT USA LIMITED d/b/a NEWMONT MINING CORPORATION By: ___________________________ Name: _________________________ Title: ________________________ NEWMONT CAPITAL LIMITED By: ___________________________ Name: _________________________ Title: ________________________ VISTA GOLD CORPORATION By: ___________________________ Name: _________________________ Title: ________________________ VISTA NEVADA CORP. By: ___________________________ Name: _________________________ Title: ________________________ -2- STATE OF COLORADO ) ) ss. CITY AND COUNTY OF DENVER) This instrument was acknowledged before me on this ___ day of _______________, 2002, by __________________________, as ______________________ of Newmont USA Limited d/b/a Newmont Mining Corporation. In witness whereof, I have hereunto set my hand and affixed my official seal the day and year first above written. ____________________________________________ Notary Public My Commission expires:______________________ STATE OF COLORADO ) ) ss. CITY AND COUNTY OF DENVER) This instrument was acknowledged before me on this ___ day of _______________, 2002, by __________________________, as ______________________ of Newmont Capital Limited. In witness whereof, I have hereunto set my hand and affixed my official seal the day and year first above written. ____________________________________________ Notary Public My Commission expires:______________________ -3- STATE OF COLORADO ) ) ss. CITY AND COUNTY OF DENVER) This instrument was acknowledged before me on this ___ day of _______________, 2002, by __________________________, as ______________________ of Vista Gold Corporation. In witness whereof, I have hereunto set my hand and affixed my official seal the day and year first above written. ____________________________________________ Notary Public My Commission expires:______________________ STATE OF COLORADO ) ) ss. CITY AND COUNTY OF DENVER) This instrument was acknowledged before me on this ___ day of _______________, 2002, by __________________________, as ______________________ of Vista Nevada Corp. In witness whereof, I have hereunto set my hand and affixed my official seal the day and year first above written. ____________________________________________ Notary Public My Commission expires:______________________ -4- EXHIBIT A TO MEMORANDUM OF AGREEMENT MAVERICK SPRINGS PROPERTY That certain Mining Lease and Agreement dated October 1, 2001 by and between Newmont Mining Corporation and Artemis Exploration Company, as amended, and the following described unpatented mining claims situated in Elko County and White Pine County, Nevada:
CLAIM NAME BOOK PAGE BLM SERIAL NUMBER - ----------------------------------------------------------------------------------- WILLOW #1 968 784 NMC - 754059 WILLOW #2 968 785 NMC - 754060 WILLOW #9 968 792 NMC - 754067 WILLOW #10 968 793 NMC - 754068 WILLOW #11 968 794 NMC - 754069 WILLOW #12 968 795 NMC - 754070 WILLOW #13 968 796 NMC - 754071 WILLOW #14 968 797 NMC - 754072 WILLOW #15 968 798 NMC - 754073 WILLOW #16 968 799 NMC - 754074 WILLOW #17 968 800 NMC - 754075 WILLOW #18 968 801 NMC - 754076 WILLOW #19 968 802 NMC - 754077 WILLOW #20 968 803 NMC - 754078 WILLOW #21 968 804 NMC - 754079 WILLOW #22 968 805 NMC - 754080 WILLOW #23 968 806 NMC - 754081 WILLOW #24 968 807 NMC - 754082 WILLOW #25 968 808 NMC - 754083 WILLOW #26 968 809 NMC - 754084 WILLOW #27 968 810 NMC - 754085 WILLOW #28 968 811 NMC - 754086 WILLOW #29 968 812 NMC - 754087 WILLOW #30 968 813 NMC - 754088 WILLOW #37 968 814 NMC - 754089 WILLOW #38 968 815 NMC - 754090 WILLOW #39 968 816 NMC - 754091 WILLOW #40 968 817 NMC - 754092 WILLOW #41 968 818 NMC - 754093 WILLOW #42 968 819 NMC - 754094 WILLOW #43 968 820 NMC - 754095 WILLOW #44 968 821 NMC - 754096 WILLOW #45 968 822 NMC - 754097 WILLOW #46 968 823 NMC - 754098 WILLOW #47 968 824 NMC - 754099 WILLOW #48 968 825 NMC - 754100 WILLOW #49 968 826 NMC - 754101 WILLOW #50 968 827 NMC - 754102
CLAIM NAME BOOK PAGE BLM SERIAL NUMBER - ----------------------------------------------------------------------------------- WILLOW #51 968 828 NMC - 754103 WILLOW #52 968 829 NMC - 754104 WILLOW #53 968 830 NMC - 754105 WILLOW #54 968 831 NMC - 754106 WILLOW 55 1025 487 NMC - 785303 WILLOW 56 1025 488 NMC - 785304 WILLOW 57 1025 489 NMC - 785305 WILLOW 63 1025 495 NMC - 785311 WILLOW 65 1025 497 NMC - 785313 WILLOW 66 1025 498 NMC - 785314 WILLOW 67 1025 499 NMC - 785315 WILLOW 68 1025 500 NMC - 785316 WILLOW 69 1025 501 NMC - 785317 WILLOW 70 1025 502 NMC - 785318 WILLOW 71 1025 503 NMC - 785319 MAVERICK #1 968 832 NMC - 754107 MAVERICK #3 968 834 NMC - 754109 MAVERICK #5 968 836 NMC - 754111 MAVERICK #7 968 838 NMC - 754113 MAVERICK #8 968 839 NMC - 754114 MAVERICK #9 968 840 NMC - 754115 MAVERICK #10 968 841 NMC - 754116 MAVERICK #11 968 842 NMC - 754117 MAVERICK #12 968 843 NMC - 754118 MAVERICK #13 968 844 NMC - 754119 MAVERICK #14 968 845 NMC - 754120 MAVERICK #15 968 846 NMC - 754121 MAVERICK #16 968 847 NMC - 754122 MAVERICK #17 968 848 NMC - 754123 MAVERICK #18 968 849 NMC - 754124 MAVERICK #39 968 864 NMC - 754140 MAVERICK #40 968 865 NMC - 754141 MAVERICK #41 968 866 NMC - 754142 MAVERICK #42 968 867 NMC - 754143 MAVERICK ###-###-#### 475 NMC - 785291 MAVERICK ###-###-#### 477 NMC - 785293 MAVERICK ###-###-#### 479 NMC - 785295 MAVERICK ###-###-#### 480 NMC - 785296 MAVERICK ###-###-#### 481 NMC - 785297 MAVERICK ###-###-#### 482 NMC - 785298 MAVERICK 67 1 38907 NMC - 826140 MAVERICK 68 1 38908 NMC - 826141 MAVERICK 69 1 38909 NMC - 826142 MAVERICK 70 1 38910 NMC - 826143 MAVERICK 71 1 38911 NMC - 826144 MAVERICK 72 1 38912 NMC - 826145 MAVERICK 73 1 38913 NMC - 826146 MAVERICK 74 1 38914 NMC - 826147 NMS 1 - NMS 94 1 43585 - 43640 NMC - 826738 - 826831
-2-
CLAIM NAME BOOK PAGE BLM SERIAL NUMBER - ----------------------------------------------------------------------------------- NMS 96 1 43641 NMC - 826832 NMC 98 1 43642 NMC - 826833 NMS 100 1 43643 NMC - 826834 NMS 102 1 43644 NMC - 826835 NMS 104 1 43645 NMC - 826836 NMS 106 1 43646 NMC - 826837 NMS 107 - NMS 166 1 43647 - 43706 NMC - 826838 - 826897
-3- EXHIBIT B TO MEMORANDUM OF AGREEMENT MOUNTAIN VIEW PROPERTY That certain Lease/Option Agreement effective June 30, 2000, by and between Raymond W. and Leslie A. Wittkopp, and Franco-Nevada Mining Corporation, Inc., as amended, and the following described unpatented lode mining claims situated in Washoe County, Nevada:
WASHOE COUNTY - -------------------------------------------------------------------------------------- BLM SERIAL NUMBER CLAIM NAME BOOK PAGE DOCUMENT # ("NMC") - -------------------------------------------------------------------------------------- Mt. View #1 1481 975 660347 142372 Mt. View #2 1481 976 660348 142373 Mt. View #3 1481 977 660349 142374 Mt. View #4 1481 978 660350 142375 Mt. View #5 1632 124 739181 196207 Mt. View #6 1644 549 745360 202456 Big R #1 1646 913 746334 203087 Jack 1 1797 724 821242 253233 Jack 2 1797 725 821243 253234 Jack 3 1797 726 821244 253235 Jack 4 1797 727 821245 253236 Jack 5 1797 728 821246 253237 Jack 6 1797 729 821247 253238 Jack 7 1797 730 821248 253239 Jack 8 1797 731 821249 253240 Jack 9 1797 732 821250 253241 Jack 10 1797 733 821251 253242 Jack 11 1797 734 821252 253243 Jack 12 1797 735 821253 253244 Jack 13 1797 736 821254 253245 Jack 14 1797 737 821255 253246 Jack 15 1797 738 821256 253247 Jack 35 1797 758 821276 253267 Jack 38 1797 761 821279 253270 Jack 63 1797 786 821304 253295 Jack 64 1797 787 821305 253296 Jack 65 1797 788 821306 253297 Jack 66 1797 789 821307 253298 Jack 67 1797 790 821308 253299 Jack 68 1797 791 821309 253300 Jack 69 1797 792 821310 253301
WASHOE COUNTY - -------------------------------------------------------------------------------------- BLM SERIAL NUMBER CLAIM NAME BOOK PAGE DOCUMENT # ("NMC") - -------------------------------------------------------------------------------------- Jack 70 1797 793 821311 253302 Jack 71 1797 794 821312 253303 Jack 72 1797 795 821313 253304 Jack 73 1797 796 821314 253305 Jack 74 1797 797 821315 253306 Jack 75 1797 798 821316 253307 Jack 76 1797 799 821317 253308 Jack 78 1797 801 821319 253310 Jack 79 1797 802 821320 253311 Jack 80 1797 803 821321 253312 Jack 81 1797 804 821322 253313 Jack 82 1797 805 821323 253314 Jack 83 1797 806 821324 253315 Jack 84 1797 807 821325 253316 Jack 85 1797 808 821326 253317 Jack 86 1797 809 821327 253318 Jack 87 1797 810 821328 253319 Jack 88 1797 811 821329 253320 Jack 89 1797 812 821330 253321 Jack 90 1797 813 821331 253322 Jack 91 1797 814 821332 253323 Jack 92 1797 815 821333 253324 Jack 93 1797 816 821334 253325 Jack 94 1797 817 821335 253326 Jack 95 1797 818 821336 253327 Jack 96 1797 819 821337 253328 Harlan #1 1796 876 820863 253656 Lara #1 1796 878 820865 253657 Rich #13 ###-###-#### 814670 Rich #14 ###-###-#### 814671 Rich #15 ###-###-#### 814672 Rich #16 ###-###-#### 814673 Rich #17 ###-###-#### 814674 Rich #18 ###-###-#### 814675 Rich #21 ###-###-#### 814676 Rich #22 ###-###-#### 814677 Rich #23 ###-###-#### 814678 Rich #24 ###-###-#### 814679 Rich #39 ###-###-#### 814680 Rich 50 ###-###-#### 814685 Rich ###-###-#### 814686
-2-
WASHOE COUNTY - -------------------------------------------------------------------------------------- BLM SERIAL NUMBER CLAIM NAME DOCUMENT # ("NMC") - -------------------------------------------------------------------------------------- Rich ###-###-#### 814687 Jack 67A ###-###-#### 822239 Jack 77R ###-###-#### 822240 Rich ###-###-#### 822249 Rich ###-###-#### 822251 Rich ###-###-#### 822252 Rich ###-###-#### 822254 Rich ###-###-#### 822256 Rich 70 ###-###-#### 822258 Rich ###-###-#### 822260 Rich ###-###-#### 822262 Rich ###-###-#### 822264 Rich ###-###-#### 822266 Rich 80 ###-###-#### 822268 Rich ###-###-#### 822269 Rich ###-###-#### 822270 Rich ###-###-#### 822271 Rich ###-###-#### 822272 Rich ###-###-#### 822273 Rich ###-###-#### 822274 Rich ###-###-#### 822275 Rich ###-###-#### 822276 Rich ###-###-#### 822277 Rich 90 ###-###-#### 822278 Rich ###-###-#### 822279 Rich ###-###-#### 822280 Rich ###-###-#### 822281 Rich ###-###-#### 822282 Rich ###-###-#### 822283 Rich ###-###-#### 822284 Rich ###-###-#### 822285 Rich ###-###-#### 822286 Rich ###-###-#### 822287 Rich 100 ###-###-#### 822288 Rich ###-###-#### 822289 Rich ###-###-#### 822290 Rich ###-###-#### 822291 Rich ###-###-#### 822292 Rich ###-###-#### 822293 Rich ###-###-#### 822294 Rich ###-###-#### 822295
-3-
WASHOE COUNTY - -------------------------------------------------------------------------------------- BLM SERIAL NUMBER CLAIM NAME DOCUMENT # ("NMC") - -------------------------------------------------------------------------------------- Rich ###-###-#### 822296 Rich ###-###-#### 822297 Rich ###-###-#### 822298 Rich ###-###-#### 822299 Rich ###-###-#### 822300 Rich ###-###-#### 822301 Rich ###-###-#### 822302 Rich ###-###-#### 822303 Rich ###-###-#### 822304 Rich ###-###-#### 822305 Rich ###-###-#### 822306 Rich ###-###-#### 822307 Rich 120 ###-###-#### 822308 Rich ###-###-#### 822309
-4- EXHIBIT C TO MEMORANDUM OF AGREEMENT MAVERICK SPRINGS AREA OF INTEREST The Maverick Springs Area of Interest includes all land situated within one mile from the exterior boundary of the following unpatented mining claims as they were located as of October 1, 2001:
CLAIM NAME BOOK PAGE BLM SERIAL NUMBER - ----------------------------------------------------------------------------------- WILLOW #1 968 784 NMC - 754059 WILLOW #2 968 785 NMC - 754060 WILLOW #9 968 792 NMC - 754067 WILLOW #10 968 793 NMC - 754068 WILLOW #11 968 794 NMC - 754069 WILLOW #12 968 795 NMC - 754070 WILLOW #13 968 796 NMC - 754071 WILLOW #14 968 797 NMC - 754072 WILLOW #15 968 798 NMC - 754073 WILLOW #16 968 799 NMC - 754074 WILLOW #17 968 800 NMC - 754075 WILLOW #18 968 801 NMC - 754076 WILLOW #19 968 802 NMC - 754077 WILLOW #20 968 803 NMC - 754078 WILLOW #21 968 804 NMC - 754079 WILLOW #22 968 805 NMC - 754080 WILLOW #23 968 806 NMC - 754081 WILLOW #24 968 807 NMC - 754082 WILLOW #25 968 808 NMC - 754083 WILLOW #26 968 809 NMC - 754084 WILLOW #27 968 810 NMC - 754085 WILLOW #28 968 811 NMC - 754086 WILLOW #29 968 812 NMC - 754087 WILLOW #30 968 813 NMC - 754088 WILLOW #37 968 814 NMC - 754089 WILLOW #38 968 815 NMC - 754090 WILLOW #39 968 816 NMC - 754091 WILLOW #40 968 817 NMC - 754092 WILLOW #41 968 818 NMC - 754093 WILLOW #42 968 819 NMC - 754094 WILLOW #43 968 820 NMC - 754095 WILLOW #44 968 821 NMC - 754096 WILLOW #45 968 822 NMC - 754097 WILLOW #46 968 823 NMC - 754098 WILLOW #47 968 824 NMC - 754099 WILLOW #48 968 825 NMC - 754100 WILLOW #49 968 826 NMC - 754101 WILLOW #50 968 827 NMC - 754102 WILLOW #51 968 828 NMC - 754103 WILLOW #52 968 829 NMC - 754104
CLAIM NAME BOOK PAGE BLM SERIAL NUMBER - ----------------------------------------------------------------------------------- WILLOW #53 968 830 NMC - 754105 WILLOW #54 968 831 NMC - 754106 WILLOW 55 1025 487 NMC - 785303 WILLOW 56 1025 488 NMC - 785304 WILLOW 57 1025 489 NMC - 785305 WILLOW 63 1025 495 NMC - 785311 WILLOW 65 1025 497 NMC - 785313 WILLOW 66 1025 498 NMC - 785314 WILLOW 67 1025 499 NMC - 785315 WILLOW 68 1025 500 NMC - 785316 WILLOW 69 1025 501 NMC - 785317 WILLOW 70 1025 502 NMC - 785318 WILLOW 71 1025 503 NMC - 785319 MAVERICK #1 968 832 NMC - 754107 MAVERICK #3 968 834 NMC - 754109 MAVERICK #5 968 836 NMC - 754111 MAVERICK #7 968 838 NMC - 754113 MAVERICK #8 968 839 NMC - 754114 MAVERICK #9 968 840 NMC - 754115 MAVERICK #10 968 841 NMC - 754116 MAVERICK #11 968 842 NMC - 754117 MAVERICK #12 968 843 NMC - 754118 MAVERICK #13 968 844 NMC - 754119 MAVERICK #14 968 845 NMC - 754120 MAVERICK #15 968 846 NMC - 754121 MAVERICK #16 968 847 NMC - 754122 MAVERICK #17 968 848 NMC - 754123 MAVERICK #18 968 849 NMC - 754124 MAVERICK #39 968 864 NMC - 754140 MAVERICK #40 968 865 NMC - 754141 MAVERICK #41 968 866 NMC - 754142 MAVERICK #42 968 867 NMC - 754143 MAVERICK ###-###-#### 475 NMC - 785291 MAVERICK ###-###-#### 477 NMC - 785293 MAVERICK ###-###-#### 479 NMC - 785295 MAVERICK ###-###-#### 480 NMC - 785296 MAVERICK ###-###-#### 481 NMC - 785297 MAVERICK ###-###-#### 482 NMC - 785298 MAVERICK 67 1 38907 NMC - 826140 MAVERICK 68 1 38908 NMC - 826141 MAVERICK 69 1 38909 NMC - 826142 MAVERICK 70 1 38910 NMC - 826143 MAVERICK 71 1 38911 NMC - 826144 MAVERICK 72 1 38912 NMC - 826145 MAVERICK 73 1 38913 NMC - 826146 MAVERICK 74 1 38914 NMC - 826147
-2- EXHIBIT D TO MEMORANDUM OF AGREEMENT MOUNTAIN VIEW AREA OF INTEREST The Mountain View Area of Interest includes all land within 0.5 miles of the exterior boundary of the following unpatented mining claims, as they were located as of June 30, 2000, and as generally depicted on Exhibit A to that Lease/Option Agreement dated June 3, 2000, as amended on April 16, 2001 and June 6, 2002, between Franco-Nevada Mining Corporation, Inc., and Raymond W. and Leslie A. Wittkopp, a memorandum of which was recorded in the Washoe County Recorder's Office on August 11, 2000, as Document ###-###-####.
WASHOE COUNTY - -------------------------------------------------------------------------------------- BLM SERIAL NUMBER CLAIM NAME BOOK PAGE DOCUMENT # ("NMC") - -------------------------------------------------------------------------------------- Mt. View #1 1481 975 660347 142372 Mt. View #2 1481 976 660348 142373 Mt. View #3 1481 977 660349 142374 Mt. View #4 1481 978 660350 142375 Mt. View #5 1632 124 739181 196207 Mt. View #6 1644 549 745360 202456 Big R #1 1646 913 746334 203087 Jack 1 1797 724 821242 253233 Jack 2 1797 725 821243 253234 Jack 3 1797 726 821244 253235 Jack 4 1797 727 821245 253236 Jack 5 1797 728 821246 253237 Jack 6 1797 729 821247 253238 Jack 7 1797 730 821248 253239 Jack 8 1797 731 821249 253240 Jack 9 1797 732 821250 253241 Jack 10 1797 733 821251 253242 Jack 11 1797 734 821252 253243 Jack 12 1797 735 821253 253244 Jack 13 1797 736 821254 253245 Jack 14 1797 737 821255 253246 Jack 15 1797 738 821256 253247 Jack 35 1797 758 821276 253267 Jack 38 1797 761 821279 253270 Jack 63 1797 786 821304 253295 Jack 64 1797 787 821305 253296 Jack 65 1797 788 821306 253297 Jack 66 1797 789 821307 253298 Jack 67 1797 790 821308 253299 Jack 68 1797 791 821309 253300
WASHOE COUNTY - -------------------------------------------------------------------------------------- BLM SERIAL NUMBER CLAIM NAME BOOK PAGE DOCUMENT # ("NMC") - -------------------------------------------------------------------------------------- Jack 69 1797 792 821310 253301 Jack 70 1797 793 821311 253302 Jack 71 1797 794 821312 253303 Jack 72 1797 795 821313 253304 Jack 73 1797 796 821314 253305 Jack 74 1797 797 821315 253306 Jack 75 1797 798 821316 253307 Jack 76 1797 799 821317 253308 Jack 77 1797 800 821318 253309 Jack 78 1797 801 821319 253310 Jack 79 1797 802 821320 253311 Jack 80 1797 803 821321 253312 Jack 81 1797 804 821322 253313 Jack 82 1797 805 821323 253314 Jack 83 1797 806 821324 253315 Jack 84 1797 807 821325 253316 Jack 85 1797 808 821326 253317 Jack 86 1797 809 821327 253318 Jack 87 1797 810 821328 253319 Jack 88 1797 811 821329 253320 Jack 89 1797 812 821330 253321 Jack 90 1797 813 821331 253322 Jack 91 1797 814 821332 253323 Jack 92 1797 815 821333 253324 Jack 93 1797 816 821334 253325 Jack 94 1797 817 821335 253326 Jack 95 1797 818 821336 253327 Jack 96 1797 819 821337 253328 Harlan #1 1796 876 820863 253656 Lara #1 1796 878 820865 253657 Rich #13 ###-###-#### 814670 Rich #14 ###-###-#### 814671 Rich #15 ###-###-#### 814672 Rich #16 ###-###-#### 814673 Rich #17 ###-###-#### 814674 Rich #18 ###-###-#### 814675 Rich #21 ###-###-#### 814676 Rich #22 ###-###-#### 814677 Rich #23 ###-###-#### 814678 Rich #24 ###-###-#### 814679 Rich #39 ###-###-#### 814680
-2-
WASHOE COUNTY - -------------------------------------------------------------------------------------- BLM SERIAL NUMBER CLAIM NAME DOCUMENT # ("NMC") - -------------------------------------------------------------------------------------- Rich #41 ###-###-#### 814681 Rich #43 ###-###-#### 814682 Rich #45 ###-###-#### 814683 Rich #47 ###-###-#### 814684 Rich 50 ###-###-#### 814685 Rich ###-###-#### 814686 Rich ###-###-#### 814687
-3-