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MINING LEASE

Industrial Lease Agreement

MINING LEASE | Document Parties: BE RESOURCES INC. You are currently viewing:
This Industrial Lease Agreement involves

BE RESOURCES INC.

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Title: MINING LEASE
Date: 7/9/2008

MINING LEASE, Parties: be resources inc.
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Exhibit 10.9


MINING LEASE

        THIS LEASE is made and entered into this 2 day of January, 2004 between David Q. Tognoni, hereinafter referred to as "Lessee", whose address is 5235 Horseshoe Bend, Clovis, California, 93611 and Kenneth Alan Sullivan and Cherrill L. Sullivan, hereinafter referred to as "Lessor", whose address is Box 90, Winston, New Mexico, 87943.

IT IS HEREBY UNDERSTOOD AND AGREED AS FOLLOWS:

1.     PROPERTY.     Lessor hereby leases to lessee, and Lessee hereby hires from Lessor the property described as follows: Lessor hereby leases to lessee, and Lessee hereby hires from Lessor the Warm Springs Beryllium Deposit, located in Socorro County, New Mexico, described as follows: All of Special Section 2, and access through the East 1/2 of Special Section 4, Township 8 South, Range 7 West, save and except that portion of the Real Estate conveyed previously Quitclaimed to Commissioners of the Acequia de Canada Alamosa of Sierra County, New Mexico. The above property description is hereinafter referred to as "The Property" and a map of "The Property" is attached to this agreement, all located in Socorro County, New Mexico

2.     TERM.     The term of this Lease shall be for 20 years, or as long as minerals are being mined by Lessee, and royalties are paid to Lessor. The term year is mutually understood to mean calendar year.

3.     ROYALTIES & PAYMENTS.     Lessee shall pay to Lessor, a four percent (4%) gross production royalty from the sale or disposition of minerals, metal and materials taken from "The Property" leased to Lessee and covered by this Lease.

        All payments made under this agreement shall be made to Lessor by Lessee within fifteen (15) days from that date that the buyer makes final settlement with Lessee. Payments shall be made either in person or to the address under which Lessor enters this agreement. Payment made to the Lessor shall be accompanied by the sales slip showing the basis upon which the sale has been made. All settlement sheets or sales slips shall be marked as sold from "The Property".

        In consideration for this Lease, Lessee will pay Lessor $1000 upon signing, $5,000 March 15 th 2004 and a minimum annual royalty of $6,000 Jan 1 st 2005, $8,000 Jan 1 st 2006, $10,000 Jan 1 st 2007, $12,000 Jan 1 st 2008 and $12,000 Jan 1 st every year there after as long as this Lease is in effect. All minimum annual royalties shall be applied to actual royalties.

4.     ACCOUNTING.     Lessee shall keep accurate records and books of account, in accordance with generally accepted accounting principles, covering all monies it receives from the sale or disposal of ore (including minerals, metals, and materials and concentrates derived therefrom) taken from "The Property". Said records and books of account shall be kept in the vicinity of "The Property" or at Lessee's principal place of business and shall be open for inspection by Lessor or Lessor's agent at any reasonable time during normal business hours, provided that same does not interfere with the orderly operation of Lessee. Within sixty (60) days after the end of the calendar year during the term of this Lease, Lessee shall furnish Lessor with a year end statement showing the amount of royalty paid to Lessor, how said amount was determined, records of mining relating to tons of both waste and ore mined, and general scope of mining plan for next calendar year.

5.     SURFACE AND WATER RIGHTS     Lessor or its agent shall at all times have access, at their own liability, to all parts of the leased "The Property" and shall have the right, at it's sole expense to inspect all mining and milling practices. Lessor shall have the right to take samples of all ores as long as Lessor returns to Lessee any or all values contained in said samples. Lessee shall have the right to use that portion of the surface and appurtenant water rights necessary for mining and milling operations and shall have the right of all necessary ingress to, from,


 
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