SECTION 385:20-1-15. Issuance of hard rock or other mineral lease

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(a)   Term of lease. A successful bidder will be issued a five-year hard rock mining or other mineral lease on form prescribed by the Commissioners, providing for royalty as stated in the Notice of sale.
(b)   Lease executions. All leases and bonds will be prepared by the Commission and forwarded to the lessee for completion. The lessee shall have 30 days from date of award to execute the lease, post a bond, and pay any moneys due.
(c)   Lease approval. The tabulation of each hard rock mining or other mineral lease sale will be presented to the Commissioners at their next regular meeting for approval and consideration of award of leases.

[Source: Amended at 29 Ok Reg 1303, eff 6-25-12]

                    
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