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DIVISION OF RECLAMATION, MINING AND SAFETY <br />Department of Natural Resources <br />1313 Sherman St., Room 215 <br />Denver, Colorado 80203 <br />Phone: (303) 866.3567 <br />FAX: (303) 832 -8106 <br />December 29, 2010 <br />STATE OF COLORADO <br />COLORADO <br />D I V I S ION OF <br />RECLAMATION <br />MINING <br />SAFETY <br />Bill Ritter, Jr. <br />Governor <br />Mike King <br />Preston L Niesen Executive Director <br />Golden Eagle Uranium LLC Loretta E. PlAeda <br />6767 S. Spruce Street, Suite 100 Director <br />Centennial, Co 80112 <br />RE: Notice of Intent to Conduct Prospecting Operations for DOE Lease WM -17, File No. P- 2010 -008; <br />Financial Warranty Acceptance and Approval to Commence Prospecting <br />Dear Mr. Niesen: <br />The Division approved your Notice of Intent to Conduct Prospecting on June 7, 2010. Our letter indicated that your <br />notice was approved with the exception of an adequate financial warranty. On December 28, 2010, the Division <br />received and approved your One Site Prospecting Financial Warranty Check for Deposit in State Treasury No. 1035, in <br />the amount of $100.00, for File No. P- 2010 -008. <br />Therefore, final approval from the Division for your Notice of Intent to Conduct Prospecting at the DOE Lease <br />WM -17 is hereby granted. However, the Division must have written verification of DOE acceptance of the <br />remainder $5,000.00 bond and issuance of a permit or letter to proceed from the Federal government prior to <br />commencement of operations. <br />Also, in accordance with Rule 5.6, an Annual Report and associated fee of $86.00 must be submitted on your notice <br />approval anniversary date for each year following the filing of an NOI until reclamation responsibility release is <br />granted. In addition, Rule 5.3.4 requires the prospector to notify the Division of completion of prospecting operations <br />and Rule 5.7 requires the submittal of a final report for drill holes within 60 days of completion of the abandonment <br />for artesian flow holes and within one year of completion of the abandonment for any other drill holes. (Form <br />enclosed and available on the DRMS website at http: / /mining.state.co.us) <br />If you have any questions, please contact our office at (303) 866 -3567. <br />Since elf!, <br />I <br />Jo Cramer <br />Corporate Compliance/Bonding Specialist <br />Cc: G. Russ Means, DRMS <br />Ed Cotter, Stoller, DOE <br />Enclosure: Abandonment Hole Report Form <br />Office of Office of <br />