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-2- <br />If this financial warranty applies to lands under the jurisdiction of the State Board of Land <br />Commissioners( "Land Board "), and if this financial warranty, in whole or in part, is accepted by the Land Board as <br />the bond required under its applicable law and procedures, then the Prospector, having requested that the State accept <br />this financial warranty in lieu of the separate bonds which would otherwise be required by the Board or Division of <br />Reclamation, Mining and Safety and by the Land Board, hereby agrees that, notwithstanding any other provision <br />hereof, or of law, this financial warranty shall remain in full force and effect until the Board is notified in writing by <br />the Land Board that the Prospector's obligations to the Land Board, for which this warranty is executed, have been <br />satisfied, and until the financial warranty has been released by the Board. <br />If all or any part of the affected lands are under the jurisdiction of the Bureau of Land Management, United <br />States Department of the Interior (the "BLM "), and if, at the request of the Prospector on this financial warranty, the <br />BLM has, pursuant to 43 C.F.R., 3809.570, accepted this financial warranty then, notwithstanding any other provision <br />of this financial warranty, or of law, the Prospector hereby agrees that this financial warranty shall not be released until <br />the Board is advised in writing by the BLM that the Prospector's obligations to the BLM, for which this warranty is <br />executed, have been satisfied, and until the financial warranty has been released by the Board. The Prospector agrees <br />that this warranty shall also be redeemable by the Colorado State Director, U.S. Bureau of Land Management. <br />PROVIDED, however, the Warrantor shall not be liable under this financial warranty for an amount greater <br />in the aggregate than the sum designated in the first paragraph hereof, unless increased by a later amendment, and shall <br />not be liable as respects any obligation related to prospecting and reclamation operations performed after the effective <br />date of a cancellation of this financial warranty pursuant to the terms of Section 34 -32- 117(5), C.R.S. , as amended. <br />This financial warranty shall remain in force and effect as respects all obligations for all prospecting and reclamation <br />operations performed prior to the effective date of such cancellation unless the Principal files a substitute financial <br />warranty which: 1) assumes liability for all obligations for all prospecting and reclamation operations performed <br />during the effective date of this financial warranty; and 2) is acceptable to the Board; or unless the Board otherwise <br />releases this financial warranty. <br />The Warrantor reserves the right to cancel this financial warranty, effective only upon an anniversary date, and <br />only by giving written notice to that effect, mailed by Certified Mail, at least ninety (90) days prior to such anniversary <br />date, addressed to both the Prospector at its address herein stated, and to the Board at the address herein stated. In the <br />event of such cancellation, this financial warranty shall nevertheless remain in full force and effect as respects the <br />reclamation of all areas disturbed prior to the effective date of such cancellation, unless and until the Prospector shall <br />file a substitute financial warranty which: (1) assumes liability for all reclamation obligations which shall have arisen <br />at any time while this financial warranty is in force; and (2) is accepted in writing by the Board. <br />