Laserfiche WebLink
Mr. Tim Cazier <br />April 9, 2014 <br />Page 15 <br />On August 31, 2011, DRMS accepted the submittal of the Scotiabank Increase to <br />Irrevocable Letter of Credit No. in the amount of $12,770,000.00 for a new <br />available balance of $57,890,000.00 for the Cresson Project. <br />These financial instruments, providing a total financial warranty of $130,143,871.21, <br />have been previously accepted by the DRMS and continue to demonstrate the <br />sufficiency of the value of the Cresson Project Financial Warranty. Upon acceptance by <br />the Division of the 2014 updated reclamation cost estimate included as revised Exhibit L <br />(Appendix A of this report), CC &V will increase the warranty amount to $137,995,727.51 <br />($130,143,871.21 current warranty plus $7,851,856.30 updated 2014 cost except <br />SGVLF). <br />Per 2CCR 407 -1, 407 -4, and Rules 4.7(3), the insurance company's most recently <br />available balance sheets are attached, demonstrating that the Surety Bonds do not <br />exceed ten percent (10 %) of the bank's capital surplus accounts. <br />Designated Mining Operation: <br />Per 2CCR 407 -1, 407 -4, and Rules 1.15(1)(c), monitoring information presented as part <br />of the Amendment No. 9 application and outlined within the Environmental Protection <br />Plan is routinely submitted to the DRMS. <br />Please do not hesitate to contact me at (719) 689 -4055 if you have any questions. <br />Si cereI , <br />Timm Comer <br />Manager, Environmental Resources <br />Enclosures <br />cc: Ms. Lynda Morgan, Teller County Community Development Services <br />