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EXHIBIT L - sT161E OF COLO&ADO OMSION OF MINE AU AND GEOLOGY Depmuneru of NamuW Resoum-m 1313 Sherman SC.Room 215 Denver,Cokxado 802Q3 Pfror+e (303)SW3567 FAX:=3)832-8106 7"- rEPAPJ?AENT OF NATURAL RESO�S Roy Romer Gam= PERFORMANCE WARRANTY Exeomw0mcaw e.LCM Operator: Lincoln County Colorado Operation: Pickenpaugh Pit Permit No: M-78-078 KNOW ALL MEN BY THESE PRESENTS, THAT: WHEREAS, the Colorado Mined Land Reclamation Act, CRS as amended, 34--32-101 et seq. (the "Act"), as amended, provides that no permit may be issued under the Act until the Mined Land Reclamation Board (the "Board") receives a performance warranty (or warranties) that is a written promise to comply with all applicable requirements of the Act. WHEREAS, Lincoln County (the "Operator"), has applied for a permit to conduct a mining operation known as Pickenr)auah Pit (the "Operation") on certain lands in Lincoln County, Colorado. These lands are described in the permit application, as amended and supplemented, and are referred to herein as the `Affected Lands". WHEREAS, in its application for the permit, the Operator has agreed to be bound by all requirements of the Act and all applicable rules and regulations of the Board, as amended from time to time. WHEREAS, the Board has determined, in accordance with the Act, that the estimated costs of reclamation with regard to those affected lands in T,inr-?%In County which are now or may become subject to the permit are those amounts for the stated periods of time as set forth in the financial warranty, which may be amended from time to time to reflect revised estimates of said costs of reclamation. WHEREAS, the Operator hereby gives the Board a performance warranty pursuant to Section 34-32-117(2) of the Act, and herein promises the Board that it will comply with all applicable requirements of the Act with regard to those Affected Lands.