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5600 Tennyson Parkway, Suite 240 Plano, Texas 75024 1 Office 972 - 294 -7116 1 Fax 972 - 829 -8933 <br />U.S. Rare Earths <br />Dear Sirs, <br />Please find attached the 2014 MP Annual Report. While no activity has occurred in 2014 the permittee, <br />Seaglass Holdings, Corp., did have operation in 2011. Seaglass Holdings changed operators late in 2012 <br />and since then have not had full access to the 2011 operation's records. <br />Seaglass Holdings understands, by review of the historic documents sent from Jim Dupler of the CNDR <br />and interviews with the on -site operator drilling subcontractor, that the drilling occurred on roads and all <br />sump pits were filled and re- graded appropriately and that no permittee excavations are open at this <br />time. <br />At this time, due to weather, the permittee is unable to do a site inspection for final reclamation and will <br />make a site visit next spring to verify that all operations and reclamations have been completed in <br />accordance with, and meeting or exceeding, operating permit requirements. Bob Oswald, in the Durango <br />District, has been contacted and any representatives from the CNDR, BLM, or other government agency <br />that would like to be coordinated with our Spring 2015 site visit will be contacted as the date is set. <br />Thank you for your support. <br />Sincerely, 2014 <br />-- ti 'N OF RECt,AN InON <br />Kevin M. Cassidy <br />Seaglass Holdings, Corp. <br />President <br />