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Kagan &Son, L.L.C. <br />March 18, 2015 <br />Page 2 of 2 <br />General Questions and Comments <br />25) The Mining operation is broken into 3 main phase. It is DRMS's understanding that the <br />Operator is requesting to have a "floating bond" meaning the Operator will have no more <br />than 10 acres disturbed at any one time. The ten acres of disturbance will float throughout <br />the phases with ongoing concurrent reclamation. Therefore, this is not phased bonding <br />approach; the floating 10 -acre floating bond will cycle throughout the phases with <br />concurrent reclamation. The Phase numbers on Mine Plan Map, correspond with the <br />planned direction of mining. DRMS has calculated the required Financial Warranty for <br />this operations 10 -acre floating bond. The required Financial Warranty for this operation <br />will be set at $36,250, please see the enclosed Financial Warranty Calculation. <br />This concludes the Division's preliminary adequacy review of this application. This letter shall not be <br />construed to mean that there are no other technical deficiencies in your application. Other issues may arise <br />as additional information is supplied. The decision date for this conversion application is March 23, 2015. <br />As previously mentioned, if you are unable to provide satisfactory responses to any inadequacies prior to <br />this date, it will be your responsibility to request an extension of time to allow for continued review of this <br />application. If there are still unresolved issues when the decision date arrives and no extension has been <br />requested, the application will be denied. <br />If you need additional information please contact me at the Division of Reclamation, Mining and Safety, <br />1313 Sherman St., Room 215, Denver, CO 80203, by telephone at 303 - 866 -3567, extension 8131, or by <br />email at Tyler.ODonnell(c ) state.co.us. <br />Sincerely, <br />°Y Or lL <br />Tyler O'Donnell <br />Environmental Protection Specialist <br />Enclosures: Financial Warranty Calculation <br />cc: Tom Kaldenbach, DRMS <br />