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AVCOLORADO <br />Division of Reclamation, <br />Mining and Safety <br />Department of Natural Resources <br />1313 Sherman Street, Room 215 <br />Denver, CO 80203 <br />April 2, 2014 <br />Mr. Harry Covey <br />1600 Bain Dr. <br />Erie, CO 80516 <br />Re: Phil Sheridan Lode, Permit No. M- 1988 -081, Financial Warranty Increase, Revision <br />No. SI -2 <br />Dear Mr. Covey, <br />In an effort to ensure the financial warranty remains adequate to reclaim this site per the <br />requirements of the approved reclamation plan, the Colorado Division of Reclamation, Mining and <br />Safety (Division) has updated the reclamation cost estimate (copy enclosed) for the above <br />referenced operation. Therefore, pursuant to Section 34 -32- 117(4) of the Colorado Mined Land <br />Reclamation Act, adequate financial warranty must be submitted to the Division within 60 <br />days of the mailing of this report. The increase needs to be accepted prior to June 1, 2015. Please <br />review the enclosed figures as soon as possible and contact our office if any calculation errors are <br />noted. <br />The Division's calculations estimate the cost to reclaim the site to be $7,350.00. This is an increase <br />of $1,250.00 over the $6,100.00 currently held by the Division. The estimate is based on conditions <br />observed during the latest inspection. <br />If you have any questions, please contact me (303) 866 -3567 x8116. <br />Sincerely, <br />Michael A. C ' gham <br />Environmental Protection Specialist <br />CERTIFIED MAIL NO. 7014 0150 0000 9138 9431 <br />Return Receipt Requested <br />Enclosure <br />cc: Barbara Coria, DRMS <br />Tom Kaldenbach, DRMS <br />of coo . <br />I o <br />1313 Sherman Street, Room 215, Denver, CO 80203 P 303.866.3567 F 303.832.8106 http: / /mining.state.co.us �* * <br />John W. Hickenlooper, Governor I Mike King, Executive Director I Virginia Brannon, Director \ 11976 + <br />