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*f <br />March 20, 2015 <br />Division of Reclamation, Mining and Safety <br />Department of Natural Resources <br />Attn: Michelle Ramirez <br />1313 Sherman Street, Room 215 <br />Denver, CO 80203 <br />Subject: CM -25 Annual Report <br />File No. M- 1977 -307 <br />Dear Ms. Ramirez: <br />The CM -25 Mine located in Montrose County operates under a 110 permit with a permitted <br />acreage of 7.34 acres. <br />I have enclosed a new map, although no changes have occurred since the last annual report. <br />The sufficiency of the financial warranty for the above captioned permit has been reviewed by <br />DRMS and Cotter Corporation and was found sufficient to cover the reclamation costs associated <br />with this property. <br />The annual fee payment of $518.00 is enclosed. <br />If you need additional information, please call me at 970 - 864 -7347. <br />Sincerely, <br />COTTER CORPORATION <br />Ken Mushinski <br />President <br />DRM CM -25 15 <br />Cotter Corporation - West Slope Operations Telephone (970) 864 -7347 <br />P.O. Box 700, 28151 DD Road, Nucla, CO 81424 USA Fax (970) 864 -7287 <br />