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COLORADO <br />Division of Reclamation, <br />Mining and Safety <br />Department of Natural Resources <br />1313 Sherman Street, Room 215 <br />Denver, CO 80203 <br />November 12, 2015 <br />Clint Fletcher <br />Ouray Silver Mines Inc. <br />1900 Main Street, Unit 564 <br />Ouray, CO 81427 <br />Re: Revenue Mine, Permit M-2012-032, Succession of Operators Approval, Revision SO -2 <br />Dear Clint. Fletcher: <br />On November 9, 2015, the Division of Reclamation, Mining and Safety approved the succession of <br />operators from Fortune Revenue Silver Mines, Inc. to Ouray Silver Mines Inc. for this operation. <br />Ouray Silver Mines Inc. is now the permitted operator of the Revenue Mine, and as such, is <br />responsible for all provisions in M-2012-032, as well as those specified in the Rules and <br />Regulations. Fortune Revenue Silver Mines, Inc. is relieved of all responsibilities concerning this <br />operation. <br />Please Note: <br />1. All of the application materials, as amended and supplemented, are in integral part of your <br />permit. They have been incorporated into the permit by reference. We presume that you have a <br />copy of all of these materials; therefore, none have been enclosed with this mailing. We suggest <br />that you keep a copy of the permit and the permit application at the mining operation as a reference <br />for operation personnel, to help ensure compliance with the terms of the permit. <br />2. Changes in the mining and reclamation operations that differ from those described in the <br />permit may require a modification to the permit. We suggest consulting the Rules and Regulations <br />and/or contacting us to determine if a modification to the permit is necessary. Rule 1.10 pertains to <br />Amendments, Rule 1.9 to Technical Revisions, and Rule 1.11 to Conversions. <br />3. On your permit anniversary date each year, you must submit an annual fee and annual <br />report to us. Please consult the Rules, Act, and your permit for specific requirements. <br />The estimated liability amount of $464,333.79 for Revenue Mine, has been provided by Financial <br />Warranty Corporate Surety Bond No. issued by Ironshore Indemnity Inc. <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 1 Mike King, Executive Director 1 Virginia Brannon, Director <br />