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15. An October 24, 2011 written "ASX Release" by the Applicant ("2011 <br />Release") details that the site was discovered in 1977 and "fully permitted for <br />mining" in 1981. Further, the 2011 release states that more than one thousand holes <br />were drilled at the site and "three feasibility studies completed to evaluate the <br />Hansen Deposit previously." The 2011 release also states that Applicant "continues <br />to advance feasibility and environmental studies" on the site "as quickly as possible." <br />16. The 2011 Release states that eight diamond core holes were drilled at <br />the Hansen Uranium Deposit. The 2011 Release includes detailed analysis about <br />the uranium identified at the site. <br />17. A written "ASX Release" issued by the Applicant on April 24, 2012 <br />("2012 Release") indicates that Applicant had, already by that date, selected an <br />approach for developing the uranium at the site. The 2012 Release states that <br />Applicant "recently completed a scoping study ... to evaluate the technical <br />feasibility [of UBHM] and capital and operating costs to mine the Hansen Uranium <br />Deposit (Hansen') in south western [sic] Colorado, USA ..." and that "Hansen ... <br />has been selected for initial production." <br />18. The 2012 Release shows that Applicant has analyzed the commercial <br />viability of producing uranium at the site, as it provides detailed information about <br />the projected annual uranium production from the site, as well as projected "OPEX" <br />(inferred to be operational expenditures), and "CAPEX" (inferred to be capital <br />expenditures) for such production. <br />19. Applicant's April 23, 2014 ASX Release states that "[t]he mineral <br />resource estimate comprises total Indicated and Inferred mineral resources of <br />90.4 Mlbs [million pounds] of U308 [uranium]" at the site. <br />20. In its hearing brief, the Division acknowledges that one of the <br />objectives of Modification MD -03 is for the Division and Applicant to test and <br />analyze the viability of UBHM as a possible mining technique. <br />21. The current financial warranty for the Hansen Uranium Project is <br />$154,936. The Division determined that an increase in the financial warranty in <br />the amount of $21,999.42 would be required for Modification MD -03 for the costs of <br />dry cement and bentonite necessary to plug the cavity created by the water jet. <br />CONCLUSIONS OF LAW <br />22. The Board has jurisdiction over this matter pursuant to the Colorado <br />Mined Land Reclamation Act, Article 32 of Title 34, C.R.S. (2015) ("Act"). <br />Black Range Minerals, LLC <br />Hansen Uranium Project/P-2009-025 3 <br />