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INTEROFFICE MEMORANDUM <br />TO: <br />ROB ZUBER <br />FROM: <br />JANET BINNS <br />SUBJECT: <br />LORENCITO MINE MT4 RECLAMATION COST ESTIMATE <br />DATE: <br />JANUARY 25, 2016 <br />CC: <br />I have updated the reclamation cost estimate for the Lorencito Mine for Midterm <br />review No. 4. There have been no minor revisions, technical revisions, permit revisions, <br />or bond releases since the last permit renewal, RN3, Approved 3/21/2014. The RN3 <br />reclamation cost estimate was updated using the Division's CIRCES cost estimating <br />program. <br />The estimated reclamation costs for all remaining tasks at the Lorencito mine site <br />is $842,218.36. The previous estimate for RN3 was $820,845.37. The MT4 estimate <br />reflects an increase of $21,372.99. This increase is due to increases in equipment and <br />operating costs. The Division currently holds a bond in the amount of $927,121.00. No <br />increase in bond is required from the operator at this time. <br />Please keep in mind that the reclamation cost estimate reflects the approved <br />reclamation plan as found in the permit. Tasks included in the estimate include all tasks <br />that have not been approved for bond release, even if the tasks have been completed. <br />Please let me know if you have questions regarding this updated reclamation cost <br />estimate. <br />