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Exhibit L <br /> Reclamation Costs <br /> An estimate of reclamation cost for all phases in the following attachment. The method utilized to <br /> develop this estimate was to perform a take off of total quantities in each activity that aligned with a <br /> 2012 reclamation estimate performed in 2012 by the Colorado Division of Reclamation Mining and <br /> Safety for the adjacent 31 Road Pit (M1987-178). The total quantities were then prorated by the area <br /> of max disturbance in each phase. The unit costs from this estimate were adjusted by a 3% annual <br /> inflation rate and utilized to compute the total cost of each activity. Total overhead on the 31 Road pit <br /> as a percentage of work remained the same at 27%. This approach is reasonable as proposed operation <br /> will operate in the same fashion as the existing adjacent operation. <br /> During phase 1 the maximum disturbance will be 18.7 acres at a cost of$106,153 for total reclamation <br /> and thereafter the maximum disturbance will be 40 acres at a cost of$219,333. <br /> 11Pa � e <br />