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�W <br /> 1PCOLORADO <br /> yy <br /> Division of Reclamation, <br /> A Mining and Safety <br /> Department of Natural Resources <br /> 1313 Sherman Street, Room 215 <br /> Denver, CO 80203 <br /> ✓December 7, 2016 <br /> Kevin Cassidy <br /> t,,'Seaglass Holding Corp. dba US Rare Earths <br /> 5600 Tennyson Pkwy., Suite 240 <br /> Plano, TX 75024 <br /> RE: Financial Warranty (Cash Bond) for Seaglass Holding Corp. dba US Rare Earths <br /> -'File P-2011-024—Powderhorn Project Exploration Drilling Program <br /> k,,"'PV-2016-001; 1 Oice of Formal Board Hearing for Forfeiture of Financial `'Warranty <br /> Dear Mr. Cassidy: <br /> Your company holds the above-referenced Cash Bond in the amount of$8,225.00. On August 18, 2016, <br /> the Colorado Mined Land Reclamation Board (Board) found this Notice of Intent REVOKED and found <br /> the Financial Warranty subject to forfeiture. As of the date of this letter, we have not received your <br /> 2015 Annual Fee, 2015 Annual Report, and 2015 Annual Map. Therefore, pursuant to C.R.S. 32-34- <br /> 124, you have failed to comply with a Board Order. Also pursuant to C.R.S. 34-32-118(2), the Board is <br /> required to notify all Financial Warrantors when the Financial Warranty is subject to forfeiture. The <br /> Pertinent information for this Financial Warranty is: <br /> Applicant: Seaglass Holding Corp. dba US Rare Earths <br /> Treasury Receipt#: 011722 <br /> Amount: $8,225.00 <br /> Date of Issuance: October 4, 2011 <br /> A Formal Public Hearing will be held for this matter during the January 25-26, 2017 Board. A Formal <br /> Public Hearing for this matter originally scheduled for the October 26-27, 2016 Board meeting has <br /> been moved to January 25-26, 2017. During the Hearing, the Board will consider confirming its <br /> determination that the Financial Warranty should be forfeited. Upon finding that the Financial <br /> Warrantor should be forfeited, the Board will issue an order directing affected financial warrantors to <br /> immediately deliver to the Board all amounts warranted by applicable financial warranties. The Hearing <br /> will be held in Room 318 of 1313 Sherman Street, Denver, Colorado, beginning and 9:00 a.m. on <br /> °F-CO�o <br /> 1313 Sherman Street, Room 215, Denver, CO 80203 P 303.866.3567 F 303.832.8106 http://mining.state.co.us O I <br /> John W. Hickenlooper, Governor I Robert W. Randall, Executive Director I Virginia Brannon, Director <br /> 1876 <br />