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AM-06 SETTLEMENT AGREEMENT <br /> This Settlement Agreement, dated this 10`h day of May, 2011, is among CLIMAX <br /> MOLYBDENUM COMPANY ("Climax"), EAGLE PARK RESERVOIR COMPANY <br /> (the"Reservoir Company"), EAGLE RIVER WATER AND SANITATION DISTRICT <br /> (the "District"), UPPER EAGLE REGIONAL WATER AUTHORITY (the "Authority") <br /> and the CLINTON DITCH AND RESERVOIR COMPANY ("Clinton"). Collectively, <br /> all of these entities shall be referred to as the "Parties." <br /> Whereas, Climax has filed with the Division of Reclamation, Mining and Safety <br /> ("DRMS"or the "Division") an application for amendment AM-06 to its Climax Mine <br /> Reclamation Permit, M-1977-493. <br /> Whereas, the Reservoir Company is the owner of Eagle Park Reservoir, which is <br /> located in Eagle County, Colorado, and is surrounded by affected lands of the Climax <br /> Mine. <br /> Whereas, the District and Authority are shareholders in the Reservoir Company. <br /> Whereas,Clinton is the owner of Clinton Gulch Reservoir, which is located in <br /> Summit County,Colorado, and is adjacent to affected lands of the Climax Mine. <br /> Whereas, the Reservoir Company, the District, the Authority and Clinton all <br /> submitted letters dated July S, 2010 and October 13, 2010 to DRMS regarding Climax's <br /> AM-06 permit amendment application and requesting party status. <br /> Whereas, the Reservoir Company, the District, the Authority and Clinton <br /> (collectively, "Objectors") were granted party status to the AM-06 permit amendment <br /> proceedings at the March 14, 2011 Pre-Hearing Conference. <br /> Whereas, the AM-06 application was considered by the Mined Land Reclamation <br /> Board (the"Board") at its April 13, 2011 hearing, and at that hearing the Board did not <br /> approve the AM-06 permit amendment and set aside further consideration of AM-06 until <br /> the May 2011 Board hearing so that the Parties could work together towards agreement <br /> on the concerns expressed by the Objectors. <br /> Whereas, the Parties met after the April 13, 2011 Board hearing to discuss the <br /> Objectors' issues with respect to AM-06. <br /> Whereas, the Parties desire to resolve among themselves the issues raised by the <br /> Objectors to the AM-06 application. <br /> i <br /> Whereas, in the interest of this settlement, the Parties have agreed to stipulations <br /> to the approval of Climax's AM-06 permit amendment application in the form of <br /> stipulations attached hereto as Exhibit A (the"Stipulations"). <br /> 1.101302.2 <br /> 5/10/11 <br />