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SFNFCA <br />Property, LLC Seneca Property, LLC <br />Janet Binns September 19, 2016 <br />Colorado Division of Reclamation, Mining, and Safety <br />1313 Sherman Street - Room 215 <br />Denver, Colorado 80203 <br />303.866.3567 X8107 <br />Re: Seneca Property, LLC Seneca IIW Mine (C-1982-057), Bond Reduction Request <br />Dear Mrs. Binns; <br />Given that mining operations for the Seneca IIW Mine have ceased and the Mine is in reclamation, that we don't <br />anticipate any significant development or mining activities in the future, and our desire to reduce outstanding <br />liabilities and bond obligations, we are requesting a reduction in the required bond consistent with the current <br />calculated reclamation liability. <br />The Colorado Division of Reclamation, Mining, and Safety (CDRMS) currently holds a surety bond (Lexon <br />Insurance Company Bond No. 1118752) for the Seneca IIW Mine in the amount of $5,818,456.00. In conjunction <br />with the RN -06 Permit Renewal, the CDRNIS recalculated (02,02/16) and updated the total estimated cost to <br />complete the remaining reclamation at the site to be $4,046,578.10. <br />Seneca Property, LLC (SPL) is therefore requesting that the required bond amount be reduced to match the current <br />estimated reclamation cost. If the cost figure associated with RN -06 of $4,046,578.10 (remaining reclamation <br />liability) is still accurate and valid, the reduction in the required surety bond will be $1,771,877.90. Attached is a <br />copy of the RN -06 Reclamation Cost Summary, which provides the relevant supporting documentation. We <br />anticipate that, in response to this request, you may wish to verify the current reclamation liability, and the amount <br />of the reduction may be adjusted, as appropriate. Once this verification is completed, please provide me with any <br />updates, and we will pursue a bond reduction rider with our bonding company, reflecting the appropriate reduced <br />bond amount. <br />We appreciate your consideration and action relative to timely review and approval of this request. If you have any <br />questions, require any additional information, or we need to discuss, please feel free to contact me. <br />Best regards, <br />for Seneca P LLC <br />erryj?Nt6hMannmental Affairs <br />cc: Bryce West <br />Pat Sollars <br />Ed Brady <br />Suzanne Carrich <br />Seneca Property, LLC • 29515 Routt County Road #27. Oak Creek, Colorado 80467 <br />Telephone (970) 870-2712 <br />