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WHEREAS, in the application for the permit, the Operator has agreed to be bound by all requirements of <br />the Act and all applicable rules and regulations of the Board, as amended from time to time. <br />WHEREAS, in the application for the permit, the Operator has agreed with the Board to provide for reclamation <br />of the Affected Lands that are now, or may become, subject to the permit, as required by law. <br />WHEREAS, the Operator and Fidelity and Deposit Company of Maryland (the "Warrantor"), a <br />corporation organized and existing under the laws of the State of Maryland and duly <br />authorized to transact a bonding and surety business in the State of Colorado are hereby and firmly bound unto the <br />State in the sum of Thirty Thousand and 00/100---------- Dollars ($ **30,000.00**** ) for the life of mine <br />or until such time as replacement is received, for the payment of which sum, well and truly made, we hereby bind <br />ourselves and our personal representatives, successors and assigns, jointly and severally, firmly by these presents. <br />WHEREAS, the Board has determined, in accordance with the Act, that the estimated costs of reclamation of the <br />Affected Lands are those amounts for the stated periods of time as set forth herein. Said amount may be amended <br />from time to time to reflect revised estimates of said costs of reclamation. <br />WHEREAS, the Operator and the Warrantor, in accordance with the Act, has promised and hereby promises the <br />Board that it will be responsible for all the estimated costs of reclamation with regard to the Affected Lands. <br />WHEREAS, the Board has determined that this Financial Warranty by the Warrantor equals the estimated costs <br />of reclamation, as approved by the Board, with regard to the Affected Lands. <br />NOW, THEREFORE, the Operator and the Warrantor are held hereby firmly unto the State of Colorado in the <br />amount of those sums for those periods of time as set forth herein, until this Financial Warranty is amended or released <br />in accordance with applicable law. <br />The Board may, for good cause shown, increase or decrease the amount and duration of this Financial Warranty. The <br />Operator shall have sixty (60) days after the date of notice of any such adjustment to increase the surety amount, but <br />no such increase shall bind the Warrantor unless and until it shall have consented thereto in writing by the issuance <br />of an additional Financial Warranty or by an endorsement to this Financial Warranty. <br />The Operator and the Warrantor shall notify the Board immediately of any event which may impair this Financial <br />Warranty. If the Board receives such notice, or otherwise has reason to believe that this Financial Warranty has been <br />materially impaired, it may convene a hearing in accordance with the Act for the purpose of determining whether <br />impairment has occurred. <br />The obligation of the Operator and the Warrantor shall continue until the Board has released this Financial Warranty <br />or has ordered it forfeited in accordance with applicable provisions of the Act. It is understood that periods of years <br />may necessarily be required before determination can be made that reclamation of the Affected Lands has been <br />satisfactorily completed. It is also recognized that, as reclamation is accomplished, the amount of this Financial <br />Warranty may be reduced with the approval of the Board so that it reflects the then current estimated cost of the <br />remaining reclamation of the Affected Lands. No revision, extension, or renewal of the permit, or of the time allowed <br />to complete reclamation, shall diminish the Operator's or Warrantor's obligation under this Financial Warranty. No <br />misrepresentation by the Operator which may have induced the Warrantor to execute this Financial Warranty shall <br />be any defense to demand by the State under this agreement. <br />Page 2 of 6 <br />