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BEFORE THE MINED LAND RECLAMATION BOARD <br />STATE OF COLORADO <br />Notice of Violation No. PV -2016-001 <br />FINDINGS OF FACT, CONCLUSIONS OF LAW, AND ORDER <br />IN THE MATTER OF THE FORFEITURE OF THE FINANCIAL WARRANTY OF <br />SEAGLASS HOLDING CORP. D/B/A US RARE EARTHS, File No. P-2011-024 <br />THIS MATTER came before the Mined Land Reclamation Board ("Board") on <br />January 25, 2017 in Denver, Colorado for a hearing to consider forfeiture of the financial <br />warranty of Seaglass Holding Corp. d/b/a US Rare Earths ("Prospector") for the site <br />known as Powderhorn Project, file number P-2011-024. Scottie Tate appeared on <br />behalf of the Division of Reclamation, Mining and Safety ("Division"). There was no <br />appearance on behalf of Prospector. <br />The Board, having considered the presentation and being otherwise fully <br />informed of the facts, hereby enters the following findings of fact, conclusions of law, <br />and order. <br />FINDINGS OF FACT <br />1. The Prospector holds Notice of Intent to Conduct Prospecting Operations P- <br />2011-024 ("NOI"). Located in Section 24, Township 46 North, Range 2 West, 6th Principal <br />Meridian in Gunnison County, Colorado, the site is a 0.02 -acre yttrium prospecting site <br />known as the Powderhorn Project Exploration Drilling Program. <br />2. On October 1, 2015, the Division sent Prospector an Annual Fee Invoice <br />and Report Request for payment of the 2015 annual fee in the amount of $86, completed <br />annual report, and map, all due by November 4, 2015. <br />3. Prospector failed to pay the annual fee or submit the annual report and map <br />by November 4, 2015. <br />4. On February 12, 2016, the Division mailed a Notice of a Reason to <br />Believe a Violation Exists letter to Prospector, informing Prospector of the possible <br />violations for failing to file an annual report and map for 2015 and failing to pay the <br />annual fee for 2015 by the anniversary of the NOI (November 4, 2015), and providing <br />details regarding a nearing on this matter scheduled for March 23, 2016. <br />5. The Division holds a financial warranty for the site in the amount of $8,225 <br />in cash. The financial warranty is adequate for reclamation of the site. <br />