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14. The August 2016 Order directed the Division to notify Prospector and all <br />financial warrantors of the NOI of their right to appear at a Board hearing to consider <br />whether the financial warranty for the NOI is subject to forfeiture. <br />15. Prospector failed to comply with the August 2016 Order by failing to <br />correct the violations cited therein within ten (10) days of the effective date of that order <br />or at any time since. <br />16. On September 12, 2016, the Division sent a Notice of Formal Board Hearing <br />letter to Prospector stating the alleged violations, that a public hearing on the matter would <br />be held during the October 26-27, 2016 Board meeting, and providing information about <br />the hearing. <br />17. On September 23, 2016, the Division received its September 12, 2016 by the <br />U.S. Postal Service, marked "Return to Sender, Not Deliverable as Addressed." <br />18. On December 7, 2016, the Division sent a Notice of Formal Board Hearing <br />letter to Prospector stating the alleged violations, that a public hearing on the matter would <br />be held during the January 25, 2017 Board meeting, and providing information about the <br />hearing. <br />CONCLUSIONS OF LAW <br />Act. 19. The Board has jurisdiction over this matter and Prospector pursuant to the <br />20. By failing to pay annual fees and submit annual reports, Prospector <br />violated sections 34-32-116(3), (4) and -127(2)(a), C.R.S.; Rule 5.6(1); and the NOI. <br />21. By violating sections 34-32-116(3), (4) and -127(2), C.R.S. and Rule <br />5.6(1), Prospector failed to comply with the Act and Rules, in violation of the <br />performance warranty provisions of the NOI. <br />22. The Board is required to provide operators and all financial warrantors <br />notice that a financial warranty is subject to forfeiture and afford such operators and <br />financial warrantors the right to appear at such hearing to be held not less than thirty <br />days after such notice. C.R.S. § 34-32-118(2); Rule 4.20(2). The Board, through <br />delegation to the Division, properly notified Prospector and all financial warrantors of the <br />January 25, 2017 hearing in accordance with section 34-32-118(2), C.R.S. and Rule <br />4.20(2). <br />23. At a hearing to consider forfeiture of a financial warranty, the Board may <br />withdraw or modify its determination that such warranty is subject to forfeiture, or settle, <br />compromise, or confirm its determination. C.R.S. § 34-32-118(3)(a). In accordance <br />with section 34-32-118(3)(a)(III), C.R.S., the Board confirms its determination that the <br />financial warranty for the NOI is subject to forfeiture. The Board issues this Order <br />pursuant to section 34-32-118(3)(b), C.R.S. <br />Seaglass Holding Corp. d/b/a US Rare Earths <br />P-2011-0241Powderhorn Project Exploration Drilling Program <br />PV -2016-001 3 <br />