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August 23, 2017 <br />Eric Frei <br />Flag Resources, Inc. <br />1412 County Road 311 <br />New Castle, CO 81467 <br />COLORADO <br />Division of Reclamation, <br />Mining and Safety <br />Department of Natural Resources <br />1313 Sherman Street, Room 215 <br />Denver, CO 80203 <br />RE., Silt Pit, Permit No. M-1981-202 SG, Reclamation Costs Update and Notice of Surety Increase (SI -01) <br />Dear Mr. Frei: <br />In an effort to ensure the Financial Warranty for the above referenced site adequately reflects the actual <br />current costs of fulfilling the requirements of the approved reclamation plan, the Colorado Division of <br />Reclamation, Mining and Safety (Division) has updated the reclamation cost estimate (copy enclosed). <br />Therefore, pursuant to Section 34-32.5-117(4) of the Colorado Land Reclamation Act, adequate Financial <br />Warranty must be submitted to the Division within 60 days of the mailing date of this letter. The additional <br />amount needs to be accepted prior to Tuesday, October 24, 2017. Please review the enclosed figures as soon <br />as possible and contact our office if any calculation errors are noted. <br />Staff calculations estimate the cost to reclaim the above referenced site to be $468,320.00. This is an increase <br />of $412,920.00 over the $55,400.00 currently held by the Division. This estimate is based on Technical <br />Revision No. 06 submitted by Flag Resources, Inc. Please be reminded that a cost estimation has not been <br />conducted since the permit was issued in 1981. <br />Please make arrangements with Barbara Coria at the Division of Reclamation, Mining and Safety Denver <br />Office, phone no. 303.866.3567, ext. 8148 for submittal of the financial warranty. Any questions regarding <br />completion, execution and/or submittal of financial warranty forms should also be directed to Barbara <br />Coria. <br />If you require additional information, have questions or concerns, please contact me at the DRMS Grand <br />Junction Field Office. <br />Sincerely, <br />- 9141, 4� <br />Stephanie Mitchell <br />Environmental Protection Specialist <br />Department of Natural Resources <br />Division of Reclamation, Mining and Safety <br />101 South 3rd, Suite 301 <br />Grand Junction, CO 81501 <br />Phone: (970) 242-5025 <br />Fax: (970) 241-1516 <br />1313 Sherman Street, Room 215, Denver, CO 80203 P 303.866.3567 F 303.832.8106 http://mining.state.co.us <br />John W. Hickenlooper, Governor I Robert W. Randall, Executive Director I Virginia Brannon, Director <br />