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Bank <br /> i st SouthWest <br /> November 3,2008 <br /> Beneficiary: LETTER OF CREDIT NUMBER: 3492702302 <br /> STATE OF COLORADO Amount U.S. $28034.00 <br /> MINED LAND RECLAMATION BOARD Date of Issuance:November 3.2008 <br /> 215 CENTENNIAL BUILDING Initial Expiration Date:November 3.2009 <br /> 1313 SHERMAN STREET <br /> DENVFR,COLORADO 80203 <br /> Applicant: George F Gallegos - <br /> Street: 12127 S.Hwy 285/P.O.Box 575 <br /> City:Romeo <br /> State:Colorado Zip Code: 81101 <br /> Area Code: 719 Telephone: 843-5113 <br /> Gentlemen: <br /> We hereby issue and establish our irrevocable letter of credit,the amount of which is available by beneficiary's <br /> draft of drafts drawn upon us,which shall be paid at sight,when accompanied by the following document <br /> A written statement of the Director("the Director")of the Division of Reclamation,Mining and Safety <br /> of the State of Colorado("the Division")certifying that he is a duly authorized official acting on behalf <br /> of the State of Colorado and that the amount of the accompanying sight draft is due and payable to the <br /> State of Colorado pursuant to applicable provisions of Colorado statutes governing mined land <br /> reclamation and that George F.Gallegos or its successor has neglected,failed,or refused to pay such <br /> amount although requested to do so by the Director. <br /> Each sight draft so drawn and presented shall be honored by us if presented prior to the close of business on the <br /> expiration date of this letter of credit. The Bank shall make a payment by wire transfer to the Beneficiary. This <br /> credit refers to George F.Gallegos's application for a permit to engage in mining and reclamation activities within <br /> the State of Colorado. <br /> It is an express condition of this letter of credit that it shall be automatically extended for successive additional <br /> periods of one year each,from the initial and each future expiration date unless the First Southwest Bank of Alamosa <br /> ("the Bank")shall notify the Director at least 90 days prior to an expiration date in writing by certified mail, at the <br /> above address,that the Bank elects not to extend the credit for such additional.period. In such event,in addition to <br /> his power to draw hereon under the preceding paragraphs,the Director may draw the full or any lesser amount hereof <br /> at any time prior to such expiration date by sight draft,or drafts,accompanied by the written statement of the Director <br /> certifying that the amount drawn will be held as a cash deposit in lieu of financial warranty,as provided in applicable <br /> Colorado statutes governing mined land and reclamation. <br /> Ori9 mcuij d -b <br /> S 0C, a6ra-dA <br /> ll�yld� <br /> Alamosa, Colorado • 720 Main St., PO Box 1139 • 81101 • 719-587-4200 fax: 719-589-5425 <br /> www.firstsouthwestbank.com Member FDIC • An Equal Housing Lender <br />