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TRIO GiRANI7I- <br /> SII_VER , IN(; . <br /> Bulldog Mine Operation <br /> Permit Number: M1977-215 <br /> March 11, 2019 <br /> RE: 1.13.5 (3) Notice for Second Period of Temporary Cessation <br /> (a) Adequate Existing Financial Warranty: <br /> • Rio Grande Silver, working with DRMS, has identified a surety amount <br /> adequate to reclaim all disturbance. <br /> • A Notice from the Division showing the required surety amount is adequate <br /> is included. Figure 1 <br /> (b) Why Rio Grande Silver has not recommenced operations: <br /> • The Bulldog Project is currently not economic due to low silver prices. <br /> • Rio Grande Silver (RGS) submitted an application for a water discharge <br /> permit in January 2015. A discharge permit would allow dewatering of the <br /> lower levels of the Bulldog Mine. RGS has not yet received the discharge <br /> permit. <br /> (c) Rio Grande Silver's continued commitment to conduct mining operations by <br /> the end of the second period: <br /> • The Bulldog Mine contains and inferred resource of 3,092,800 tons <br /> containing 37,065,700 oz Ag, 51,750 tons Pb and 40,800 tons Zn. <br /> • All existing permitting associated with the Bulldog Mine Operation has <br /> been kept current as well as Creede Mining District exploration permitting. <br /> • The Bulldog site and infrastructure has been and continues to be monitored <br /> and maintained in anticipation of a resuming operations. <br /> Randy McClure <br /> tiI1(A'EK.INC. <br /> PO Box 610 <br /> 625 USFS Road 504.1A <br /> Creede, CO 81130 <br /> ph:719.658.1080 ext 2701 <br /> cell:970.317.5355 <br /> fax: 719.658.1082 <br /> cc: Paul Glader <br />