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�L�TK <br /> Earthing wherever,wheneveryoulike <br /> �4o4G,pt 64 <br /> IRREVOCABLE LETTER OF CREDIT <br /> State of Colorado <br /> Department of Natural Resources <br /> Division of Reclamation, Mining and Safety <br /> VECTRA BANK COLORADO <br /> 361 WEST HWY 24,PO BOX 39 RELEASED ON: <br /> WOODLAND PARK <br /> COLORADO 80866-0039 J' —13�OPT LVW— <br /> PHONI : 7 9-687-3012 <br /> 111=NFFICIARY: State of Colorado LETTER OF CREDIT NO.69898066003 <br /> MINE.D LAND RECLAMATION 130ARD AMOUNT U.S. $72,184.00 <br /> 215 CENTENNIAL BUILDING INITIAL EXPIRATION DATE 10/i0/01 <br /> 130 3 SHI.iz MAN S F R EET <br /> DENVER,COLCORADO 80203 <br /> Applicant: P K Enterprises, Inc <br /> PO Box 729 <br /> Divide, <br /> Colorado 80814 <br /> Pbrine: 719-687-6011 <br /> Gentiem..en: <br /> — We hereby issue and esra'blish our irrevocable letter of credit,the amount of which is available by <br /> beneficiary's draft of drafts drawn up(3n us,which shall be paid at sight,when accompanied by the <br /> b Lowing document: <br /> - A written statement of the Director("the Director")of the Division of Minerals and Geology of <br /> [) the State of Colorado("the Division")certifying that he is a duly authorized official actin on <br /> LLI behalf of the State of Colorado and that the amount of the accompanying sight draft is due and <br /> az payable to the State of Colorado pursuant to the applicable provisions of Colorado statutes <br /> t— governing mined land reclamation and&.at P K Enterprises,Inc.or its successor has neglected, <br /> failed,or refused to pay such amount although requested to do so by the Director. <br /> Each sight draft so drawn shall be honored by us if presented prior to the close of business on the <br /> expiration date;of this letter of credit. This credit refers to P K Enterprises,Inc.company's <br /> applit:atien for a permit to engage in mining and reclamation activities within the State of <br /> Colorado. <br /> It is an express condition of this letter of credit that is shall be automatically extended for <br /> successive additional periods of one year each, from the initial and each future expiration date <br /> unless the Ve,.tra Bank Colorado("the Rank")shall notify the Director at least 90 days prior to an <br /> expiration date in writing by registered mail,at the above address,that the Bank elects not to <br /> extend the credit for such additional period. In such event,in addition to his power to draw hereon <br /> under the preceding paragraphs,the Director may draw the full or any lesser amount thereof at any <br /> time prior to such expiration date by sight draft,or drafts,accompanied by the written statement of <br /> the Director certifying that the amount drawn,will be held as a cash deposit it!lieu of financial <br /> warranty. as provided in applicable Colorado statutes governing mined land and reclamation. <br /> 361 West Highway 24 <br /> P.O.Box 39 <br /> 'lull Woodland Park,CO 80866 <br /> 146,41 719-687-3012 Member FDIC <br />