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. RECEIVED Pueblo <br /> &Bank <br /> Trust <br /> rl� Lv`Y� .S.SGa� �A Llfi IVI S IN C E 1 88 9 <br /> State of Colorado S A L I D A <br /> Department of Natural Resources 719/539-6696 <br /> Division of Reclamation, Mining of*§tbCABLE LETTER OF CREDIT , C F Street <br /> Salida, CO 81201 <br /> RELEASED ON: THE PUEBLO BANK& TRUST COMPANY <br /> 301 WEST 5TH STREET <br /> PUEBLO, CO 81003 <br /> By: .19�� � 719-545-1834 <br /> Div <br /> To: State of Colorado No: 318 <br /> Mined Land Reclamation Board Amount: U.S.$15,000.00 <br /> 215 Centennial Building Date: 10-08-99 <br /> 1313 Sherman Street Expiration: 04-20-00 <br /> Denver, Colorado 80203 <br /> Re: James L. Treat <br /> 305 G Street <br /> Salida, Co 81201 <br /> Gentlemen: <br /> We hereby issue and establish our Irrevocable Letter of Credit, the amount of which is <br /> available by beneficiary's draft or drafts drawn upon us,which shall be paid at sight, <br /> when accompanied by the following document: <br /> A written statement of the Director("the Director") of the Division of Minerals and <br /> Geology of the State of Colorado ("the Division") certifying that he is a duly authorized <br /> official acting on behalf of the State of Colorado and that the amount of the <br /> accompanying sight draft is due and payable to the State of Colorado pursuant to <br /> applicable provisions of Colorado statutes governing mined land reclamation and that <br /> James L. Treat or his successor has neglected, failed, or refused to pay such amount <br /> 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 <br /> close of business on the expiration date of this letter of credit. This credit refers to Jams <br /> L. Treat's application for a permit to engage in mining and reclamation activities within <br /> the State of Colorado. <br />