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576.88 acres, and the required surety (RS) was $12,300,856. Rule 3.03.1(2) allows for the <br />release of up to 60% of the applicable bond at Phase I, 25% at Phase II and the remaining 15% at <br />Phase III, the calculation below shows the maximum dollar amount eligible for release with the <br />approval of SL-I I (X): <br />SL11 acres <br />X TDA x RS x 0.15 <br />15.25 <br />X = 576.88 x $12,300,856 x 0.15 <br />X = $48,777 <br />Table 3: Summary of maximum allowable bond release amounts <br />Maximum Bond Release Amounts per Rule 3.03.1(2) <br />SL-11 <br />Total <br />Acreage <br />15.25 <br />576.88 <br />Phase 1- 60% <br />$195,106.14 <br />$7,380,513.60 <br />Phase 11 - 25 % <br />$81,294.23 <br />$3,075,214.00 <br />Phase III - 15% <br />$48,776.54 <br />$1,845,128.40 <br />Total <br />$325,176.91 <br />$12,300,856.00 <br />In the site -wide reclamation cost estimate (RCE) recently completed with the approval of Permit <br />Renewal 07 (RN-07) the reclamation of sites included in the SL-I I application is accounted for <br />in task 413d. That task also includes sites that are not addressed with SL-11, (it is for the <br />revegetation of a total of 67.6 acres), and has an estimated direct cost of $94,259. <br />The estimated total cost, including indirect costs, of the reclamation liability released with the <br />approval of SL-I I (Y) is $26,825, and is shown on the CIRCES worksheets in appendix 1. (Task <br />413d will need to be reconciled with SL-11 at the time the next site -wide RCE is calculated). <br />In order to (i) comply with rule 3.03.1(2) and (ii) ensure that the revised required surety is <br />sufficient to cover the remaining reclamation liability at the mine, the Division will release <br />whichever is the smaller of the two values X and Y. In this case, the smaller value, Y, is <br />$26,825. <br />The Division currently holds a performance bond of $15,000,000. Based on the observations <br />above, the Division proposes to release $26,825. Following the approval of SL-I I the revised <br />required surety will be $12,274,031, which is sufficient to assure completion of the remaining <br />reclamation work at the site if the work had to be performed by the Division, including the cost <br />of reestablishing vegetation on any revegetated areas, should those areas fail. The Division <br />estimates its cost to complete remaining reclamation work at the site to be $12,274,031. <br />C-1980-007 Page 9 of 10 <br />