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These lands are described in the permit application, as amended and supplemented, and are referred to <br /> herein as the "Affected Lands". <br /> WHEREAS, in the application for the permit,the Operator has agreed to be bound by all requirements <br /> of the Act and all applicable rules and regulations of the Board,as amended from time to time. <br /> WHEREAS, in the application for the permit, the Operator has agreed with the Board to provide for <br /> reclamation of the Affected Lands that are now,or may become,subject to the permit,as required by law. <br /> WHEREAS,the Operator and Lexon Insurance Company (the <br /> "Warrantor"), a corporation organized and existing under the laws of the State of Texas and <br /> duly authorized to transact a bonding and surety business in the State of Colorado are hereby and firmly <br /> bound unto the State or the United States Department of the Interior, Bureau of Land Management, <br /> Colorado State Office("BLM") in the sum of Thirty-Five Thousand One Hundred Sixty-Seven and 301100 Dollars <br /> ($35,167.30 ) for the life of mine or until such time as replacement is received, for the <br /> payment of which sum, well and truly made, we hereby bind ourselves and our personal representatives, <br /> successors and assigns,jointly and severally, firmly by these presents. <br /> WHEREAS, the Board has determined, in accordance with the Act, that the estimated costs of <br /> reclamation of the Affected Lands are those amounts for the stated periods of time as set forth herein. Said <br /> amount may be amended from time to time to reflect revised estimates of said costs of reclamation. <br /> WHEREAS, the Operator and the Warrantor, in accordance with the Act, has promised and hereby <br /> promises the Board that it will be responsible for all the estimated costs of reclamation with regard to the <br /> Affected Lands. <br /> WHEREAS, the Board has determined that this Financial Warranty by the Warrantor equals the <br /> estimated costs of reclamation,as approved by the Board,with regard to the Affected Lands. <br /> NOW,THEREFORE,the Operator and the Warrantor are held hereby firmly unto the State of Colorado <br /> and BLM in the amount of those sums for those periods of time as set forth herein, until this Financial <br /> Warranty is amended or released in accordance with applicable law. <br /> The Board may, for good cause shown, increase or decrease the amount and duration of this Financial <br /> Warranty.The Operator shall have sixty(60)days after the date of notice of any such adjustment to increase <br /> the surety amount, but no such increase shall bind the Warrantor unless and until it shall have consented <br /> thereto in writing by the issuance of an additional Financial Warranty or by an endorsement to this Financial <br /> Warranty. <br /> The Operator and the Warrantor shall notify the Board immediately of any event which may impair this <br /> Financial Warranty. If the Board receives such notice,or otherwise has reason to believe that this Financial <br /> Warranty has been materially impaired,it may convene a hearing in accordance with the Act for the purpose <br /> of determining whether impairment has occurred. <br /> The obligation of the Operator and the Warrantor shall continue until the Board has released this Financial <br /> Warranty or has ordered it forfeited in accordance with applicable provisions of the Act. It is understood <br /> that periods of years may necessarily be required before determination can be made that reclamation of the <br /> Page 2 of 6 <br />