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1 Mr. Mike Long December 14, 1992 Page 2 G Coal Company's permit application for the Hayden Gulch surface coal mine which resulted in issuance of Permit No. C-80-003 by the Division on January 4, 1982. That permit was successfully renewed on two occasions: January 4, 1987, and January 4, 1992. Several meetings and telephone discussions were held among personnel from the Division of Minerals and Geology (DMG), Peabody Western Coal Company, and Axial Basin Ranch Company regarding the best approach to permit acquisition for Hayden Gulch Terminal, Inc. Options included the transfer of Permit No. C-80-003, segregation and transfer of that portion of the application package for Permit No. C-80-003 dealing strictly with the loadout facility, or submittal of a new application. Permit No. C-80-003 includes geographically distinct permit areas covering the loadout and minesite, and the Asset Purchase Agreement does not include the minesite. Consequently, transfer of Permit No. C-80-003, or segregation and transfer of portions of the permit relevant to the loadout was deemed inappropriate by the DMG, and this new application is being submitted to operate the facility per instructions of DMG. Final closing under the Asset Purchase Agreement is contingent upon certain conditions, which include the transfer or issuance, as appropriate, of permits needed to operate the loadout facility without any material adverse change in the permit conditions, requirements, or limitations (or reasonably satisfactory evidence is received by Hayden Gulch Terminal, Inc., that such transfers or issuances will be approved by the regulatory authority). Hayden Gulch Terminal, Inc. anticipates shipping coal commencing as early as June, 1993. All required permit authorizations to operate the loadout have been transferred or are being applied for at the previously permitted coal processing capacity of 1.0 million tons per year. No additional disturbances or significant deviations in operations as conducted by the previous owner are contemplated by Hayden Gulch Terminal, Inc. Consequently, environmental assessments and operational findings contained in reviews of the previous