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~~ <br />DIVISION OF MINERALS AND GEOLOGY <br />Department of Natural Resources <br />7313 Sherman St., Roam 215 <br />Denver, Colorado 80203 <br />Phone: (303)866-3567 c <br />FAX: (303) 832- 6C AS`D <br />R~'p ision of <br />Geolo ~ o <br />MtpeC~~y~ 5 <br />by <br />PERFORMANCE WARRANTY <br />Construction Material Opgradon <br />Operator: Sierra Minerals Corporation <br />Operation: Yule Quarry <br />Permit No: M-99-058 <br />KNOW ALL MEN BY THESE PRESENTS, THAT: <br />Michael B. Long <br />Division Director <br />Greg E. Walther <br />Executive Director <br />WHEREAS, the Colorado Mined Land Reclamaflon Act, C.R.S., 34-32.5-101 gl seg. (the "Act"), <br />as amended, provides that no permit may be issued under the Act until the Mined Land Reclamation Boazd (the <br />"Boazd") receives a performance warranty (or warranties) that is a written promise to comply with all applicable <br />requirements of the Act. <br />WHEREAS, Sierra Minerals Corporation (the "Permittee"), has applied for a permit to conduct a <br />mining operation known as Yule Quarry (the "Operation") on certain lands in Gunnison County, Colorado. <br />These lands aze described in the permit application, as amended and supplemented, and are referred to herein as <br />the "Affected Lands". <br />WHEREAS, in its application for the permit, the Permittee has agreed to be bound by all <br />requirements of the Act and all applicable Hiles and regulafions of the Board, as amended from time to time. <br />WHEREAS, the Board has determined, in accordance with the Act, that the estimated costs of <br />reclamation with regazd to those affected lands in Gunnison County which are now or may become subject to the <br />permit aze those amounts for the stated periods of time as set forth in the financial warranty, which may be <br />amended from time to time to reflect revised estimates of said costs of reclamation. <br />WHEREAS, the Permittee hereby gives the Board a performance warranty pursuant to Section <br />34-32.5-117 of the Act, and herein promises the Boazd that it will comply with all applicable requirements of the <br />Act, and the Rules and Regulations as may be amended, with regard to those Affected Lands. <br />NOW, THEREFORE, the Permittee hereby promises the Boazd that it will comply with all <br />applicable requirements of the Act and rules and regulations of the Boazd with respect to the Affected Lands. <br />FURTHER, the Permittee hereby promises the Boazd that it will wmply with all of the terms of <br />the application for a permit, as amended and supplemented, as well as any conditions attached to the permit by <br />the Boazd. <br />AUG 2 0 1999 <br />DIV. OF MINERALS <br />8 GEOLOGY <br />DIVISION OF <br />MINERALS <br />.;.GEOLOGY <br />' ~REC LAMATION <br />MINING•SAFETY <br />. -" ~ "' - •-, -. +aill Owens <br />Wvernor <br />FURTHER, the Permittee promises the Boazd, pursuant to 34-32.5-112(1)(d) of the Act, that it has <br />the lawful authority to enter upon the Affected Lands to conduct mining operations, including, but not limited to, <br />reclamation. The Permittee further recognizes the right of the Boazd to enter to reclaim lands affected by the <br />