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<br />Cotter Corporation <br />Mr. Bruce Humphries <br />October 27, 1994 <br />Page 3 <br /> <br />product. In addition, the ability to operate competitively on a <br />highly efficient smaller scale will influence the future of the <br />industry and the Schwartzwalder. Although the uranium m,irket <br />remains extremely low, the massive oversupply has been w~~rked <br />down to barely more then normal inventory levels, and a <br />turnaround in price could occur rapidly, as evidenced by the <br />changes within the primary copper industry during late 1!87 and <br />1988. Thus, Cotter must be prepared to alter the extent and <br />short-term duration of operations at the Schwartzwalder ~~n very <br />short notice in order to efficiently meet changes in market <br />demand for uranium. With this change of events, it is e~iident <br />that the Minirig Plan section of the permit no longer accurately <br />reflects present realities at the mine site. Therefore, the <br />decision was made by Cotter to revise the permit through the <br />technical revision process in order to more accurately <br />characterize the present mine operation and its synchronization <br />with future mining activities. <br />Mining Operation Since 1989 <br />From Section 1.1(28) of the Mineral Rules and Regulations, <br />"Mining Operation" means the development or extraction oi` a <br />mineral from its natural occurrence; this includes <br />transportation. Pursuant to 34-32-103(4) of the Act, <br />"Development means the work performed....aimed at, but not <br />limited to, preparing the site for mining,...." These activities <br />are• <br />1. Preparing the site for mining. <br />2. Defining further the ore deposit by drilling or other <br />means. <br />3. Conducting pilot plant operations. <br />4. Constructing roads or ancillary facilities. <br />5. Other related activities. <br />In the foliowing activity description, the above numbers <br />will be referred to as Cotter's opinion of how the given activity <br />relates to development. <br />199.0 <br />Kay - August. Production activity - the transportation of <br />4;470 tons of ore from the Schwartzwalder to Cotter's Carson City <br />mill. <br />January -February. Reevaluate ore reserves utilizing <br />lower costs based on converting the mill to alkaline extraction, <br />(2). <br />