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Snell ~ Wilmer <br />L.L.P. <br />lAW OFFICES <br />1200 Seventeenth Smet, Suite 1950 <br />Tabor Center <br />Denver, Colorado 80202 <br />(303)634-2000 <br />Fax: (303) 634-2020 <br />www.swlaw.com <br />Robert D. Comer <br />303-634-2015 <br />roomer@swlaw.com <br />February 23, 2001 <br />VIA HAND DELIVERY AND FACSIMILE TRANSMISSION <br />PHOENIX, ARIZONA <br />TUCSON, A0.20NA <br />IRVINE. CALIFORNIA <br />DENVER. COLORADO <br />SALT LAKE CITV. UTAH <br />Cheryl A. Linden, Esq. Fax: 303-866-3558 <br />Robert D. C1azk,Esq. Fax: 303-866-5671 <br />Office of the Attorney General <br />Business and Licensing Section <br />1525 Sherman Street, 5th Floor <br />Denver, CO 80203 <br />Re: Third Fortnightly Report, NOV # CV-2000-010 <br />S&W File No. 38283.0001 <br />Deaz Cheryl and Bob: <br />Tlvs letter constitutes Powderhorn's Third Fortnightly Report pursuant to your letter of <br />January 12, 2001. Powderhorn appreciates the continued willingness of the Colorado Division <br />of Minerals and Geology (DMG) and the Colorado Attorney General to allow Powderhorn to <br />work towazd resolving the financial assurance issue created by the federal delisting of Frontier <br />Insurance Company ("Frontier"). <br />The report contains three parts as identified in your letter. Part I identifies the efforts <br />taken by Powderhorn during the period between February 9 and 23, 2001, to obtain a <br />replacement bond, including contact information. Part R identifies the steps taken by <br />Powderhorn during this period to have Frontier obtain an alternative fonn of financial assurance. <br />Part III identifies other activities undertaken by Powderhom during this period to resolve this <br />matter. <br />Part I. Efforts To Obtain A New Bond <br />The following discussions were held during the intervening period. Marsh USA, Inc. - <br />(Samuel F. Robinson, Jr., Senior Vice President, 4700 Old Kingston Pike, PO Box 19810, <br />Knoxville, TN 37939-2810; Tel: 865/450-3358) Sam Robinson indicated that he is working with <br />several carriers to form a syndication for reclamation bonding. The advantages of a syndication <br />to the insurers is the shazed risk in lieu of a very tight re-insurance market for this product. He <br />Member. LEX MUNDI, a global asaaciatioR of independent law limo wiN members in <br />the United Smtea and 60 countries tbroughom the world <br />