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• • III IIIIIIIIIIIIIIII STATE OF COLORADO DIVISION OF MINERALS AND GEOLOGY Deparlmenl of Nal oral Resnurmc II~~~ I l I 1 Sherman SI , Nruun C I S Urnver, GduraJu KO?O.i I'hunc: (11111 HLh ISL: fAti 14U.11 N41-NI06 DEPARTMErNT~O~F ~L~1TUlt[ 1L January 12, 1996 RESOURCES Ruy Nomer Mr. Craig B. Kaffenberger `""`"""' Vice President Lrn,""'n`nn''^a Gn vimr ones mr The First National Bank of Gunnison h„~I,,,~., H {„n~ 201 North Main Street °^'°"^ nneanr P. O. Box 60 Gunnison, CO 81230 RE: BOND FORFEITURE - O. C. Mine No. 2 - Permit No. C-80-002 Dear Mr. Kaffenberger: This letter will confirm our telephone conversation today. The Division of Minerals and Geology (DMG) is proceeding with permit revocation and bond forfeiture for the O. C. Mine No. 2 permit and bond. On October 28, 1992, the Firs[ National Bank of Gunnison (Bank) notified the DMG that the Letter of Credit No. 025, in the amount of $36,000, would not be renewed. This Letter of Credit was the fmancial warranty for Permit No. C-80-002, and the DMG chose to draw the funds and hold the $36,000 as a cash bond. The Attorney General's Office has informed us that because the Letter of Credit was not renewed by the Bank, and it was subsequently necessary for DMG to draw the funds, the Bank cannot be offered the option to reclaim the mine site. It is our understanding that the Bank has no interest in reclaiming the site or remaining involved with the O. C. Mine No. 2 in any manner. Please notify us if our understanding of your position is incorrect. We will proceed to the Mined Land Reclamation Board on January 24, 1996. Please provide any comments or objections prior to the January 24, 1996 hearing. Thank you very much for your cooperation and assistance over the last few years. Please call with any questions. Sincerelry, ~~ David A erry Seni nvironmental Protection Specialist DAB/gaw M:\o~s\gavr\OC2.dnb