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/V'~SOMERSET <br />M/ N/ N G C O M P A N Y <br />Pl~i2TNERSH I P RESOLUTION <br />iiiiiiiiiiiiiiiiiii <br />RECEIVED <br />JUL 121995 <br />Division of Minerals 8 Geology <br />The undersigned, being all duly authorized representatives of <br />Oxbow Carbon 6 Minerals, Inc., acting through its Pacific Basin <br />Resources Division (PBR), and Bear Coal Company, Inc.(Bear), <br />together as partners in ownership of Somerset Mining Company, a <br />Colorado partnership, do hereby resolve and agree pursuant to the <br />provisions of the Partnership Agreement between them of November 1, <br />1988, to the adoption of the following resolution: <br />Whereas: A four year Treasury Sill has been purchased to satisfy <br />the additional Reclamation Bond Requirement of The Division of <br />Minerals and Geology (for new Air Shaft) from Norwest Investment <br />Services in Grand Junction, CO. Also, the required Coal <br />Reclamation Bond For Use With U.S. Treasury Note form and <br />Assignment of Treasury Note form have been completed; <br />NOW, THEREFORE, the parties hereto respectively authorize and <br />instruct Walter L. Wright, Mine Manager to signify our compliance <br />to said Coal Reclamation Bond requirements by signing on our <br />behalf. <br />IN WITNESS WHEREOF, the parties hereto have hereunto set forth <br />their respective hands on the date andy year written below. <br />Effective July 5, 1995. <br />Brian Acton <br />President <br />PACIFIC BASIN RESOURCES <br />A Division of Oxbow Carbon <br />and Minerals, Inc. <br />William A. Bear, ~S~f. <br />President <br />BEAR COAL COMPANY, INC. <br />P.O. Box 535 <br />Somerset, CO 81434 <br />(303)929-5122 Fax (303)929-5177 <br />7901 Southpark, Suite 202 <br />Littleton, Co 80120 <br />(303)795-0413 Fax (303)795-1524 , <br />