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Snell &. Wilmer <br />- L.L.P. <br />Mazch 9, 2001 <br />Page 2 <br />view that it will be very difficult for Powderhom to obtain anything at the present time unless <br />fully secured. <br />The risk evaluation report was received from Powderhorn's consultant, Mr. J. E. Stover, <br />and has been forwazded to Mazsh USA for evaluation per our last report. <br />Part II. Efforts Involving Frontier <br />On Tuesday, February 27, Bill Gorton, Frontier's counsel, informed Ethan Fogel that <br />pursuant to Powderhorn's request at the meeting of February 21, Frontier was attempting to <br />schedule a meeting with Bob Clazk to address the issues surrounding the adequacy of Frontier's <br />bond. Gorton suggested that ahigh-level official from Frontier would be available for a meeting <br />in Colorado on March 12, 2001. That meeting has been re-scheduled for 2:00 p.m. on Friday, <br />Mazch 9th, and Powderhorn representatives plan on being in attendance. <br />Part III. Other Efforts <br />Nothing to report at this time. <br />Please let me know should you have any questions regazding this report or any other <br />aspect of this matter. <br />Very truly yours, <br />Snell & Wilmer <br />Robert D. Comer <br />cc: Michael B. Long, Division Director, State of Colorado <br />Division of Minerals & Geology (Via Hand Delivery) <br />RDC <br />