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STATE OF COLORADO <br />DIVISION OF RECLAMATION, MINING AND SAFETY <br />Department of Natural Resources <br />7373 Sherman St., Room 215 <br />Denver, Colorado 80203 <br />Phone: 1303) 866-3567 <br />FAX: (303) 832-8706 <br />January 11, 2007 <br />Mr. Steve Riebel, Vice President <br />First National Bank <br />202 East 11th <br />P.O. Box 570 <br />Goodland KS 67735 <br />RE: Bonding for New Elk Coal Company, Mine, #C-81-012 <br />Dear Mr. Riebel: <br />COLORADO <br />DIVISION O F <br />RECLAMATION <br />MINING <br />- &- <br />SAFETY <br />Bill Owens <br />Governor <br />Russell George <br />Executive Director <br />Ronald W. Cottony <br />Division Director <br />Natural Resource Trustee <br />The Division's decision to approve Bond Release No. 2 (SL-02) for the New Elk Mine <br />(C-81-012) became final on December 26, 2006. No objections or requests for an <br />adjudicatory hearing on our proposed decision were received. Bond Release No. 2 <br />(SL,02) reduced the required amount of bond to be held by the Division by <br />$293,090.00. The current liability is now $2,744,969.00. <br />In order that we can re-activate our decision to approve Permit Transfer No. 3(SO-03) <br />from Picketwire Processing, LLC to New Elk Coal Company, LLC, the Division requests <br />that First National Bank issue a single letter of credit in the amount of $2,744,969.00 for <br />New Elk Coal Company and extend the date of renewal on the letter of credit for a <br />minimum of six months: Following acceptance of this letter of credit and final approval <br />of the permit transfer (SO-03), the Division can release Letters of Credit #291 and <br />#300. <br />Thank you for your assistance. Please contact me if you have any questions. <br />Since ely, ~D~ ,?~_ <br />Ken Gorham <br />Environmental Protection Specialist II <br />CC: Wayne Coverdale, New Elk Coal Company <br />Ron Thompson, Peak Project Management <br />Office of Office of <br />Mined Land Rxlamation AQive and Inactive Mines <br />