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STATE OF COLORADO <br />DIVISION OF MINERALS AND GEOLOGY <br />Department of Natural Resources <br />1313 Sherman St., Room 215 <br />Denver, Colorado 80203 <br />Phone: (303) a663567 <br />FAX: (303) 832-a106 <br />March 1, 2004 <br />RAD O <br />O N O F <br />RALS <br />GEOLOGY <br />FlCLANATION•MINING <br />SArETY•SCIFNCE <br />Bill l7wens <br />Govenwr <br />Ms. Barbara R Chalmers RusEeu George <br />~,{;,~;,,,~ end Minerals, Ltd. Executive Director <br />$11 S Preston Rd, Ste 680 Ronald W. Canny <br />Dallas TX 73223 Division Dinxtor <br /> NaNnl Resource Trustee <br />Re: Joker Mine, Permit No. M-1983-052, Financial Warranty Reduction Approval, Revision No. SR-1 <br />Dear Ms. Chalmers: <br />On January, 28 2004 the Division inspected the Joker Mine and, based on the reclamation work observed, proposed to <br />release $196,400.00 of the $236,000.00 financial warranty. However, on February 26, 2004 the Division received <br />correspondence from the Little Snake Field Office of the BLM stating that they had accepted the transfer of the reservoir <br />and a water well from M & M $ Ltd. to the BLM and that " We (the BLM) will accept the State holding $6,000 for <br />revegetafion costs and accept any other costs CDMG finds appropriate considering the transfer of liability for the one <br />well and the pond to BLM." Based on this transfer of liability, the Division has recalculated the reclamation bond as <br />follows: <br />Revegetation 10 acres @ $600.00/acre <br />Well plugging <br />Mobili2ation/ Demobilization <br />Subtotal <br />23% Additional Costs <br />Total <br />Rotmd to <br />$6,000.00 <br />$2,300.00 <br />ono no <br />$9,100.00 <br />82,0.43-Q4 <br />~11,19't_0~ <br />$11,000.00 <br />Therefore, on Febnrary 27, 2004 the Division of Minerals and Geology approved a Financial Warranty Reduction to <br />$11,000.00. This is a reduction of $225,000.00. <br />The Division will be sending a Colorado State Warrant refunding $225,000.00 of your reclamation bond, plus any <br />interest that may have accrued, under separate cover. If you have any questions pertaining to the refund of this portion of <br />your reclamation bond call Bazbara D. Chiaptmne at (303) 866-4074. If you have any other questions, please contact me <br />at (303) 866-4062. <br />Sincerely, ~ <br />Gregg R. quire <br />Environmental Protection Specialist <br />cc: RobeR Emst, USBLM <br />Mike Frick, Dirt-N -iron <br />Cazl Mount, DMG, Via a-mail <br />Bazbara D. Chiappone, DMG <br />Office of Office of Colorado <br />Mined Land Rxlamatinn Active and Inactive Mines Geological Survey <br />