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` iii iiiiiiiiiiiu iii <br />STATE OF COLORADO <br />DIVISION OF MINERALS AND GEOLOGY <br />Department ui Nalu rat Resources <br />1 71 S Sherman SL, Room 215 <br />Denver, Colorado 80203 <br />Phone: 1703) 856-3567 <br />FAX: 1303)A37-8106 <br />May 18, 2000 <br />~~ <br />DIVISION O F <br />MINERALS <br />GEOLOGY <br />0. E C L A M A T I O N <br />MININ G•SAFETY <br />Mr. Ron Zumwalt Bill pwens <br />Battle Mountain Resources, Inc. c°ver^nr <br />P.O. Box 310 Grep E. Watcher <br />San Luis, <r0 81 152 Executive Dveaor <br />Michael8 Long <br />Division Director <br />RE: San Luis Project, Petmit No. M-88-112, Financial Warranty <br />Dear Mr. Zumwalt: <br />On May 12, 2000, the Division accepted the submittal of the Wells Fargo Irrevocable Letter of Credit No. <br />NZS353121, in the amount of $1,300,000.00, for the San Luis Project. The acceptance of this bond increases <br />the surety for this site from $6,100,000.00 to $7,4000,000.00. This is an increase in the amount of <br />$1,300,000.00. <br />Please fmd enclosed the Irrevocable Letter of Credit received in this office on May 12, 2000, as this was <br />not the correct fornt. The Division received the correct form from Wells Fargo Bank. <br />If you have any questions, please do not hesitate to call me at (303) 866920. <br />Sincerely, <br />Suzi Erak~en <br />Program Assistant <br />cc Dean Massey, Massey Semenoff Stem & Schwarz, P.C. <br />Jim Dillie, DMG I/ <br />Jim Stevens, DMG <br />Bruce Humphries, DMG <br />