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Tuesday, July 11, 2006 4:41 AM Daryl Wakster 7i9-486-0427 p,03 <br />I <br />each trust has complicated matters also. As I ted is an earlier letter, I was surprised that the <br />local bank which my dad aad grandfather did usiness with since the 1940'x, made it almost <br />impossible for us to meet their requirements ' order to get a financial warranty. They wanted us <br />to put up all of the land the pit is on plus equi eat, and then only if my step-mother Lydia <br />Webster (also eo-trustee) and I personally teed the loan. We feel that our equipment, <br />valued at over five tithes the required bond unt should have been satisfactory collateral. <br />Also, we have registered the business as an C and will be operating as such as soon as the <br />trusts which own the LLC are fishy funded. attorneys have told us not to personally sign ss <br />this may legally undo the LL,C, Last winter I d working with WeIIs Fargo bank and thought <br />they would be able to give us a blanket lien o our egvipmerrt. They did not see a problem <br />except in the end, after meeting with a basins lose specialist in dowmowu Fort Words, Texas <br />end. a specialist in Colorado, they could not do it without personal guarantees also. I finally was <br />referred to Kevin 13rubeck who said as long as we had 100% of the money in a CA, his bank <br />would do it without the guarantees, <br />The second problem we somehow had to work around is the fact that our pit is well over <br />10,000 feet elevation and the season is lima We cannot mine the sand and gravol except <br />between the middle of May to the middle of~ tober. We had a hard time getting to all of the <br />equipment and could net physically hold an tion until around June. <br />I know rt has taken much too long far us to get the required bonding in place. I hope that you <br />will consider our current circumstances ands that we are not just ignoring our obligations <br />accoztling to the conditions of our mining p 't. We eppraoiate your patience la the pest by <br />allowing us time to do the things necessary to ower the original increased amoutrt from over <br />$358,000,00 to the cuaent amount of $132,50 .00. We will contimre to do certain things to <br />enable us to lower the amount even further in a near future. I am certain, barring any <br />unforeseen problems, that we will be able to ve the collateral bond in place well before the <br />August meeting of th®board, and therefore asking for this extension. If you have only <br />questions, please give me a call. I appreciate , of your help in this waiter. <br />Best Regardpds, <br />~~(,..1 <br />Daryl Webster <br />