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Exhibit L: <br />RECLAMATION COSTS <br />The cost of reclamation is a difficult number to amve at for tlis particular pemrit. The <br />forms provided do not lend themselves to this land of project very well and given the operation has <br />been an on-going mining operation for nearly thirty years and there are no improvements to the <br />property because the property is what is being mined, the Owners submit the following <br />information. <br />As part of the State of Colorado Mining Permit conditions, the Owners are required to post <br />a Bond for the complete reclamation of the mining site why the mining is completed. The value of <br />that Bond is $14,OOO.oo and is posted with the State of Colorado. <br />The value of the product mined is a function of the material mined and although it is <br />generally believed to be mostly sands with some gravel's, the value is as yet undetermined. The <br />actual quantities are utilmown and the market conditions that set the retail value of the material are <br />unlmown at this time. <br />The value of the mining equipment that has bey brought and/or manufactured on-site over <br />the life ofthe mine is $900,OOO.oo. <br />