2007-05-29_REVISION - M1977416 (2)

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q~ STATE OF COLORADO DIVISION OF MINERALS ANO GEOLOGY Depanment a( Natural Rewurces 1 J 13 Sherman St., Room 215 Denver. Colorado 80207 Phone: 13031866.3567 FAX: i3031832~8106 RECEIVED M4c 0 61997 pivlslou ui ivnneiaro ~ ueoto9Y PERFORMANCE WARRANTY Ro. Romer Go,e.rwr kM SJ~Jtdr E aecuuse OvKWr M¢hae~ B. tong; Dir~aon Duena Operator: international Uranium (USA) Corporation Operation: Carnation Mine Permit No: M-~~-415 KNOW ALL MEN BY THESE PRESENTS, THAT: WHEREAS, the Colorado Mined Land Reclamation Act, CRS as amended, 34-32-101 et sec. (the "Ac Y'>, as amended, provides that no permit may be issued under the Act until the Mined Land Reclamation Board (the "Board") receives a performance warranty (or warranties) that is a written promise to comply with all applicable requirements of the Act. WHEREAS, international Uranium (USA) Corp. (the "Operator"), has applied for a permit to conduct a mining operation known as the carnation Mine (the "Operation") on certain lands in san Miguel County, Colorado. These lands are described in the permit application, as amended and supplemented, and are referred to hereto as the "Affected lands". WHEREAS, in its application for the permit, the Operator has agreed to be bound by all requirements of the Act and ail applicable rules and regulations of the Board, as amended from time to time. WHEREAS, the Board has determined, in accordance with the Act, that the estimated costs of reclamation with regard to those affected lands in San Miguel County which are now or may become subject to the permit are those amounts for the stated periods of time as set forth in the financial warranty, which may be amended from time to time to reflect revised estimates of said costs of reclamation. WHEREAS, the Operator hereby gives the Board a performance warranty pursuant to Section 34-32-111(2) of the Act, and herein promises the Board that it wilt comply with alt applicable requirements of the Act with regard to those Affected Lands.