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STATE OF COLORADO <br />DIVISION OF MINERALS AND GEOLOGY <br />Department of Natural Resources <br />1313 Sherman 8[., Room 215 <br /> <br />Denver, Colorado 80203 DIVISION O F <br />Phone: (303) 866-3567 M l 1~l E RA L $ <br />FAX: (303)832-8106 & <br /> GEOLOGY <br /> RECLAMATION <br /> MINING•SAFETY <br />May 2, 2002 ~ <br /> Bill Owens <br /> Governor <br />Mr. James F. Poulos <br /> <br />Ouray Associates, LLC ~ Greg E Watcher <br />Executive Director <br />405 Detroit St. Michael B. Long <br />Denver, CO 80206 Division Director <br />/ / ,~ <br />Re: Memphis, Permit No. M-1997-084, Succession of Operators Approval, Revision No. SO-O1 <br />Dear Mr. Poulos: <br />On May 2, 2002, the Division of Minerals and Geology approved the succession of operators from Ouray <br />Associates, LLC to Horizon Ranch, LLP for the Memphis, Permit No. M-1997-084. Horizon Ranch, LLP is now <br />the permitted operator of the Memphis, and as such, is responsible for all provisions in Permit No. M-1997-084, <br />as well as those specified in the Rules and Regulations. <br />Enclosed are Norwest Bank Colorado, N.A. Certificate of Deposit No. 5300000188, in the amount of $1,053.00, <br />and the Performance Warrarrty you originally provided. These have been released as of the May 2, 2002 Division <br />approval for the succession of operators. You should advise the issuer of your bond of this release by copy of this <br />letter. <br />If you have any questions, please contact me. <br />Sincerely, <br />Id Bob Oswald <br />Environmental Protection Specialist <br />Ettclosures <br />CERTIFIED MAIL NO. 7099 3400 0015 1443 8778 <br />Retum Receipt Requested <br />