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iii iiiiiiiiiiiii~ii <br />STATE OF COLORADO <br />DIVISION OF h11NERALS AND GEOLOGY <br />Department of Natural Resources <br />1313 Sherman St., Room ? 15 <br />Denver, Colorado tS0203 <br />Phone: (303) 866-3567 <br />FA%: (3031 812-8106 <br />March 21.2001 <br />Keith Sieber <br />Bowie Resources Limited <br />1855 Old Highway 133 <br />Paonia, CO 81428 <br />Re: Letter of Credit No. F <br />Bowie No. 2 Mine, Permit No. C-96-083 <br />Bowie No. 1 Mine, Permit No. C-81-038 <br />Dear Mr. Sieber: <br />DIVISION Of <br />MINERALS <br />GEOLOGY <br />R E C L A M A T I O N <br />MINING•SAFETY <br />Bill Owens <br />Governor <br />Greg E. Watcher <br />Executive Director <br />Michael B. long <br />Drv~sion Director <br />To get the Irrevocable Standby Letter of Credit No. F in compliance the following must be done: <br />I) Two Federal Reclamation Bond Forms for a Letter of Credit must be filled out and signed by Bowie Resources <br />Limited. Fotms enclosed <br />2) Irzevocable Standby Letter Of Credit No. must be broken up into two Letters of Credit with the <br />appropriate language (see Sample Letter of Credit). <br />Bowie No. 2, C-96-083 - 55,000,000 <br />Bowie No. 1, C-81-038 - 51,000,000 <br />3) The Division needs a balance sheet certified by a CPA (Bank's Annual Report) from UBS Warburg. <br />4) Since this bank is not located in Colorado, this Letter of Credit must be confirmed or exercised by a affiliate or <br />subsidiary located in Colorado, with a letter from the Colorado bank (address in Colorado) confirming the <br />IRLOC. This is by Rule 3.02.4(2)(d)(i)- We will also need a balance sheet from the Colorado bank. <br />A sample of a confirming bank letter is enclosed. <br />if you have any questions please don't hesitate to call me at (303) 866-3968 or David Berry. <br />Sincerely, <br />C~'H,Ihi ~ ~~i~)te~ <br />Io nna Cramer <br />Program Assistant <br />Enclosures <br />Cc: Joe Dudash <br />David Berry <br />