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-4- <br />IV. RECITALS <br />I. On January 24 , 1980 Permit Number M-79-181 was granted to <br />Walker Mining & Milling, Inc. (existing operator)("Petmittee"),pursuaut to which <br />Pemririee has been conducting a mining operation in the County of Ouray ,State of Colorado. <br />2. Petmittee wishes to assign the pernrit to * (new <br />operator), as Successor Opemtor ("Successor") and Successor wishes to become Successor Petmittee under the <br />permit. * Mount Sneffels Mining Company, LLC <br />3. Successor understands that the reclamation plan (the "Plan") required by the pcmdt and by applicable <br />State laws and regulations has not been completed and is willing to assume full responsibility for the completion of <br />the Plan. <br />V. AGREEMENTS <br />Pemvttee and Successor hereby agree, for their own benefit and for the benefit ofihe State, such agreements to be <br />effective i so facto upon the approval by the State of the transfer of the Pemtit from Petmittee to Successor, as <br />follows <br />I . Successor has inspected the mining and reclamation operations to its entire safisfaction and is fully aware <br />of the conditions thereof. Successor understands and accepts all of the conditions of the Permit. <br />2. Successor will complete the reclamation plan, and hereby assumes liability for completing suchplanasto <br />all areas heretofore disturhed, as well as to all areas hereafter disturbed. Successor will perform all of the <br />obligations of the Petmittee under the Permit which have not heretofore been performed by Petmittee. <br />3. Successor hereby tenders b the State its attached Perfarmanceand Financial Warranties*, whichaze to be <br />substituted for the Perfomrance and Financial Wazranties heretofore filed by the Petmittee, effective upon the <br />release of the latter Warranties. <br />4. Successar represents to the State drat, to tfie best of its fnrowledge, information and belief, if is not in <br />violation of any of the provisions ofihe Colorado Mined Land reclamation Act with respect to any other operadon <br />conducted by it in the State of Colorado. <br />Petmittee and Successor hereby request the State to consent ro dre assigrnnent afthe Permit, to recognize Successor <br />as Successor Operator under the Permit, and to accept the tendered substitute Performance and Financial <br />Wartanties in place ofthe Warranties presently on file with the Stale. <br />