2006-10-30_REVISION - M1977247 (2)

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-4- IV. E IA ~~~ ,~ "blue 1. On lJLk'Q(~JCt~ 2~ 1~~~ Permit Number M-1977-247 wesgrantedto to -'P~l ~Q~ U M e~Of P• (eadsting operator) ("Permittce"). Pursuant to which Permittce has been conducting a mining operation in the County of FREMONT State of Colorado. 2. Permittce wishes to assign the permit to HOLC IM (US) INC . (new operator), as Successor Operator ("Suc~svor") ~d Successor wishes to beoo~ Successor Permittx under the peamit 3. Successor understands that the reclamation plan (the "Plan") required by the permit end by applicable State laws and regulations has not been completed and is willing to Aem,,,,e frill responsibility for the completion of the Ply. I V. Permittce end Successorhereby agree, for their own benefit end for the benefit of the State, such agreements to be effcetivet~so fact upon the approval by the State of the transfer of the Permit from Permittce to Successor, as follows: 1. Successor has iospocted the mining and reclamation operations to its entire satisfaction and is fully aware of the conditions thereof. Successor understands and accepts ell of the conditions of the Permit. 2. SuxessorwiUcompletethereclemetionplagendherebye~esliabiGryforcampletingsucLplmestoallmeeshetetofore disturbed, as well as to aU areas hereafter disturbed. Successor will perform all of the obligations of the Permittce under the Permit which have not heretofore been performed by Permittce. 3. SuccessorherebyteaderstotheStateitsattechedPerfotmanoeandFirtancialWarr®ties+, whicharotobesubstiUrtedforthe Performmce and Financial Warranties heretofore filed by the Permittce, effective upon the release of the latter Warranties. 4, Sum represents to the State that, to the best ofits lmowledge, information surd belief, it is not in violation of arty ofthe pmvisi~s ofthe Colorado Mined Land reclamation Ad with respect to any other operation conducted by 8 in Ute State of Colorado. Permittce and Successor hereby request the State to consent to the assignment of the Perini; to recognize Successor as Successor Operator under the Perini; and to accept the tendered substitute Performance and Financial Warranties in place of Ute Warranties presently on file with the State.