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IRREVOCABLE STANDBY LETTER OF CREDIT Letter of Credit Number: 864-9189 Amount; U.S. S 12,500.00 (twelve thousand five hundred dollars and zero cents U.S. This Letter of Credit is issued on April 18, 2006 by Issuer in favor of the Beneficiary for the account of Applicant. The parties' names and their addresses are as follows: APPLICANT: IGNACIO VASOUEZ SR. 3587 Stone Canyon Road ~/ Lyons, Colorado 60540 R~"„Cj ~~ y ~D BENEFlCIARY: APR T 5 STATE OF COLORADO DIVISION OF MINERALS AND GEOLOGY 1313 Sherman Street, Room 215 phdtfou of Mlannk end B~olagy Denver, Colorado 80203 ISSUER: FIRSTBANK OF LONGMONT 1707 North Main Street Longmont, Colorado 80501 1. LETTER OF CREDtT. Issuer establishes this Irrevocable Standby Letter of Credit (Letter of Credit) in favor of Beneficiary in the amount indicated above. Beneficiary may draw on this Letter of Credit with a Draft for Drafts, if the maximum number of drawings is greater than one). Each Draft shall be signed on behalf of Beneficiary and be marked "Drawn under FirstBank of Longmont Letter of Credit No. 864-9189 dated April 18, 2008." Drafts must be presented at Issuer's address shown above on or before the Expiration Date. The presentation of any Draft shall reduce the Amount available under this Letter of Credit by the amount of the draft. This Letter of Credit sets forth in full the terms of Issuer's obligation to Beneficiary. This obligation cannot be modified by any reference in this Letter of Credit, or any document to which this Letter of Credit may be related. This Letter of Cretlit expires on the Expiration Date. 2. DRAWINGS. Partial drawings shall not be permitted under this Letter of Credit. "Draft" means a draft drawn at sight. 3. DOCUMENTS. Each Draft must be accompanied by the following, in original and two copies except as stated: A. The original Letter of Credit, together with any amendments. B. A sight draft drawn by Beneficiary on Issuer. C. The following other documents: The draft must be accompanied by a statement by a duly authorized officer of State of Colorado Division of Minerals and Geology stating that Ignacio Vasquez, Sr. has failed to meet his obligations under the Financial Warranty dated April 18, 2006. Issuer shall be entitled to accept a draft and the documentation described above, as required by the terms of this Letter of Credit, from any person purporting to be an authorized officer or representative of Beneficiary without any obligation or duty on the part of Issuer to verify the identity or authority of the person presenting the draft and such documentation. 4. SPECIAL INSTRUCTIONS. This Letter of Credit expires on April 18, 2007. In no event may the Letter of Credit expire until Applicant and Beneficiary have received 90 days written notice of the pending expiration, which notice must be sent by certified mail. Letter of Credit cannot be reduced at any time unless specifically authorized by the Director of the Division of Minerals and Geology. 5. EXPIRATION DATE. This Letter of Credit expires at the close of business at Issuer's address at 6:00 PM Mountain Time (Time) on April 18, 2007 (Date). Issuer agrees to honor all Drafts presented in strict compliance with the provisions of this Letter of Credit on or before the Expiration Date. 6. NON-TRANSFERABLE. This Letter of Credit is not transferable. 7. APPLICABLE LAW. This Letter of Credit is governetl by the Uniform Customs and Practice for Documentary Credits, 1993 flevision, International Chamber of Commerce Publication No. 500 IUCP), or any later version or amendment. This Letter of Credit is also governed by the laws of Colorado, except as those laws conflict with the Uniform Customs and Practice for Documentary Credits, Document 500. ISSUER: FirstBank c\f 0 ngmont By ~ ~ sv~ Darrin W. Anson, Senior ice Preside~it Date 7 /~p1~