2007-09-05_REVISION - M1984041 (2)

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BOND N0. 6503920 -2- Wl IEREAS, in the application for the permit, the Operator has agreed to be bound by all requirements ofthe Act and all applicable nrles and regulations of the Board, as amended from time to time. WEIF.RI'sAS, in the application for the permit, the Operator has agreed with the Board to provide for reclamation of the Affected Lands that are now, or may become, subject to the permit, as required by law. WHEREAS, the Operator and t^f Tan ^nrn r~-..^nv of Amnrir^._ {IhC °Warrantor"), a corporation organized and existing under the laws of the State of pashington and duly authorized [o transact a bonding and surety business in the State of Colorado are hereby and firmly bound unto the State in the sum of One Million Four Hundred ltirenty-nine ~h s e Hundred end-Na/ 100 Doq~ars~. ~+g~, r}00.00 )for the life of mine or until such time as replacement is received, for the payment of which sum, well and truly trade, we hereby bind ourselves and our personal representatives, successors and assigns, jointly and severally, finely by these presents. WHEREAS, the Board has determined, in accordance with the Act, that the estimated costs of reclamation of the Affected Lands are those amounts for the stated periods of time as set forth herein. Said amount may be amended from time to time to reflect revised estimates of said costs of reclamation. WHEREAS, the Operator and the Warrantor, in accordance with the Act, has promised and hereby promises the Boazd that it will be responsible for all the estimated costs of reclamation with regard to the Affected Lands. WHEREAS, the Board has determined that this Financial Warranty by the Warrantor equals the estimated costs of reclamation, as approved by the Board, whit regani to the Affected Lands. NOW, THEREFORE, the Opemtor and the W atrantor are held hereby fimrly unto the State of Colorado in the amount of those sums for those periods of time as set forth herein, until this Financial Warranty is amended or released in accordance with applicable law. The Board may, for good cause shown, increase or decrease the amount and duration of this Financial Warranty. The Operator shall have sixty {60) days after the date of notice of any such adjustment to increase the surety amount, but no such increase shall bind the Warrantor unless and until it shall have consented thereto in writing by the issuance of an additional Financial Warranty or by an endorsement to this Financial Warranty. The Operator and the W atrantor shall notify the Board immediately of any event which may impair this Financial Wananly. If the Board receives such notice, or otherwise has reason to believe that this Financial Warranty has been materially impaired, it may convene a hearing in accordance with the Act for the purpose of determining whether impairment has occurred. The obligation of the Operator and the W arrantor shall continue until the Boazd has released this Financial Warranty or has ordered it forfeited in accordance with applicable provisions of the Act. It is understood that periods of years may necessarily be required before determination can be made that reclamation of the Affected Lands has been satisfactorily completed. It is also recognized that, as reclamation is accomplished, the amount ofthis Financial Warranty maybe reduced with the approval of the Boazd sa that it reflects the then current estimated cost of the remaining reclarrration ofthe Affected (..ands. No revision, extension, or renewal of the permit, or of the lime allowed to complete reclamation, shall diminish the Operatot"s or Warrantor's obligation tinder this Firtancisl Warranty. No misropasentation bythe Operator which mayhave induced the W artantor to execute this Financial Wturanty shall be any defense to demand by the State urtder this agreement.