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• • III IIIIIIIIIIIII III <br />14 <br />January 2, 1991 15 <br />Peerless Resources, Inc. 18 <br />correct address 19 <br />RE: Performance bond on Coal Gulch Mine, Letter of Credit ANB 23 <br />0879 <br />Dear Mr. 26 <br />On August 22, 1990 the Colorado Mined Land Reclamation Board 29 <br />("Board") forfeited the performance bond for the Coal Gulch Mine 30 <br />operated by Peerless Resources, inc. under permit No. C-84-067. 31 <br />A copy of the order is attached. <br />Please pay the Board $140,000 immediately. If such payment is 34 <br />not submitted by January 22, 1991, the Board will issue a sight 35 <br />draft against letter of credit No. ANB 0879. 36 <br />if you have any questions, please contact James Stevens. 39 <br />Sincerely, 43 <br />JAMES B. COOLEY 45 <br />