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<br />-2- <br />U <br />WHEREAS, the Operator dnd ST. PAUL FIRE & MARINE INS. CO. (the <br />"Warrantor"), a corporation organized and existing under the laws of the State <br />of MINNESOTA and duly authorized to transact a bonding and surety <br />business in the State of Colorado are hereby and firmly bound unto the State <br />in the sum of FIVE THOUSAND AND NO/100------------ Dollars <br />(g 5,000.00 ) for the life of mine or until such time as <br />replacement is received, for the payment of which sum, well and truly made, we <br />hereby bind ourselves and our personal representatives, successors and <br />assigns, jointly and severally, firmly by these presents. <br />WHEREAS, the Board has determined, in accordance with the Act, that the <br />estimated costs of reclamation of the Affected Lands are those amounts for the <br />stated periods of time as set forth herein. Said amount may be amended from <br />time to time to reflect revised estimates of said costs of reclamation. <br />WHEREAS, the Operator and the Warrantor, in accordance with the Act, has <br />promised and hereby promises the Board that it will be responsible for all the <br />estimated costs of reclamation with regard to the Affected Lands. <br />WHEREAS, the Board has determined that this Financial Warranty by the <br />Warrantor equals the estimated costs of reclamation, as approved by the Board, <br />with regard to the Affected Lands. <br />NOW, THEREFORE, the Operator and the Warrantor are held hereby firmly <br />unto the State of Colorado in the amount of those sums for those periods of <br />time as set forth herein, until this Financial Warranty is amended or released <br />in accordance with applicable law. <br />The Board may, for good cause shown, increase or decrease the amount and <br />duration of this Financial Warranty. The Operator shall have sixty (60) days <br />after the date of notice of any such adjustment to increase the surety amount, <br />but no such increase shall bind the Warrantor unless and until it shall have <br />consented thereto in writing by the issuance of an additional Financial <br />Warranty or by an endorsement to this Financial Warranty. <br />The Operator and the Warrantor shall notify the Board immediately of any event <br />which may impair this Financial Warranty. If the Board receives such notice, <br />or otherwise has reason to believe that this financial Warranty has been <br />materially impaired, it may convene a hearing in accordance with the Act for <br />the purpose of determining whether impairment has occurred. <br />The obligation of the Operator and the Warrantor shall continue until the <br />Board has released this Financial Warranty or has ordered it forfeited in <br />accordance with applicable provisions of the Act. It is understood that <br />periods of years may necessarily be required before determination can be made <br />that reclamation of the Affected Lands has been satisfactorily completed. It <br />is also recognized that, as reclamation is accomplished, the amount of this <br />Financial Warranty may be reduced with the approval of the Board so that it <br />