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STATE OF COLORADO <br />DIVISION OF MINERALS AND GEOLOGY <br />Department of Natural Resources <br />7313 Sherman St., Room 215 <br />Denver, Colorado 80203 <br />Phone: (303) 866-3567 <br />FAX: (303) 832-8106 <br />Mazch 1, 2004 <br />COLORADO <br />DIVISION OF <br />MIN SRALS <br />GEOLOGY <br />0.ECLANATI°N•NINING <br />SAFFTY•ECIENCE <br />Bill Owens <br />Governor <br />Ms. Barbara R. Chalmers Russell Geon;e <br />Mining and Minerals, Ltd. ~ Executive Director <br />8115 Preston Rd, Ste 680 Ronald w. Cattany <br />Dallas, TX 75225 - Division Director <br />Natural Resource Trustee <br />Re: Joker Mine, Permit No. M-1983-052, Financial Warranty Reduction Approval, Revision No. SR-1 <br />Dear Ms. Chalmers: <br />On January, 28 2004 the Division inspected the Joker Mine and, based on the reclamation work observed, proposed to <br />release $196,400.00 of the $236,000.00 financial warranty. However, on Febtvary 26, 2004 the Division received <br />correspondence from the Little Snake Field Office of the BLM stating that they had accepted the transfer of the reservoir <br />and a water well from M & M II, Ltd. to the BLM and that " We (the BLM) will accept the State holding $6,000 for <br />revegetation costs and accept any other costs CDMG fmds appropriate considering the transfer of liability for the one <br />well and the pond to BI,M." Based on this transfer of liability, the Division has recalculated the reclamation bond as <br />follows: <br />Revegetation 10 acres @ $600.00/acre <br />Well plugging <br />Mobilization/ Demobilization <br />Subtotal <br />23% Additional Costs <br />Total <br />Round to <br />$6,000.00 <br />$2,500.00 <br />inn on <br />$9,100.00 <br />Q <br />11,193 00 <br />$11,000.00 <br />Therefore, on February 27, 2004 the Division of Minerals and Geology approved a Financial Warranty Reduction to <br />$11,000.00. This is a reduction of $225,000.00. <br />The Division will be sending a Colorado State Warrant refunding $225,000.00 of your reclamation bond, plus any <br />interest that may have accrued, under separate cover. If you have any questions pertaining to the refund of this portion of <br />your reclamation bond call Bazbara D. Chiaponne at (303) 866I074. If you have any other questions, please contact me <br />at (303)866-4062. <br />Sincerely, ~ <br />i <br />Gregg R. quire <br />Environmental Protection Specialist <br />cc: Robert Ernst, USBLM <br />Mike Frick, Dirt N Iron ~ <br />Cazl Mount, DMG, Via a-mail <br />Bazbara D. Chiappone, DMG >/ <br />Office of Office of Colorado <br />Mined Land Reclamation Active and Inactive Mines Geological Survey <br />