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<br />DIVISION OF MINERALS AND GEOLOGY <br />Department of Natural Resources <br />1 313 Sherman St., Room 215 <br />Denver, Colorado 80207 <br />Phone: 13031 866-3567 <br />f Ax: (3071 832-8106 <br />December 7, 1994 <br />Mr. Moms Chambers <br />Greenhorn Valley Bank <br />Number One North Parkway <br />P.O. Box 33 <br />Colorado City, CO 81019 <br /> <br />(~T A Tr <br />III IIIIIIIIIIIIIIII~F <br />999 <br />COLORADO <br />~~~ <br />I~EPARTMEM' OF <br />NATURAL <br />RESOURCES <br />Roy Romer <br />(.ovemor <br />lames 5 Lochhead <br />L uK mrvr Duct tnr <br />Michael 8 long <br />Dwi+mn Uircc Inc <br />Re: Notice of Cancellation for Letter of Credit securing Western Materials, Inc. <br />Financial Warranty, Pinon Sand & Gravel, Permit No. M-88-008 <br />Dear Mc Chambers: <br />On November 28, 1994 the Division of Minerals & Geology received your Notice of <br />Cancellation for Letter of Credit in the amount of $17,500.00. Cancellation can only be <br />effective on an anniversary date when written notification is received at least 60 davs prior to <br />such anniversary date as per the conditions of the original document. <br />According to our records, the anniversary of Letter of Credit is January 25, 1995, and <br />therefore the Division of Minerals and Geology cannot accept this Notice of Cancellation due <br />to insufficient notice (58 days) and the new cancellation date shall be January 25, 1996. You <br />should understand, therefore, that your bank is not relieved of financial responsibility in this <br />matter. Such responsibility shall continue until this Letter of Credit Financial Warranty is <br />replaced by another form of Financial Warranty by the Operator. <br />In case of forfeiture this Irrevocable Letter of Credit will be drawn upon by sight draft for the <br />full amount or to whatever lesser amount may be needed to fulfill any uncompleted reclamation <br />obligation of the Operator. This obligation includes all disturbance created prior to and <br />including the expiration date of the Irrevocable Letter of Credit. <br />If you have any questions regazding this matter, please contact me. <br />Sincerely, <br />~ utic w . _ ~ ~.w~ <br />Lav ~. may <br />"-gram Assistant ~_ <br />CERTIFIED MAIL NO. P 296 608 267 <br />Return Receipt Requested <br />