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"1~1.~? <br />IRREVOCABLE LETTER OF CREDIT <br />\1'estcrn Colorado B:tnl;, 1\iontl-osc <br />P .O. Box S9 <br />Montrose, CO S1a02 <br />(970)2-10-G000 <br />BENEFICIARI': <br />U]?ited States of.-\n;zrica <br />Departn?ent of Energy <br />Date of Issue: FeIruary ?, 1995 <br />Gentlemen: <br />1 11. <br />_.. ~- _ ;, <br />Lettcr of Credit \'untbel-: 1009 <br />amount U.S. 550,000.00 <br />Applicant: Gold Ea_le Afil?il]g, Inc. <br />Lcasc ~i\'o. AT-(0~-1)-ML-60.S-C-JD-~ <br />AT-(Od-1)-?+1L-60.S-C-SR- 13 <br />AT-(Od-I)-?`4L-60.S-C-SR-15 <br />I]?itial Expiratiolt Datz: February ~, ] 999 <br />R'e hereby issue and establish our Irrevocablz Letter of Credit, the amount of++hich is a+ailable <br />by beneficiary's drafr or drafts dra+vn upon us, +vhich shall be paid at sight, +vhen accompanied <br />by the follo+ving document: <br />A ~+ritten statement of the Secretary ("Secretary`) of the Department of Energy <br />of thz United States of America ("the Dzpartment `) or his duly authorized <br />rzpresentative. cenifj'ing that he is a duly authorized official acting on behalf of <br />the United States of America and that the amount of the accompanying sight drafr <br />is due and pa}'able to tl?e U]]itzd States of .4lnerica pu1-sual?t to applicable <br />provisions of U.S. statutes govemins reclamation of mined ]and and that Gold <br />Eagle \•li1?il]g, Inc. or its successor has 1?eglected, failed, or refused to pay such <br />a1??ot11]t altltoug]t requested to do so by the Secretary. <br />Eaclt sight draft so d1-a+vn at?d preszl?ted sl?al] be 1]onored by t1s if preselted prior to the closing <br />of business on t]]e expiration date of this letter of credit. Tltis credit refers to Gold Eagle A4ining, <br />It?c.'s application for a pert??it to engage in n]i1?il?g and reclamation activities +vitltin tl?e U]?ited <br />States of America. <br />It is an expt-ess conditiolt of il?is letter of credit that it s]]a11 be automatically extended for <br />successive additional periods of one }•ear each, from the it?itial a1?d each futurz expiration date <br />unless tl]e \Vestent Colorado Banl: of Montrose, Colorado ("t]?e Ban]:") sl?all notify t]?e Secretary <br />at ]east 60 days prior to an expiration date in ++-riting b}' registered mail, at t]?e above address, that <br />tl]e Ba1tl: elects not to extend tl]e credit for such additional period. In such event, in addition to <br />his po++'er to dra++• hzrzon under the preceding paragraphs, the Secretary may dra+v by sight draft, <br />or drafts, accompanied by the ++'rinzn statement of the Secretary cenifj'ing that the an]ount dra++n <br />+vill be held as a cas]? deposit itt lieu of finar-cial +varranty, as provided inapplicable United States <br />statutes eo+erning alined land and reclamation. <br />Xor~~or,d ~> 1'.O. 13oc SOS ;• 1(i-00 Brand A~~e. :• Xun~'uod. CO S1-0'?3 •: 1'Lo nr•: 9~0-32i--0?.i5 :• Fay: 970.3?i--0GOS <br />\Iontrosr ~: 1'O. Itrrs ti3 <• l~i(IO E. Oak Grove Rn:~d •: ?innirnsr. CO ti140_' ~ 1'L'onc::170-2AO~0000 •: }a~~: 970.240.20G9 <br />(~iic \lnrkc~ 1'r:w rl: ~:~ P.(1. Ling' ~q .i 1'?S Cough T.nvn.end •i \]nntro>c. CO SI-0U'? :• Phnnr: 970?-009000 +- Fac 070-?40-]S^_ <br />+t. niLrr F1111 <br />