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,~ <br />LKA International, Inc. <br />3724 47th Street Ct. NW <br />Gig Harbor, WA 98335 <br />(206)851-7486 <br />FII,~ Co <br />Pr <br />Receive <br />March 5, 1996 <br />CERTIFIED MAIL ~~~ p 9 •;~st) <br />Durango Field Office <br />Mr. Kerry McDonald, President ~ Dhdaion of Minerals 8 Geology <br />Golden Wonder, L.L.C. <br />P.O. Box 368 <br />Lake City, CO 81235 <br />RE: Notice of Default by Golden Wonder, L.L.C. pursuant to terms of the <br />"Option And Purchase Agreement" dated May 4, 1994 <br />Deaz Mr. McDonald, <br />You are hereby notified that LKA considers Golden Wonder, L.L.C. to be "ln Default" as <br />that term is defined in the "Agreement." We expect you to either, cure the default in all respects <br />and come back into compliance with all provisions of the Agreement within the 10 period allotted, <br />or, relinquish control of the property back to LKA. Also please be advised that LKA reserves all <br />rights under the terms of the Agreement to legally proceed against Golden Wonder for any <br />encumbrances or deficiencies levied against the Property <br />As indicated in previous conversations, LKA is/has been interested in resolving these <br />issues in a mutually favorable manner but has determined that further extensions of the "Closing <br />Payment" would not substantially benefit either party. As always, you may call me directly if you <br />think that you may have a real and immediate solution. <br />Sincerely, <br />~N~ ' C~ <br />y~~-- <br /> <br />Kye A. Abraham <br />President <br />