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has been requested are privately owned by North Central Energy, parent company of <br />Basin Resources, Inc. and former holder of the New Elk Mine permit. <br />RECLAMATION BOND HISTORY <br />This is the first bond release request (SL-Ol) filed for the New Elk mine. The Division <br />presently holds a performance bond (corporate surety) in the amount of $2, 869,312.00. No <br />bond monies are associated with the release of areas which overlie underground workings. <br />PROCEDURES AND SUMMARY OF THE REVIEW <br />PROCESS <br />Picketwire Processing, LLC applied for bond release for areas overlying underground <br />workings based on written policy as developed under the Colorado Surface Coal Mining <br />Reclamation Act by the coal program of the Division of Minerals and Geology in April of <br />1987. An application for bond release was received by the Division on June 8, 1998. <br />Picketwire published notice of the bond release application in Chronicle News once <br />weekly for four consecutive weeks, beginning June 18, 1998. Picketwire submitted proof <br />of publication on July 22, 1998 and the application was deemed complete for the <br />purposes of filing on August 8, 1998. Picketwire also notified land owners within and <br />adjacent to the mine permit area, and other interested parties, of the application for bond <br />release, as required by Rule 3.03.2(1). As of October 22, 1998, the Division had received <br />no public comment related to this bond release request. <br />The Division scheduled and conducted a bond release inspection on September 1, 1998. <br />The site inspection was conducted in accordance with Rule 3.03.2(2). Kent Gorham <br />represented the Division of Minerals and Geology. Ron Thompson of BRI represented <br />Picketwire Processing but did not attend the inspection. The Office of Surface Mining did <br />not attend the inspection, nor did any adjacent landowners or other interested parties <br />CRITERIA AND SCHEDULE FOR BOND RELEASE <br />In April of 1987, the Director of the Division of Minerals and Geology (formerly Mined <br />Land Reclamation Division) signed a Policy Memorandum regarding the Release from <br />Liabiliri of Areas OverlvinQ Underground Coal Mine Workings, which is re-stated below; <br />The lands above underground coal mine workings are included within the permit <br />boundary, as these lands may be affected by mining activity. Since these lands are not <br />usually expected to 6e disturbed, a specifrc bond is generally not required jor these lands. <br />However, ijsignifrcant subsidence damage is anticipated, the operator has a liability for <br />Page 3 of 6 <br />