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Sixty acres of the Quarry has potential value as recreational property. The full appraised value a; a recreational developL.e:~: is dependent on: 1) increased vehicle traffic in the area, 2) commercial activity in surrounding ski resorts,` 3) 5nding a buyer with sufficient financial resources and an interest in developing the property, and 4) ameliorating any potential hazards of falling rock. Based on a sales comparison approach for recreational property, the estimated value of the mine site is $39,750. Knowledgeable parties located near to the property and having a potential interest in the property were contacted by CF&I to determine any interest in making an offer to buy the Quarry. Those parties contacted indicated they were not interested in purchasing or assuming ownership of the property given the existing reclamation liabilities. CF&I's operations at the Quarry are subject to two reclamation permits. According to Colorado, approximately 81 acres of land in the upper Quarry and 52 acres in the lower Quarry are subject to reclamation obligations. Colorado issued a Development and Extraction Mining Permit No. M-77-377 in May 1978. The application for Permit No. M-77-377 required an estimate of the costs to perform reclamation. Colorado accepted CF&I's reclamation cost estimate and financial assurance in the form of a $110,000 surety bond purchased from The American Insurance Company. In 1987, the bond was converted to a reclamation only status and a second Permit No. M-87-093 was issued to cover continued active mining in the lower Quarry. CF&I estimated the cost to perform the ` Other regional ski facilities have not been financially prosperous. Monarch Recreational Corporation was purchased by a Japanese group after filing bankruptry. Conquistador Ski Area was sold by the Small Business Administration on August 5, 1992. Cuchara Ski Area was sold by the Resolution Trust Corporation on August 12, 1992.