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-. ~ ~ ~ <br />James S. Munn, Esq. <br />May 4, 1990 <br />Page 2 <br />(b) There will be a required amendment to the existing permit <br />with the Colorado Mined Land Reclamation Division. This <br />will require a public hearing with 90 days notice and <br />prior approval by Boulder County. <br />(c) There will be certain items required to be addressed with <br />the Colorado State Engineers office in the construction <br />of the necessary water pumping station on Left Hand <br />Creek, the necessary water well, and the pump above the <br />mine storage area. <br />(d) Somehow, it is going to be necessary to address with <br />• everyone including Gold Hill Ventures, Mi Vida, and <br />Cosmos issues that can arise regarding the tailings pond. <br />obviously, existing tailing facilities are available. <br />However, some provision needs to be made to establish an <br />appropriate "sinking fund" or other funding source to <br />replace the existing limited tailings pond if a custom <br />processor should completely fill that facility. I am <br />not certain exactly how that should be addressed, but we <br />will need to be operating under some requirement to <br />obtain an amended permit, increase the reclamation bond, <br />and obtain a new tailings pond and liner. <br />(e) The Contract for Custom Ore Processing needs to address <br />the hundreds of thousands of dollars that have been spent <br />by participants such as Cosmos in the construction of the <br />mill and related facilities. Whether that is done merely <br />by some form of compensation or payment to Gold Hill <br />Ventures, or otherwise, it needs to be considered. <br />(f) Gold Hill Ventures would require the same access and use <br />of mill capacity as any third party (same dollar per ton <br />fee). <br />Finally, in addition to the other items addressed in my letter <br />dated March 15, we need to be certain that if we are successful in <br />attracting a serious player into the mine that the right to process <br />750 tons of test ore and the right to process the dump material <br />remains intact. Then, upon completion of that project, the concept <br />of the option to purchase the mill for $500,000 cash plus <br />$1,000,000 to be paid out of production remains. <br />I am not certain whether it makes since for us to get together <br />in Denver right now, or not. However, as soon as you have had an <br />opportunity to consider this further and prepare a draft it might <br />C 4D065'7 <br />