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' TELEX: 3772134 MNB INTL DET ONE DETROIT CENTER laner d Cmdo Di is <br /> 170363 MM INTL DST 500 WOODWARD AVENUE <br /> SWIFT: MNBD US 33 24TH FLOOR, MC 3341 <br /> FAX : (313) 222-9115 DETROIT, MI 48226 <br /> IRREVOCABLE STANDBY LETTER OF CREDIT DATE: JULY 15, 1994 <br /> BENEFICIARY: NO. : 524465 <br /> STATE OF COLORADO AMOUNT: $184,819 .00 <br /> MINED LAND RECLAMATION BOARD INITIAL EXPIRATION <br /> 215 CENTENNIAL BUILDING •- DATE: JULY 14, 1995. <br /> 1313 SHERMAN STREET <br /> DENVER, COLORADO 80203 <br /> APPLICANT: P=-XR V7 <br /> HOLNAM, INC. 5"16 C1#JYorJ &OWY RECPWEC <br /> P.O. BOX 122 <br /> JUL <br /> le <br /> DUNDEE, MI CH CHIGAN 48131 U 1 l <br /> PHONE: 313-529-2411 <br /> GENTLEMEN: e!VlS10l101 61jnB1d a VCD��Dy <br /> WE HEREBY ISSUE AND ESTABLISH OUR IRREVOCABLE LETTER OF CREDIT, THE AMOUNT <br /> WHICH IS AVAILABLE BY BENEFICIARY'S DRAFT OR DRAFTS DRAWN .UPON US, WHICH SHALL. <br /> BE PAID AT SIGHT, -WHEN ACCOMPANIED BY THE FO=WNG-DOCUMENT: <br /> A WRITTEN STATEMMQENT OF THE DIRECTOR ('THE.-DtRE,Ct*9j',j. OF THE DIVISION OF <br /> MINERALTHAT HESISNA DIIT. :AUTHORIZEDSTATE OF OFFICIAL ACTvi <br /> ING:•1(^=OFITHE. STATE OF <br /> COLONYABRADOTHAT AMO OF THE L'CO212 G-$2 '_ R}1FT IS UE AND <br /> CO RADLE <br /> SORSH SBRGLEG DFAIIrRE fiSECl' YQ 0 ZINC.OR ITS •...- <br /> ALTHOUGH RfiQUESTED:;TO DO SO BY THE D.IRSCrR'OF{Z, ;:;;.� <br /> EACH SIGHT_:DRAFT:SO DRAWN AND,ppS•I PRES.ENZ'ED-,S !OF"HO1iQRfiD;Bx.OS :IF.:.RRESENTECj <br /> PRIOR TO THE �CLOSFt;OF::BNESS:DN.'mm,-BICPMSOW.DB7B,,oR THIS:LtT1im-4c)E.'. . <br /> 'CREDIT: THIS;'CRIiDIT=RSFERS"TO.;HOY27ADk;•:�Q•f(f.�b�:+ SSIrYt7a�1�IOtI,-'F6Li•�a=2st �-:'2'0-" <br /> ENGAGE IN.'L3ININt;.=AND; OLI�MATIONIiCTIVI�'I". }7X`fj7-; 'SSATB-OP-.COIARAbO. <br /> _ IT IS AN EXPRESS :COND=ION OF" THIS`;LETTEIF;{'!F.'%CRfi]SI��1`1fli+T IT-SHALL BE <br /> ADFalATIC}1LT.'Y''E7CI'EN -'.F,OR,SUCCEAS'IO.E'•I�DP�'�' {SQL'.- bS, OF: ONIV- SAR ;fiACH . <br /> FROM THE'•INITIAL•k�ND.}:�jH-PUI'URR"-{iSCP, �iA�!192J3 ' $:Obt4ERICA•B7tNK'. <br /> ("THE BANK'.)""�SHAi.T.'NO•g-tPY. THE DIRECTOR-�T!YSE)iST."90•D. YS PRIOR TO. AN <br /> EXPIRATION DATE 2N WRITING BY REGISTERED MAM"I.AT' THE ABOVE ADDRESS, THAT <br /> THE BANK ELECTS-MOT TQ•EXTEND THE- CREDIT 74DRR..�IICH•ADDTTIONAL PERIOD. <br /> IN. SUCH EVENT, I� -lWDi lON TO TIIS,"PO•WE{L'�tilO;�ia_ (NkREON UNDER THE PRECEDING <br /> PARAGRAPHS, THE. DIRECTOR MAY DRAW THE .FULL-OR:ANY'LESSER AMOUNT HEREOF AT ANY <br /> TIME PRIOR TO SUCH. EXPIRATION DATE BY SIGHT DRAFT;-�OR DRAFTS, ACCOMPANIED PY <br /> THE WRITTEN 'STATEMENT 'OF.THE DIRECTOR CERT F•YtVG T AMOUNT DRAWN WILL BE <br /> HELD AS A' CASH DEPOSIT -IN LIEU OF FINANC?AL;41A `'AS PROVIDED IN APPLICABLE <br /> AND <br /> COLORADO STATUTES GOVERNING MINED LAND A RECLAMATION. <br /> THE ORIGINAL SIGNED LETTER OF CREDIT WILL BE PRESENTED TO THE BANK BY THE <br /> BENEFICIARY ALONG WITH ANY DRAFT PRESENTED) TURSUANT TO THIS LETTER OF CREDIT, <br /> AND WILL BE SURRENDERED TO THE BANK WITH ANY DRAFT WHICH DRAWS THE FULL AMOUNT, <br /> OR THE BALANCE REMAINING AVAILABLE, UNDER.THIS LETTER OF CREDIT. <br /> CONTINUED ON PAGE TWO <br />