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<br />STATE OF COLORADO <br />DIVISION OF MINERALS AND GEOLOGY <br />Department of Natural Resources <br />1313 Sherman SL, Room 215 <br />Denver, Colorado 80203 <br />Phone. (3031 866-3 567 <br />FAX: (303) 832-81 U6 <br />MINING AND RECLAMATION PERMIT <br />HARD ROCK/METAL MINING OPERATIONS <br />Permit Number: M-97-032 <br />Type of Permit: 110(2) <br />Permit Date: November 3, 1999 <br />(Anniversary date for <br />annual report and fees <br />purposes) <br />DIVISION OF <br />MINERALS <br />GEOLOGY <br />RECLAMATION <br />MINING•SAFETY <br />Bill Owens <br />Governor <br />GregE Watcher <br />Execulrve Dueclor <br />Michael B. Long <br />Division Dueao~ <br />THIS PERMIT is issued by the Mined Land Reclamation Board, Department of Natural <br />Resources, State of Colorado. <br />RECITALS <br />A. The Permittee, International Uranium (USA) Corp. desires to conduct a mining <br />operation known as Van 4 Shaft, for the purpose of extracting uranium and vanadium. The Petmittee <br />will not mine any secondary commodities. <br />B. On August 30, 1999 the Mined Laod Reclamation Board (the "Board") approved the <br />Permittee's application for this permit, fixed the amount of the financial warranty and directed that <br />this permit be issued upon the filing with the Division of Minerals and Geology (the "Division") of <br />performance warranty and financial warranty (or warranties) in the amount so fixed in form and <br />substance approved by the Division. Said warranties have been filed with the Division. <br />C. If the Permittee desires to extract materials other than those listed in (A), a separate <br />permit may be required. <br />D. On August 30, 1999 the Board made the following findings: <br />1. The application for this permit complies will[ the requirements of the Colorado <br />Mined Land Reclamation Act, C.R.S. 34-32-101 et sec ., as amended, and with all applicable local, <br />state and federal laws; <br />2. The operation will not adversely affect the stability of any significant, valuable, <br />