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\~oce.¢er 1998 Kn"Ca,! Csavrv - T,dw! Rrzmn 19 (~~~ )! <br />The Colorado Division of Minerals and Geology (DMG) held a reclamation performance bond, in the <br />form of a corporate surety, in the amount of 55,500,000. In July 1995, the DMG approved a bond <br />reduction request submitted as Technical Revision TR-14 of 5489,356, reducing the requved bond <br />• amount to 54,510,644. The approved reduction related to adjustment of the bond Eor pre-law areas <br />which had already been reclaimed as well as a reduction in mine disturbance areas due to early mine <br />closwe and reflected the DMG's most recent estimate of the cost to complete reclamation of the <br />remaining disturbance at that time. Following completion of supplemental reclamation activities Eor <br />the Pic 1 azea, a Phase 1 Bond Release in the amount of 52,692,733 was approved in January 1996 for <br />completion of backfilling and grading in the 720 Pit, OB-1, and Pit 1 areas. The remaining bond <br />amount of 31,817,911, exceeds the DIvIG's most recent estimate of 5972,309 for completion of all <br />remaining reclamation work. Kerr anticipates submittal of a Phase 2 Bond Release Request for the <br />reclaimed 720 Pit, OB-2, and Pic 1 areas in 1999. <br />Since the permit renewal of May l5, 1996, one Notice of Violation (NOV C-96-021) was issued <br />(December 17, 1996) for "Failure to provide access to current mine records". The NOV was abated <br />by providing the DMG with a key, allowing access through the mine gate and to the mine warehouse <br />where the records were kept. Since then, the records have been relocated to the Montgomery Watson <br />Mining Group's offices in Steamboat Springs, Colorado where they are maintained and regularly <br />updated, as necessary. <br />• <br /> <br />W ~,.,,.~.~.~ <br />u avn <br />