UNTIED STATES
<br />DEPARTMENT OF THE IIVTERIOR
<br />BUREAU OF LAND MANAGEMENT
<br />COAL EXPLORATION LICENSE
<br />Serial Number COC 67643
<br />~y ' 3
<br />Issue Date ~RI 1 9 2~~6
<br />Expiration Date h~~Y 18 2008 ~~
<br />MAY 18 200f~
<br />This license, entered into on y the United States of America, the licensor, through the Bureau of
<br />Land Management (BLM), and
<br />Oxbow Mining, LLC
<br />P.O. Box 535
<br />Somerset, Colorado 81434
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<br />the licensee, is hereby issued under the Mineral Leasing Act of 1920, as amended (30 U.S.C. section 181 et se .and
<br />is subject to all applicable Federal, State, and local laws and regulations, including Title 43, Code of Federal
<br />Regulations (CFR), Part 3400.
<br />Sec. 1. RIGHTS UNDER LICENSE--This license confers the right to perform exploration operations in accordance
<br />with the terms and conditions of this license, the approved exploration plan, and applicable regulations in the
<br />following-described lands situated in the State of Colorado:
<br />T. 12 S., R. 90 W., 6th P.M.
<br />sec. 27, S'hSW'/a;
<br />sec. 32, lots 1, 2, 7 to 10, inclusive, 15, and 16, and NE'/a, excluding portions of Tr. 2 in modified
<br />lease COC 61357;
<br />sec. 33, lots I to 20, inclusive and N'/z;
<br />sec. 34, lots 3 to 6, inclusive, 11 to 14, inclusive, 19, 20, and NW'/a.
<br />The area described contains approximately 2,016.42 acres.
<br />This license is issued for a period of two yeazs and shall confer no right to a lease. It shall not be extended; however,
<br />the licensee may apply for a new exploration license to be issued simultaneously with the expiration of this license.
<br />The issuance of this license shall not preclude the issuance of a coal lease at such time and to such persons as
<br />deemed appropriate by the BLM State Director or by his delegated representative, hereafter called the "authorized
<br />officer." If a coal lease is issued for lands included in this exploration license, those lands common to both lease and
<br />license shall be canceled from the license effective the date of lease issuance.
<br />Sec. 2. EXPLORATION--The licensee shall diligently explore the lands by drilling, by excavating, by geophysical
<br />or geochemical surveying, or by other acceptable methods. The licensee is entitled to use for exploration purposes
<br />so much of the surface of the licensed lands as reasonably necessary for such operations in accordance with the
<br />approved exploration plan which is attached and made a part of this license.
<br />Sec. 3. OPERATIONS--(a) The licensee shall comply with all applicable rules and regulations of the Secretary of
<br />the Interior and, as to any lands in this license which aze administered by another Federal agency, with the
<br />regulations and orders of that agency.
<br />(b) The licensee shall comply with the provisions of the operations regulations at 43 CFR Part 3480 and all orders
<br />issued pursuant [hereto. Copies of the operating regulations may be obtained from the Uncompahgre Field Office
<br />Manager.
<br />(c) The licensee shall allow inspection of the premises and operations by authorized representatives of the
<br />Department of the Interior or other Federal agency administering the lands and shall allow the free ingress and egess
<br />of Government officers and other persons using the lands under authority of the United States. Upon request of the
<br />authorized officer or the Uncompahgre Field Office Manager, the licensee shall report all matters pertaining to the
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