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e <br />TELE% 006iB1 • ~II f II f I! f II IIII'll • UNITED STAPES STEELS B UILD NG <br />000 GRANT STREET <br />PIT T58 U~iG H, PENNSYLVANIA <br />15217 <br />CANADIAN IMPERIAL BANK <br />OF COMMERCE <br />July b, 1984 <br />State of Colorado <br />Mined Land Reclamation Board <br />1313 Sherman <br />Denver Colorado 80203 <br />Dear Sirs: <br />We hereby issued and establish our irrevocable Letter of Credit No. 8236/023 in favor <br />of The Mined Land Reclamation Board of the state of Colorado for U. S. $34'1,543.00 <br />(Three Hundred Forty Seven Thousand Five Hundred Forty Three and 00/100 United States <br />Dollars) by order of Standard Metal Corporation, the amount of which is available by <br />beneficiary's draft drawn upon us, which shall he paid at sight, when accompanied by <br />the following; document: <br />A written statement of The Director ("The Director") of the Mined Land <br />Reclamation Board of the state of Colorado ("The Board") certifying that he is <br />a duly authorized official acting on behalf of the state of Colorado pursuant <br />to applicable provisions of Colorado statutes governing Mined Land Reclamation <br />and that Standard Metal Corporation, Denver, Colorado or its successor has <br />neglected, failed or refused to pay such amount although requested to do so by <br />The Director. <br />F.ach sight draft so drawn and presented shall be honored by us if presented prior to <br />the close of business on June 30, 1985 (Expiration date). This credit refers to <br />Standard Metal Corporation's application fora permit to engage in minin; and <br />reclamation activities within the state of Colorado. <br />It is an express condition of this Letter of Credit that it shall be automatically <br />extended for successive additional periods of one year each, from the intitial and <br />each future expiration date unless the Canadian Imperial Bank of Commerce New York <br />Agency shall notify The Director at least 60 days prior to an expiration. date in <br />writing by registered mail, on the above addressee, that the Bank elects. not to extend <br />the credit for such additional period. On such an event in addition to his power to <br />draw hereon under the proceeding paragraphs, The Director may draw the f'uIl or any <br />lesser amount hereof at any time prior to such expiration date by sight draft, or <br />drafts, accompanied by the written statement o£ The Director certifying the amount <br />drawn will be held as a cash deposit in lieu of surety, as provided in applicable <br />Colorado statutes covering Mined Land and Reclamation. <br />1 <br />