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-14- <br />• mining operation constructed is in a two phase system. The first phase would <br />be about it~ree years in length. And the second phase would cover the entire <br />seven years or the remaining four years of the operation. For these purposes <br />we have calculated a two part bond. For the first phase or three year <br />disturbance, we have estimated the cost of reclamation to be 52,052,000.00 <br />For the second phase or life of mine we have calculated the reclamation <br />warranty would be 53,300,300.00. <br />MR. BARRY: That's total, those two are not added? <br />MR. RENNER: The 53,300,300.00 is additive with the 52 ,052,iD00.00. <br />MR. JOUFLAS: The total is 53,000.000.00 or it's --. <br />MR. RENNER: The total warranty required for this site is E3 ,300.000.00. <br />Mike? <br />• MR. ENTZ: That's calculated in todays dollars. <br />MR. RENNER: Yes, it is. <br />MR. ENTZ: So seven years from now it might be inadequate? <br />MR. RENNER: It may be, but the Board reserves the right to reevaluate <br />the financial warranty at any time in the life of the mine for good cause. <br />Those are the four issues that we've addressed with the Company. If you <br />have any questions on any of these issues, I would be glad to answer it. <br />MR. HOLDER: The division of the bond, is it predicated entirely on time <br />or are we saying .the disturbance is limited to something. <br />MR. RENNER: It's a disturbance related figure. <br />. MR. HOLDER: So, it might be three years and it might be more or less? <br />