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<br />January 25, 2004 <br />Division of Minerals and Geology <br />1313 Sherman Street, <br />Room 215 <br />Denver, CO. 80203 <br />RE: Permit No.: M-1977-222 Annual Report <br />To Whom It May Concern: <br />VALCO, INC. <br />ROCKY FORD CONCRETE DIVISION <br />P.O. BOX 550 <br />ROCKY FORD, COLORADO 81067 <br />(719)254-7461 <br />FAX (719) 254-7468 <br />There were no changes to the pit as far as mining done in 2003, other then still hauling previously <br />processed material out of this location. In 2004 we may possibly mine in the green shaded area of the <br />enclosed map. <br />Sin ely, <br />Wayne Adams <br />General Manager RFCD <br />LAMAR CANON CITY GUNNISON CRESTED BUTTE <br />