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FREMONTBANK <br /> Gary L. Evans Fremont National Ban <br /> President of Canon City <br /> Canon City. Colorado 81212 <br /> 719 275-3344 <br /> FAX 719 275-8991 <br /> IRREVOCABLE LETTER OF CREDIT <br /> Beneficiary: Letter of Credit Number 124 <br /> State of Colorado Amount U.S . $21, 000 . 00 <br /> Mined Land Reclamation Board Date of Issuance: 07-03 -97 <br /> 215 Centennial Building Expiration Date : 07-03-98 <br /> 1313 Sherman Street <br /> Denver, CO 80203 <br /> Applicant : Florence Sand & Gravel <br /> Address : 799 5th Street <br /> Penrose, CO 81240 <br /> Telephone: (719) 372-6025 <br /> Permit No: M-92-051, CN-1 <br /> County: Fremont <br /> Gentlemen: <br /> We hereby issue and establish our irrevocable letter of <br /> Credit, the amount of which is available by beneficiary' s <br /> draft or drafts drawn upon us, which shall be paid at sight, <br /> when accompanied by the following documents : <br /> A written statement of the Director ( ,,the <br /> Director" ) of the Division of Minerals and Geology <br /> of the State of Colorado ( "the Division" ) <br /> certifying that he is a duly authorized official <br /> acting on behalf of the State of Colorado and that <br /> the amount of the accompanying sight draft is due <br /> and payable to the State of Colorado pursuant to <br /> applicable provisions of Colorado statutes <br /> governing mine land reclamation and that Florence <br /> Sand & Gravel Company or its successor has <br /> neglected, failed, or refused to pay such amount <br /> although requested to do so by the Director. <br /> Each sight draft so drawn and presented shall be honored by <br /> us if presented prior to the close of business on the <br /> expiration date of this letter of credit. This credit <br /> refers to Florence Sand & Grave company' s application for a <br /> permit to engage in mining and reclamation activities within <br /> the State of Colorado. F <br /> vCO <br />