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<br />DONALD G. HALEY <br />PRESIDENT <br />itl- ~5-uv.~ <br />. ~•~.. :.a~:n <br />orr.F-~IED <br />SEP 0 9 1996 <br />RI <br />FIRST 1~TATIO AL BAT\'I{, CORTEZ <br />CORTFZ ~ COLORADO D;t':':o^. C'. !:~:"~'~~= ~ Ce:~o~Y <br />(303) 565-3781 140 West Main Street P. O. Drawer A Cortez, Colorado 81321 <br />IRREVOCABLE LETTER OF CREDIT <br />Bank: The First National Bank, Cortez <br />Street: 140 PJest Main Street <br />City: Cortez <br />State: Colorado Zip Code: 81321 <br />Atea Code: (970) Telephone: 565-3781 <br />BENEFICIARY: <br />State of Colorado <br />Mined Land Reclamation Boazd <br />ZIS Centennial Building <br />1313 Sherman Street <br />Dem~er, CO 80203 <br />Applicant: Aspen Gold <br />Street: 15890 Road 28.3 <br />City: Dolores <br />State: Colorado <br />Area Code: (970) <br />Permit ~: M-95-043 <br />Gentlemen: <br />LETTER OF CREDIT NU7`4BER: 74 <br />Amowtt: Q4 <br />Date of Issuance: July 22, 1996 <br />Initial Expiration Date: July 23, 1997 <br />Zip Code: 81323 <br />Telephone: 882-4063 <br />County of Operation: <br />Dolores County <br />\Ve hereby issue and establish our Irrevocable Letter of Credit, the amount of "hich is <br />available by beneficiary's draft or drafu draHn upon us, which shall be paid at sight, <br />when accompanied by the follo«ing documents: <br />A Written statement of the Director ("the Director') of the Division of 1`4inerals and <br />Geology of the State of Colorado ("the Division") certifying that he is a duly <br />authorized official acting on behalf of the State of Colorado and that the amount of <br />the accompan~~ing sight draft is due and payable to the State of Colorado pursuant to <br />applicable provisions of Colorado statutes governing mined land reclamation and <br />that Aspen Gold, a Colorado Partnership or its successor has neglected, fai]ed, or <br />refused to pay such amount although requested to do so by the Director. <br />t,.,~t ~~ ,'6 ~~~~,02I2 <br />~• ~ r y, ..:..~ <br />7 <br /> <br />