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_~ _ _ _ _ _ •:. . 4 _ __ _ _ _ ~a ~ ... y. ~-'2^.. - .... l Letter of Credit No. 74 July 22,1996 Page 2 Each sight drafr so drat~zt and presented shall be honored by us if presented prior to the close of business on the expiration date of this Letter of Credit. This credit refers to Aspen Gold, a Co]orado General Partnership's application for a permit to engage in mining and reclamation activities within the State of Colorado. It is an express condition of this Letter of Credit that it shall be automatically extended for successive additional periods of one yeaz each, from the initial and each future expiration date unless the First National Bank, Cortez ("the Bank") shall notify the Director at least 90 days prior to an expiration date in writing by registered mail, at the above address, that the Bank elects not to extend the credit for such additional period. In such event, in addition to his power to draw hereon under the preceding pazagraphs, the Director may draw the full or any lesser amount hereof at any time prior to such expiration date by sight draft, or drafrs, accompanied by written statement of the Director certifying that the amount draHm will be held as a cash deposit in lieu of financial H~arranty, as provided in applicable Colorado statutes governing mined land and reclamation. The original signed Letter of Credit WZII be presented to the Bank by the beneficiary along with any drafr presented pursuant to this Letter of Credit, and wz11 be surrendered to the Bank with any draft which draws the full amount, or the balance remaining available, under this Letter of Credit. If any expiration date specified herein shall fall upon a day other than a regulaz business day of the Bank, the expiration date shall ' ~ c be extended to the close of business on the next successive business day of the Bank. The First National Bank, Cortez By onald G. Haley -President DGH:mn Date ~ 00213