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~ M M , • ANNUAL REPORT FOR 1998 . MINING PERMIT NO.: M-93-030 As of 1/1/99 all impact areas are as indicated on the accompanying updated "Affected Lands Map" (ALM). All excavations have been backfilled, contour graded, and seeded as required, except for areas 2 and 5 in mining parcel No. 3 as shown on the (ALM). These two pits will be excavated to a deeper level and the areas will not be increased unless values discovered require more area to recover them. The work in these pits is, at present, the only work proposed for the future. However, further plans may change the entire operational mode. (See explanation further on in this text.) On May 19, 1998 the sites and operations conducted under the State of Colorado Mining Permit No.: M-43-030 was routinely inspected by Mr. Berhan Keffelew. I have attached a copy of the inspection report along with letters pertaining to release of those areas as being satisfactorily reclaimed. All of the released areas are located in mining parcel No. 1 (see ALM). The excavations were opened and the reclamation work done by the Colorado Calumet Company Inc. a Colorado Corporation leasing the mining parcel from John 0. Buckner. Lease will, if not renewed, terminate July 12, 1999. The President and CEO of the Colorado Calumet Company Inc. is Bryan Lees of Golden, Colorado. Mining Parcel No. 1 is also an unpatented mining claim known as the TWO POINT (See specific data shown on the ALM.) The above named lessee, Bryan K. Lees, and I, the lessor John 0. Buckner, have agreed to subject all of the mining parcels available for mining to a rather extensive surface survey and examination by qualified professional geologists in order to determine where and of what quality values could be profitably mined. Until enlightening reports are submitted to us, we can not accurately predict those sites where we would be mining. If the reports should be favorable the first order of operations will be to contact the U.S. Forest Service with a Plan of Operations, submittal accompanied with the required reclamation bond. We then could give the Colorado Division of Minerals and Geology a true and accurate account of what areas we would impact and possibly to what extent. At that time any changes to the mining permit could be accomplished. If the reports submitted by the geologists are favorable, the mining could be more extensive. If they are not favorable the operation will remain small but will not be abandoned. The above mentioned lessee, Bryan K. the said geological studies and has 1999 if conditions will permit. Lees, has agreed to bear the expense of indicated that they begin in mid April The above noted statements consist of all that I am aware of at this time. I will, of course, submit a revised ALM as soon as information is available. Please contact me if you have questions. Sincerely, "i~C.. ~,.i+ .7/30/99 John 0. Buckner Owner/Operator ~'r:,,.., ..