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Led* d CmdO Dims <br /> TELEX: 3772134 mm INTL DET ONE DETROIT CENTER <br /> 170363 MNB INTL DET S00 WOODWARD AVENUE <br /> SWIFT: MNBD US 33 24TH FLOOR, MC 3341 <br /> FAX : (313) 222-9115 DETROIT, MI 48226 <br /> IRREVOCABLE STANDBY LETTER OF CREDIT DATE: JULY 15, 1994 <br /> NO. : 524465 <br /> BENEFICIARY: <br /> AMOUNT: $184, 819 .00 <br /> STATE OF COLORADO <br /> MINED LAND RECLAMATION BOARD INITIAL EXPIRATION <br /> 215 CENTENNIAL BUILDING — DATE: JULY 14, 199S. <br /> 1313 SHERMAN STREET <br /> DENVER, COLORADO 80203 <br /> APPLICANT: <br /> 51.A9 CA-YO,-) 6.%~y RECCE/EC <br /> HOLNAM, INC. JUL1 P.O. BOX 122 U 16 1994 <br /> DUNDEfi, MI CHIGAN 48131 <br /> PHONE: 313.529-2411 <br /> GENTLEMEN: CIVlS10ROf All0eia,a v�UwOy <br /> WE HEREBY ISSUE AND ESTABLISH OUR IRREVOCABLE LETTER. OF CREDIT, THE AMOUNT . <br /> WHICH IS AVAILABLE BY BENEFICIARY'S DRAFT OR DRAFTS DRAWN .UPON US, WHICH SHA1,L <br /> BE PAID AT SIGHT, -WHEN ACCOMPANIED BY THE.FOLLOWSNG-DOCUMENT: <br /> A WRITTEN STATEMENT OF THE DIRECTOR OTHE.-D�lAkCT¢R",j. OF THE DIVISION OF <br /> MINERALS AND GEPLOGY.OF THE STATE OF COLD :%(h_Tl{H• DI.VISION") CERTIFYING <br /> THAT HE IS A DUtl AUTHORIZED OFFICIAL ACTIN A1•BE13ALF OF .THE. STATE OF <br /> COLORADO THAT AMO OF THE 'C'EQMP G=Smy <br /> F :9� IIE AND <br /> PAYABLE es. QQA F•�CO O P.L+���gqNNSII��A{N�';rSED.' U S �AMObNT <br /> OR ITTSS S ST SSORSH RLE FAIb&W.OR% Tf. SU INC.',- <br /> ALTHOUGH REQUESTED::TO DO:SO BY THE <br /> EACH SIGHT-:D$AFT;$O I3:RAWR AND, PFESFNT9.D-,S .M'B£.`HOZIQRED;BY US :IF:;PRESENT <br /> ED <br /> PRIOR TO.THE:CS.bSF�;OF:rBppSINE_ SS:D17.'!1'Fffi'E7� CW'DB7R:•OK�THIS,ZST!ItR,-OE-;: '' <br /> -CREDIT: THTS:'CREDTT=R)6FERS TO.;HOYSIA2•Y;'II)O•:!$'•Yr L`� A�I�iON•'FbR:A=pERMI'�'•;4i0... <br /> ENGAGE IN.7RMN�=1iND:-upLA.MATION-ACTIVI'CI£ j7X N; .�'STATfi-OF ,COLORADO. <br /> IT IS AN 'EXPRESS :COM=ION OF, VUS':L'ETTE IT.SHALL BE <br /> AWMMATI.C,l L=-Y'�]Cl'GND•W.'.FOR_ ,SUCCESSM',ADD OZt t._ �F{YQbS. .OF,:ONE XE71It BEACH . <br /> FROM THE'd;NITiAL;A27D;;F.�j COHEPIC.'tEum•. <br /> ("THE BANK'.). -SHAi,I.-NCY.jFY.THE bIRECIOR.-AT.: E,i�.ST.'50 •bAY$ PRIOR TO. AN <br /> EXPIRATION DATE -IN WRITING BY REGISTERED MAIL" AT:THE ABOVE ADDRESS, THAT <br /> THE BANK ELECTS-NOT. TO-EXTEND THE -CREDIT '�FOR'$IICH.ADDITIONAL PERIOD. <br /> IN. SUCH EVENT, -TN•:•-gWbt TZON TO.IiIS;'i 0oWo,-- ,'.-NRAW P{ l.tbR CNDER .THE PRECEDING <br /> PARAGRAPHS, THE. DIRECR R MAY -DRAW�tilt FULD -OR.'ALRY'LESSER AMOUNT HEREOF AT ANY <br /> TIME PRIOR TO SUCH. EXPIRATION DATE BY SIGHT. DRAFT;':-0R DRAFTS, ACCOMPANIED BY <br /> THE WRITTEN 'STATEMENT DF .THE DIRECTOR CERT�i•FYIIGG-VHAT V THE AMOUNT DRAWN WILL 13E <br /> HELD AS A' CASH DEPOSIT-IN LIEU OF FINANOIAL,�}'Y;` AS PROVIDED IN APPLICABLE <br /> COLORADO STATUTES GOVERNING MINED LAND MIND •RECLAMATION. <br /> THE ORIGINAL SIGNED LETTER OF CREDIT WILL BE PRESENTED TO THE BANK BY THE <br /> BENEFICIARY ALONG WITH ANY DRAFT PRESENTED PURSUANT TO THIS LETTER OF CREDIT, <br /> AND WILL BE SURRENDERED TO THE BANK WITH Ai;Y DRAFT WHICH DRAWS THE FULL AMOUI•Ti', <br /> OR THE BALANCE REMAINING AVAILABLE, UNDER THIS LETTER OF CREDIT. <br /> CONTINUED ON PAGE TWO <br />