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<br />EXHIBIT 1 <br />DRAFT FOR PAYMENT DRAWN UNDER <br />THE FIRST NATIONAL BANK OF STRASBURG <br />IRREVOCABLE LETTER OF CREDIT <br />NO. 177 DATED; December 9, 1998 <br />DATE: December 9, 1998 <br />The First National Bank of Strasburg, Strasburg, Colorado, pay to <br />The State of Colorado Division of Minerals and Geology, Inc. the <br />sum of Fourteen Thousand and 00/100----------------------------- <br />(14,000.00). <br />The undersigned hereby certifies to THE FIRST NATIONAL BANK OF <br />STRASBURG that the draft presented herewith is in accordance with <br />the terms of letter of credit No. 277 and all presentations <br />required therewith have been made. <br />STATE OF COLORADO <br />DIVISION OF MINERALS AND GEOLOGY <br />BY: <br />TITLE: <br />