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~' Gosney Brothers, LLC. <br />P.O. Box 1186 <br />BayBeld, CO. 81122 <br />(970) 563-9000 RECEIVED <br />NOV 2 5 2002 <br />Division of Minerals and Geology <br />November 21, 2002 <br />State of Colorado <br />Division of Mineral & Geology <br />_ _ _ -_ 1313_Sherman Street Rm_215 -- _ - - _ - _-_ --- - _ _ - _ - -- <br />Denver, CO. 80203 <br />112C Annual Report <br />Permit No.: M1977-446 <br />Ignacio Pit <br />I) There aze no mining operations at this time. There aze stock piles of gravel <br />resources please see enclosed map). <br />II) Reclamation of this pit has begun according to the approved application for <br />Ignacio Pit (please see map). <br />III) There aze no plans for resumption of mining operations at this time. Only <br />storage of stock piles. <br />IV) There have been no changes in financial wazranty. An "Irrevocable Letter of <br />Credit" from my financial institution Pine River Valley Bank is still in full <br />effect. <br />