2004-05-03_REPORT - M1977004 - Laserfiche WebLink

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feb-25-03 03:51 pm From-BARRICK GOLDCORP +4168610480 T-60fi P.004/010 F-T45 -~- WHEREAS, the Operator and Safeeo Insurance Company of America (the "Warrantor'j. a corporation organized and existing under the laws of the State of k'ashinge on and dub authorized to transact a bonding and surety business in the Swte of Colorado are hereb_c and £rmly bound unto Two Million Two Hundred siacy Three [he Stare in the sure of xhousana ana no /aoo cts---------------------Dollars (5 2, 263, 000.00 ~ for the life of mine or until such time as replacement is received for the pacment of which sum well and trine nwde, we 6etcbv bind oursdvq and our personal representatives, successors and assigts. jointly and severalh~, fumly by these presenu. WHEREAS, the Board has detettnined, in accordance with the Act. that the estimated costs of reclamation of the Affected Lands are those amounts for the stated periods of time as set forth herein. Said amount may be amended from rime rn time to reflect revised estimates of said cows of reclamation. WHEREAS, the Operator and the Warrantor, in accordance with the Act, haz promised and hereby promises the Board that it will be responsible for all the estimated costs of reclamation with regard to the Affected Lands. WHEREAS, the Board has determined that this Financial Warranty by the Warrantor equals the estimated costs of rerlamation, as approved by the Board, tvith regard to the Affected Lands. NOW, Tt~REFORE, the Opetarar and the Warrantor are held hereby 6mtly unto the State of Colorado in the arrtouat of those sums for those periods of time as set forth herein, until [his Financial Warranty is amended or released in accordance with applicable law. The Board tttay, for good cause shown, inttease or de¢e3se the amount and duration of this Financial W arrann~. The Operator shall have siety (60) days after dte dare of notice of arty such adjustment w inacase the suren~ amount, but ao such increase shall bind the Warrantor unless and until it shall have consrntcd thereto in writing by the issuance of an additional Financial Warranty.or by an endorsement to this Financial Warrann-, The Operator and the Wamntnrshall notify the Board unmediately of any even[ which may impair this Financial Warrmrty. ffthe Board receives such notice, or otherwise has reason to believe that this Financial Warranty has been materially impaired, it may woven[ a hearins in accordance with the Act for the purpose of dtterminins~ whether impairmrnt has occurred The obligation of the Operator and the Warrantor shall continue until the Board has releazed this Financial Watranrv or has ordered it forfeited in accordance w$h applicable provisions of the Act. It is understood that periods ofyears may necessari}y be required before determination can be made that reclamation of the Affected Lands has been satisfactorily completed. It is also recogtized that. az reclamation is accomplished, the amount of this Financial Warranty may be reduced with the approval of the Board so that it reflects the then current estimated cost of the remaining reclamation of the Affected Lands. No revision, e-.uension, or rene.va] of the permit, or of the time allowed to complete redamadon, shall diminish the Opaator'S or Warrantor s obligation under this Financial Warranty. No misrepresentation by the Operator which may have induced the Warrantor to c~ecute this Financial Warranty shall be any defense to demand by the State undo this agreement In any single .•ear during the life of t}tc permit, the amount of the Financial Warranty shall not exceed the estimated cost of fully reclaiming all lands to be affeced in said year, plus all lands affected in previous permit years and not yet Cvlly reclaimed. Reclamation costs shall be computed with reference to current reclamation cows.