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Feb-25-03 03:62pm <br /> <br />Fram-BARRICK GOL CORP <br />:..-: <br />+4166610460 <br />-`I- <br />T-006 P.006/010 F-746 <br />[f [he Board shall notify the Warrantor that the Opcraror is in default, and if the Boud shall initiate any Financial <br />Wananry forfeiture procedures required bylaw or regulation, the Warrantor may. in lieu of malting payment [o <br />the Board of the amount due hereunder. cause the reclamation to be timely performed in accordance with all <br />requirements of the Act and all applicable rules and regulations. In such eeent, when and if the reclamation has <br />beau timely performed to the sntisfaction of the Board or Division, this Financial Warrann~ shall 6c reeased. <br />If the reclarnanon shall not be so performed [o the satisfaction of the Board or Division, this Financial Warranty . <br />shat] remain in full force and effect. <br />This Financial Warranty shall be subject to forfeintre.whenever the Board determines that any one or more of <br />ttte following circumstances exist: <br />1. A Cease and Desist Order entered pursuant to Section 34-32-124 of the Act has been <br />violated, and the corrective action proposed m such Order has not been completed alihoue~t ample time to have <br />done so has elapsed; or <br />2. The Opaazor u in defaul[ under its Performance Wattanty, and such default has not been <br />cured, although written notice and ample time to cure such default has been given; or <br />3. The Opetawr and/or the Warrantor has failed w maintain its Financial Warranty in etxrd <br />standing as required by the Act; or <br />4, The Warrantor no longer has dre fmancia! ability to carry out its obligations in <br />accordance with the Act <br />The desQiption of lands herein is for conve¢iente of reference only, and no error in such description, nos anc <br />revision of the permitted [Wining area, nor the disttubance by the Operator of laad5 outside of the permitted <br />mining aroa shill alter or diminish the obligations of the Operator and/or Warantor hereunder, which shall <br />c~tend to the reclamation of all such lands disturbed. <br />If this Financial Warranty applies to National Foc¢st System lands, and if this Financial Wam'3nty is accepted <br />6y the United States Forest Service ("U.S.F.S."} a5 the bond required under 36 C.F,R 252.13, then the Operator, <br />having requested that the Board and the U.S.F.S. accept [his single Financial Warranty in lieu of the separate. <br />bonds which would otherwise be required by applicable law, hereby agrees that notwithstanding anv~ other <br />provision hereof or of law, this Financial Warranty shall tannin in full force and effect until U.S.F.S. has <br />advised the Board by written notice that the Operators obligations to U.S.F.S., for which this Warranty- is <br />executed, have been satisfied, and until the financial warranty has been released by nc~ Board. <br />If this Financial Warranty applies to lands under [he jurisdiction of the Stare Board of Land Commissioners <br />("Land Board"),and if this Financial Warranty, in whole or in part, is accepted by the Land Board as the bond <br />requved under its applicable law and procedures, then the Operator, having requested [line the State accept this, <br />Financial Warranty in lieu of the separate bonds which would otherisc be required by the Colorado Mined Land <br />Reclamation Board or Division of Minerals and Geology and be the Land Boazd hereb}' agrees that.. <br />notwtrhsranding any other provtsion hereof. or of law, [his Financial Warranty shall remain in Cull force and. <br />effect mti! the Board is notified in writing by the Land Board [hat the Operator s obligations to the Land Board, <br />for which this Warranty is executed. have been Satisfied and until [he financia! warranty has been released be <br />[he Board. <br />