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UNION BANK & TRUST <br /> State of Colorado <br /> Mined Land Reclamation Board <br /> 215 Centennial Building <br /> 1313 Sherman Street <br /> Denver, CO 80203 <br /> Letter of Credit Number 411 <br /> For the Account of Mountain Park Concrete, Inc. <br /> P.O. Box 856 <br /> Grandby, CO 80446 <br /> Issue Date: February 25, 1999 <br /> Amount: $16, 340.00 <br /> Expiration Date: February 25, 2000 <br /> To Whom It May Concern: <br /> We hereby establish our Irrevocable Letter of Credit No. 411, <br /> the amount of which is available by beneficiary' s draft (s) <br /> drawn upon us, which shall be paid at sight, when accompanied <br /> by the following document : <br /> A written statement of the Director ("the Director") of the <br /> Division of Minerals and Geology of the State of Colorado ("the <br /> Division") certifying that he is a duly authorized official acting <br /> on behalf of the State of Colorado and that the amount of the <br /> accompanying sight draft is due and payable to the State of <br /> Colorado pursuant, to applicable provisions of Colorado statutes <br /> governing mined land reclamation and that Mountain Park Concrete, <br /> Inc. or its successor has neglected, failed, or refused to pay such <br /> amount although requested to do so by the Director. <br /> Each sight draft so drawn and presented shall be honored by us if <br /> presented prior to the close of business on the expiration date of this <br /> letter of credit. Drafts must be negotiated or presented to drawee on or <br /> before: February 25, 2000 and must bear the reference "DRAWN ON Union <br /> Bank & Trust LETTER OF CREDIT NO. 411 dated February 25, 1999". This <br /> credit refers to Mountain Park Concrete, Inc. ' s application for a permit <br /> to engage in mining and reclamation activities within the State of <br /> Colorado. <br /> :t is an express condition of this letter of credit that it shall be <br /> automatically extended for successive additional periods of one year <br /> each, from the initial and each future expiration date unless Union Bank <br /> ,. Trust ("the Bank") shall notify the Director at least 90days prior to <br /> an expiration date in writing by registered mail, at the above address, <br /> ^.at the Bank elects not to extend the credit for such additional period. <br /> 100 BROADWAY • P.O.BOX 9347 • SO DENVER STATION • DENVER.COLORADO 80209 • (303) 744-3221 • MEMBER F.D LC <br />