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r <br />• <br />October 16, 1996 <br />Page 3 <br />Colorado based assets, The problem at the Cross Mine? Simply that i[ holds a <br />Colorado discharge permit. <br />Most mining finance in the United States flows from Canada, <br />which, because of its expertise, has long been an international clearinghouse for <br />the finance of exploration and mining. With the recent seizure of the Canadian <br />assets of one Robert Friedland, late of Galactic Resources, and efforts within <br />Colorado to find "deep pockets" to remediate century old mining waste: <br />problems, the perception in the financial community is that Colorado is closed <br />for business. The Board of Hendricks' parent acted immediately on thi:~ <br />perception. <br />The efforts of State regulators to fine and threaten, even in the <br />absence of damage, has terrified mining investors. <br />This is where Tom Hendricks and his operation come in. If the <br />cleanest mine water in the State isn't good enough, and if Hendricks coin be <br />forced out of business without so much as an injured mosquito to show for it, <br />then Colorado is closed to mining. <br />Governor, a way must be found to return common sense ar,d <br />balance to this process. <br />Tom Hendricks would like to meet with you personally to lay out <br />this problem and the impact it is having on his operation and others like it. <br />Thank you for your kind attention to this pressing matter. <br />Very truly yours, <br />VRANESH~AZ`ID RAISCH, <br />By "I <br />John R. H nderson <br />JRH <br />cc: Mr. Thomas S. Hendricks <br />Ron Cattany, Department of Natural Resources <br />Stuart Sanderson, CMA <br />