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o- <br />alley <br />... True Hometown Spirit <br />National Bank <br />branch GNB <br />LETTER OF CREDIT <br />To: State of Colorado Division of Minerals and Geology <br />Department of Natural Resources <br />1313 Sherman St., Room 215 <br />Denver, CO 80203 <br />Letter of Credit No. 67 <br />Expiration Date: January O1, 2004 <br />March 6, 2008 <br />Gentlemen: <br />We hereby establish our Letter of Credit in your favor, at the request of Riverside <br />Aggregates, LLC. We hereby authorize you to draw on Valley National Bank of Lamar, <br />Colorado up to an aggregate amount of $10,000.00 U.S. Dollars available by your drafts <br />at sight in the event you deem it necessary by reason of your having executed bond(s) on <br />behalf of Carrigan Excavating. <br />All drafts so drawn must be marked drawn under our Letter of Credit No. 67. <br />It i Credit that it shall be deemed to expire on its own terms <br />as zest of both the borrower and drawee, said Letter of <br />Cr. ~iod not to exceed one year. You may draw hereunder by <br />me ~ - ~~ ~'~f 3 ~ht accompanied by your written certification that the <br />afo ding, that the proceeds of your drafts will be retained and <br />use It of liability under your bond(s) is satisfied, you will <br />refi ~ any amounts which may have been paid by you in the <br />me __ _ _ _.,___~.., ,.....~ any unpaid premium due you on said bond(s). <br />We engage with you that all drafts drawn under and in compliance with the terms of this <br />credit will be duly honored if presented at this office on or before March 6, 2009 at which <br />time this Letter of Credit will mature without written notice. We confirm credit and <br />hereby undertake that all drafts drawn and presented will be duly honored by us. <br />Except so far as otherwise expressly stated, this credit is subject to the "Uniform Customs <br />and Practice for Documentary Credit (1993 Revision), International Chamber of <br />Commerce Brochure No. 500." <br />Si~ycerely, ~%KC~-c~ s'~~~" "~~~ ` ~ . <br />k ~.rt ~ ~~~'~D <br />~ .,~ ,. <br />Craig Chbat MAR 12 <br />President 200$ <br />Uia~,~~ ~ ~~ ;~e~~smation, <br />Mining and Safety <br />204 South 4th P.O. Box 1108 Lamar, Colorado 81052 (719) 336-4381 <br />411 South Main Lamar, Colorado 81052 (719) 336-3232 <br />www. val [eynat ionallamar. com <br />