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Idarado Mining Company <br />311 Main Street <br />P.O. Box 584 <br />Ouray, Colorado 81427 <br />(970) 325-4482 <br />June 30, 2008 <br />Mr. Ron Crattany <br />State of Colorado <br />Division of Minerals and Geology <br />1313 Sherman Street, Room 215 <br />Denver, CO 80203 <br />Re: Idarado Mining Company <br />Annual Report Submittal <br />Permit No. M-1977-403-HR <br />Dear Mr. Crattany: <br /> <br />JUL 0 C Md <br />Division <br />nhV and on, <br />Enclosed please find Idarado Mining Company's 2007/2008 Annual Report and the <br />annual permit fee payment of eleven hundred and fifty dollars ($1,150). This report <br />addresses operational mining, beneficiation and site reclamation status for the Red <br />Mountain and Pandora (Telluride) mine operations. <br />Following review of the attached information should any questions arise or I can be of <br />further assistance, please contact me at either (303) 837-5852 or (303) 324-2630. <br />Sincerely, <br />Bill Ly <br />Vice President/Site Manager <br />wsl/file