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t: _ , <br />STATE OF COLORADO <br />DIVISION OF MINERALS AND GEOLOGY <br />Department of Natural Resources <br />1313 Sherman 5t., Room 215 <br />Uenver, Colorado 80203 <br />Phone: (3031866-3567 <br />FAX:1303)832-8106 <br />Operator: VALCO, INC. <br />FINANCIAL WARRANTY <br />CORPORATE SURETY <br />DEPARTMENT OF <br />NATURAL <br />RESOURCES <br />Roy Roma <br />Governor <br />KPn $dldldr <br />Executive ~irec krr <br />Michael 8. Lunt; <br />Division Director G <br />~i~~3da,~ <br />Operation: GUNNISON - SOUTH PIT <br />Permit No.: M-77-023 Bond No.: .16401 <br />Warrantor : PIONEER G~'R~r. INSURANCE CQMPAI~IY <br />Street: 2000 South Colorado I31vd., #4000 <br />City: Denver <br />State: Colorado Zip Code: 80222 <br />Area Code: (303) Telephone: 756-6700 <br />KNOW ALL MEN BY THESE PRESENTS, THAT: <br />WHEREAS, the Colorado Mined Land Reclamation Act, C.R.S. 1973, 34-32-101 <br />et sey. (the "Act"), as amended, provides that no permit; may be issued under <br />the Act until the Mined Land Reclamation Board (the "Board") receives a <br />Financial Warranty (or Warranties) as described in the Act. <br />WHEREAS, VALCO, INC. ~ (the "Operator"), a <br />Colorado corporation, has applied for a permit to conduct a <br />mining operation known as GUNNISON - SOUTH PIT (the "Operation). <br />These lands are described in the permit application, as amended and <br />supplemented, and are referred to herein as the "Affected Lands". <br />WHEREAS, in the application for the permit, the Operator has agreed to be <br />bound by all requirements of the Act and all applicable rules and regulations <br />of the Board, as amended from time to time. <br />WHEREAS, in the application for the permit, the Operator has agreed with <br />the Board to provide for reclamation of the Affected Lands that are now, or <br />may become, subject to the permit, as required by law. <br />