2008-04-28_REVISION - M1979192 (10)

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-:,~.~. LaS~Ila Bank ,, 200 West Monroe Street, Suite 1100 Chicago, Illinois 60606 (312) 904-8462 Fax: (312) 904-6303 Global Trade & Advisory RECEIVED JUN 0 6 2003 Division •f Minerals and Geology IRREVOCABLE LETTER OF CREDIT The Bank: LaSalle Bank N.A. Member ABN AMRO Giroup RECEII/E® JUL 3 I Division of Minerals and GeolopY Street: 200 West Monroe Street, Suite 1100 City: Chicago State: Illinois Zip Code: 60606-5002 Area Code: (312) Telephone: 904-8462 Beneficiary: STATE OF COLORADO MINED LAND RECLAMATION BOARD 215 CENTENNIAL BUILDING 1313 SHERMAN STREET DENVER, COLORADO 80203 Letter of Credit Number: Amount: USD 45,478.00 Date of Issuance: June 4, 2003 Initial Expiration Date: January 31, 2004 Applicant: Pete Lien & Sons, Inc., dba Trans Colorado Concrete Street: 3401 Universal Drive City: Rapid City State: South Dakota Zip Code: 57702 Area Code: (605) Telephone: 342-7224 Gentlemen: We hereby issue and establish our irrevocable letter of credit, the amount of which is available by beneficiary's draft or drafts drawn upon us, which shall be paid at sight when accompanied by the following document: A written statement of the Director ("the Director") of the Division of Minerals and Geology of the State of Colorado ("the Division") certifying that he is a duly authorized official acting on behalf of the State of Colorado and that the amount of the accompanying draft is due and payable to the State of Colorado pursuant to applicable provisions of Colorado statutes governing mined land reclamation and that Colorado Lien Company, a division of Pete Lien & Sons, Inc. or its successor has neglected, failed or refused to pay such amount although requested to do so by the Director. Each sight draft so drawn and presented shall be honored by us if presented prior to the close of business on the expiration date of this letter of credit. This credit refers to Colorado Lien Company, a division of Pete Lien & Sons, Inc.'s application for a permit to engage in mining and reclamation activities within the State of Colorado.