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-2- <br />WHEREAS, in the application for the permit, the Operator has agreed to be bound by all requirements of the Act and all <br />applicable rules and regulations of the Board, as amended from time to time. <br />WHEREAS, in the application for the permit, the Operator has agreed with the Board to provide for reclamation of the <br />Affected Lands that are now, or may become, subject to the permit, as required by law. <br />WHEREAS, the Operator and Fidelity and Deposit Company-of Maryland (the "Warrantor"), a corporation <br />organized and existing under the laws of the State of. Maryland and duly authorized to transact a <br />bonding and surety business in the State of Colorado are hereby and firmly bound unto the State in the sum of <br />Thirty Nine Thousand Seven Hundred <br />Fifty and 00/100-------------------- Dollars ($ 39,750.00 ) for the life of mine or until such time as <br />replacement is received, for the payment of which sum, well and truly made, we hereby bind ourselves and our personal <br />representatives, successors and assigns, jointly and severally, firmly by these presents. <br />WHEREAS, the Board has determined, in accordance with the Act, that the estimated costs of reclamation of the <br />Affected Lands are those amounts for the stated periods of time as set forth herein. Said amount may be amended from time <br />to time to reflect revised estimates of said costs of reclamation. <br />WHEREAS, the Operator and the Warrantor, in accordance with the Act, has promised and hereby promises the Board <br />that it will be responsible for all the estimated costs of reclamation with regard to the Affected Lands. <br />WHEREAS, the Board has determined that this Financial Warranty by the Warrantor equals the estimated costs of <br />reclamation, as approved by the Board, with regard to the Affected Lands. <br />NOW, THEREFORE, the Operator and the Warrantor are held hereby firmly unto the State of Colorado in the amount <br />of those sums for those periods of time as set forth herein, until this Financial Warranty is amended or released in accordance <br />with applicable law. <br />The Board may, for good cause shown, increase or decrease the amount and duration of this Financial Warranty. The <br />Operator shall have sixty (60) days after the date of notice of any such adjustment to increase the surety amount, but no such <br />increase shall bind the Warrantor unless and until it shall have consented thereto in writing by the issuance of an additional <br />Financial Warranty or by an endorsement to this Financial Warranty. <br />The Operator and the Warrantor shall notify the Board immediately of any event which may impair this Financial Warranty. <br />If the Board receives such. notice, or otherwise has reason to believe that this Financial Warranty has been materially <br />impaired, it may convene a hearing in accordance with the Act for the purpose of determining whether impairment has <br />occurred. <br />The obligation of the Operator and the Warrantor shall continue until the Board has released this Financial Warranty or has <br />ordered it forfeited in accordance with applicable provisions of the Act. It is understood that periods of years may <br />necessarily be required before determination can be made that reclamation of the Affected Lands has been satisfactorily <br />completed. It is also recognized that, as reclamation is accomplished, the amount of this Financial Warranty may be reduced <br />with the approval of the Board so that it reflects the then current estimated cost of the remaining reclamation of the Affected <br />Lands. No revision, extension, or renewal of the permit, or of the time allowed to complete reclamation, shall diminish the <br />Operator's or Warrantor's obligation under this Financial Warranty. No misrepresentation by the Operator which may have <br />induced the Warrantor to execute this Financial Warranty shall be any defense to demand by the State under this agreement.