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STATE OF COLORADO <br />DIVISION OF RECLAMATION, MINING AND SAFETY <br />Department of Natural Resources <br />1313 Sherman St., Room 215 <br />L O <br />D O <br />O <br />Denver, Colorado 80203 D <br />t ON <br />IV IS <br />Phone: (303) 866-3567 RECLAMATION <br />FAX: (303) 832-8106 MINING <br /> <br /> SAFETY <br /> Bill Ritter, Jr. <br /> MINING AND RECLAMATION PERMIT Governor <br /> HARD ROCK/METAL MINING OPERATIONS Harris D. Sherman <br /> Executive Director <br /> Ronald W. Cattany <br />Permit Number: M-2008-050 Division Director <br /> Natural Resource Trustee <br />Type of Permit: 110d <br />Permit Date: August 20, 2008 <br />(Anniversary date for <br />annual report and fees <br />purposes) <br />THIS PERMIT is issued by the Mined Land Reclamation Board, Department of Natural Resources, <br />State of Colorado. <br />RECITALS <br />A. The Permittee, Nuvemco. LLC desires to conduct a mining operation known as October <br />Ore Pile Reclamation, for the purpose of extracting Uranium and vanadium. Unless the permit is modified <br />or a separate permit is issued to cover the mining and/or recovery of other minerals or extractive products, <br />the Permittee will not mine any other commodities at this site. <br />B. On August 20, 2008 the Mined Land Reclamation Board (the "Board") approved the <br />Permittee's application for this permit, fixed the amount of the financial warranty and directed that this <br />permit be issued upon the filing with the Division of Reclamation, Mining and Safety (the "Division") of <br />performance warranty and financial warranty (or warranties) in the amount so fixed in form and substance <br />approved by the Division. Said warranties have been filed with the Division. <br />C. If the Permittee desires to extract materials other than those listed in (A), a separate permit <br />or a permit modification may be required. <br />D. On August 20, 2008 the Board made the following findings: <br />1. The application for this permit complies with the requirements of the Colorado <br />Mined Land Reclamation Act, C.R.S. 34-32-101 et se ., as amended, and with all applicable local, state and <br />federal laws; <br />2. The operation will not adversely affect the stability of any significant, valuable, <br />and permanent man-made structure located within two hundred feet of the Affected Land, except where <br />there is an agreement between the Operator and the persons having an interest in the structure that damage <br />to the structure is to be compensated for by the Permittee or if such an agreement cannot be reached, an <br />engineering analysis establishes no damage will occur to the structure to the satisfaction of the Division and; <br />Office of Office of <br />Mined Land Reclamation Denver • Grand Junction • Durango Active and Inactive Mines