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Irrevocable Letter of Credit <br />X %11 State of Colorado <br />Page 2 <br />?S <br />It is an express condition of this letter of credit that it shall be <br />automatically extended for successive additional periods of one year <br />each, from the initial and each future expiration date unless the United <br />Bank of Grand Junction ("the Bank") shall notify the Director at least 60 <br />days prior to an expiration date in writing by registered mail, at that <br />above address, that the Bank elects not to extend the credit for such <br />additional period. In such event, in addition to his power to draw hereon <br />under the preceding paragraphs, the Director may draw the full or any <br />lesser amount hereof at any time prior to such expiration date by sight <br />draft, or drafts, accompanied by the written statement of the Director <br />certifying that the amount drawn will be held as a cash deposit in lieu of <br />financial warranty, as provided in applicable Colorado statutes governing <br />mined land and reclamation. <br />The original signed letter of credit will be presented to the Bank by the <br />beneficiary along with any draft presented pursuant to this letter of <br />credit, and will be surrendered to the Bank with any draft which draws <br />the full amount, or the balance remaining available, under this letter of <br />credit. <br />If any expiration date specified herein shall fall upon a day other that a <br />regular business day of the Bank, the expiration date shall ipso facto be <br />extended to the close of business on the next successive business day <br />of the Bank. <br />This Letter of Credit is issued and subject to the Uniform Customs and <br />Practice for Documentary Credits (1983 Revision), International Chamber <br />of Commerce, Publication No. 400, to the extent that it does not conflict <br />with Article 5 of the Uniform Commercial Code for the State of <br />Colorado. <br />United Bank of Grand Junction <br />National Association <br />by: ') 4,P <br />Jeffrey KLOarker, Assistant Vice President