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COMMUNITY BANKS OF COLORADO BENEFICIARY: O " Stare of Colorado etter of Credit Minded Land Reclamation Board Amount U.S.$: $43,719.00 215 Centennial Building Date of Issuance: March 05, 2001 1313 Sherman St. Denver CO 80203 Initial Expiration Date: 3/05/2002 IRREVOCABLE LETTER OF CREDIT Credit Line for: Warren & Sally Wilcox dba Gunnison Gravel & Earthmoving P.O. Box 42 Gunnison, CO 81230, Tel. 970-641-3088 Gentlemen: We hereby issue and establish our IRREVOCABLE available by beneficiary's draft or drafts drawn accompanied by the following document: RECEIVED MAR 12 2001 Division of Minerals and Geology LETTER OF CREDIT, the amount of which is upon us, which shall be paid at sight, when 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 sight draft is due and payable to the State of Colorado pursuant to the applicable provisions of Colorado Statutes governing mined land reclamation and that Warren & Sally Wilcox DBA Gunnison Gravel & Earthmoving, asole amount proprietorship, or its successor, has neglected, failed, or refused to pay such 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 day of the Letter of Credit. The credit refers tn Warren & Sally Wilcox DBA Gunnison Gravel & Earthmoving's, a sole proprietorship, application permit to engage in mining and reclamation activities within the State of Colorado. It is an express condition of this letter of credit that it shall be automatically extended for successive additional periods of one year each, for the initial and each future expiration date unless the Community Banks of Colorado ("the Bank") shall notify the Director at least 90 days prior to an expiration date in writing by registered mail, at the above address, that the Bank elects not to extend the credit for such additional period. In such an event, in addition to his power to draw hereon under the preceding paragraphs, the Director may draw the full or any lesser amount hereof at any time prior to such expiration date by sight draft, or drafts, accompanied by the written statement of the Director certifying that the amount drawn Colorado statutes gover ing mined land and reclamat on al warranty, as provided in applicable The original signed letter of credit will be presented to the Bank by the beneficiary along with any draft presented pursuant to this letter of credit, and will be surrendered to the Bank with any draft which draws the full amount, or the balance remaining available, under this letter of credit. If any expiration date specified herein shall fall upon a day other than a regular business day of the Bank, the expiration date shall ipso facto be extended to the close of business on the next successive business day of the Bank. Community Banks of olorado - ison By: Donald D. Duncan, Branch President 1100 N MAIN STREET • P O BOX 299 . GUNNISON, CO 8I230 MAIN 970.641.9000 . FACSIMILE 970.64I.3I30