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EXHIBIT L <br />Reclamation Cost <br />A phased and cumulative bonding approach has been provided for the Den- Pit Project. <br />The required financial warranty amounts have been provided to reflect the phasing and <br />quantities. Below is a summary table of the financial warranty required for each phase <br />and the cumulative financial warranty required as the mining progresses through the <br />phases. <br /> Additional <br />Financial <br />Warranty <br />Required <br />Cumulative <br />Financial <br />Warranty <br />Phase 1A $ 49,132 $ 49,132 <br />Phase 1B $ 37,101 $ 86,234 <br />Phase 1C $ 26,288 $ 112,522 <br />Phase 2 $1,169,558 $1,282,080 <br />Phase 3 $ 560,311 $1,842,391 <br />Phase 4 $ 610,600 $2,452,991 <br />Phase 5 $ 580,645 $3,033,636 <br />Phase 6 $ 6,936 $3,040,572 <br />Phase 7 $ 7,676 $3,048,248 <br />These amounts assume that no reclamation activity has occurred. As each new phase <br />is started, the financial warranty for that phase will be posted with the Division. When a <br />phase has been reclaimed, inspected, and accepted by the Division, the associated <br />financial warranty for that phase will then be reduced/released to 20% of the financial <br />warranty required for that phase. <br />Please see the attached calculations for details of the costs and quantities used to <br />determine the financial warranty required for each phase of mining. <br />Derr Pit Project <br />DRMS112 <br />J&T Consulting, Inc. Permit <br />u.?