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October 21, 2008 <br />Mr. Michael Cunningham <br />State of Colorado <br />Division of Reclamation, Mining, & Safety <br />1313 Sherman St., Room 215 <br />Denver, CO 80203 <br />RE. Broken Arrow Investments, LLC, Derr Pit, File No. M-2008-017, Conditions of <br />Opening Subsequent Phases of Mining After Adequate Bond Posted for <br />Phase 1A <br />Mr. Cunningham: <br />Broken Arrow Investments, LLC is providing this letter to further address the <br />adequacy review comments received by you on August 20, 2008 and per <br />discussions with J&T Consulting, Inc. on October 17, 2008 regarding the financial <br />warranty required for the mine phasing of the Derr Pit. <br />We understand that as mining progresses and mining phases are opened the <br />Division of Reclamation, Mining, and Safety (DRMS) requires that sufficient financial <br />warranty be provided such that the DRMS could reclaim the open phases if the <br />operator were to default. Broken Arrow Investments, LLC will request in writing to the <br />DRMS that the financial warranty be increased prior to opening an additional <br />phase(s). An increase of the financial warranty will be requested, and provided with <br />the letter to the DRMS, by Broken Arrow Investments, LLC to its bonding/surety <br />provider prior to opening and mining an additional phase(s). The increased financial <br />warranty and updated bond forms will also be provided to the DRMS from Broken <br />Arrow Investments, LLC's bonding/surety provider. <br />Sincerely, <br />Darwin D. Derr, Manager <br />Broken Arrow Investments, LLC <br />Broken Arrow Investments, LLC 699 North 1°t Avenue Greeley, Colorado 80631