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IRST <br />NATIONAL <br />BANKOF DURANGO <br />?J <br />Div <br />ion <br />Mining . ,a @ ion <br />/\-4-2-0057-0`1S <br />IRREVOCA13LE LETTER OF CRFI)IT <br />The FIRST NATIONAL Bank of nURANGO <br />Street: 259 W 9_TE__ <br />City: DURANGO-- <br />State: COLORADO Zip Code: 81 301 <br />Area Code: 970 Telephone: 247-3020 <br />Beneficiary: <br />STATE OF COLORADO <br />MINED LAND .RECLAMATION BOARD <br />215 CENTENNIAL BUILDING <br />1313 SHERMAN STREET <br />DENVER. COLORADO 80203 <br />LETTER OF CREDIT NUMBER: <br />675 <br />Amount U.S. $ 116, 810 00 <br />Date oflssuance: -3L6.,/2Df9 - <br />Initial Expiration Date: 91612007 <br />Applicant: GRAVEL.:.. LLC <br />Street: 47 PINNACLE VIEW DR <br />City: _DURANGO <br />State: COLORADO Zip Code: __$] 301 <br />Area Code: 970 't'elephone: ?Z?Z425_.r - <br />Gentlemen: <br />We hereby issue and esttlblish our irrevocable letter of credit, the amount of which is available by beneficiary's draft or drafls <br />drawn upon us, which shall be paid at sight, when accompanied by the following document: <br />A written statement of the Direclo.r ("the.Director") of the Division of Reclamation, Mining anti Safety of the State of <br />C 010Mdo ("the Division") certifying that lie is a duly authorized official acting on behalf of the State of Colorado and <br />that the amount of the accompanying sight draft is due and payable to the State of Colorado pursuant to applicable <br />ProVisions Of Colorado statutes governing inined land reclamation and that GHAVEI.? LZC orils <br />successor has ncglccted, nailed. or refused to pay such amount although requestcd to do so b-,. the Director. <br />259 West 9th Street www.fn5ffurango.Com 351 Bayfield Center Drive FDIC <br />P.O. Box 2910 • Durango, CO 81302-2910 toll free 866-227-3020 P.O. Box 410 • Bayfield, CO 81122 <br />N 970-247-3020 970-884-5300 Member <br />LDER