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<br />STATE OF COLORADO <br />DIVISION OF MINERALS AND GEOLOGY <br />Department of Natural Resources <br />1313 Sherman St., Room 215 <br />Denver, Colorado 80203 <br />Phone: (303) 866-3567 <br />FAX: (303) 832-8106 <br />FINANCIAL WARRANTY <br />CERTIFICATION OF DEPOSIT <br />Operator: <br />Operation: <br />Permit No.: <br />Bank: <br />u I Y I 7i O N O F <br />RECEIVED I N E RA L S <br />GEOLOGY <br />?.'CLn nATION <br />FEB 1 2 2001 -""NG•SAFE-Y- <br />9,; 1 Owens <br />Division of Minerals and Geologf "'erns, <br />Gre; E. Walther <br />Executive Director <br />Michael B. Long <br />Director <br /> <br />Ted R Hubbs Family Trust <br />Hubbs Pit <br />M-1987-088 <br />The First National Bank of Durango <br />Street: P. 0. Box L <br />City: ttrangn <br />State: co <br />Area Code: 970 Telephone: <br />Zip Code: 81302 <br />247-3020 <br />KNOW ALL MEN BY THESE PRESENTS, THAT: <br />FAX: 970 247-8031 <br />WHEREAS, the Colorado Mined Land Reclamation Act, C.R.S. 1973, 34-32-101, ett.. ems. (the <br />"Act"), as amended, provides that no permit may be issued under the Act until the Mined Land Reclamation <br />Board (the "Board") receives a Financial Warranty (or Warranties) as described in the Act. - <br />WHEREAS, Ted R Hubbs Family Trust (the "Operator), a <br />corporation, has applied for a permit to conduct a mining operation <br />known as Hubbs Pit (the "Operation"), on certain lands in <br />La Plata County, Colorado. These lands are described in the permit application, as <br />amended and supplemented, and are referred to herein.as the "Affected Lands." <br />WHEREAS, in the application for the permit, the Operator has agreed to be bound by all <br />requirements of the Act and all applicable rules and regulations of the Board, as amended from time to time.