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STATE OF COLOKADO <br />DIVISION OF RECLAMATION, MINING AND SAFETY <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 />January 24, 200 <br />Mr. Mike Jacobson <br />Five Rivers Ranch Cattle Feeding, LLC <br />2258 US Highway 50 <br />Lamar, CO 81052 <br />I <br />Re: Wiley Pit, Permit No M-1977-223 Financial Warranty Reduction, <br />Succession of Operator, a o. SR-1 <br />Dear Mr. Jacobson: <br />COLORADO <br />D IV IS I ON OF <br />RECLAMATION <br />MINING <br />SAFETY <br />Bill Ritter, Jr. <br />Governor <br />Harris D. Sherman <br />Executive Director <br />Ronald W. Cattany <br />Division Director <br />Natural Resource Trustee <br />and Recalculation or <br />On January 23, 2008 the Division of Reclamation, Mining and Safety recalculated the bond for the Wiley Pit, <br />which was succeeded to Five Rivers Ranch Cattle Feeding, LLC on August 27, 2007 from Valco, Co. <br />The result of this bond recalculation is that the current Financial Warranty held for this permit of $48,200.00, <br />exceeds the required bond amount of $46,152.00, as determined by this calculation, and based on current site <br />conditions from an inspection performed on October 25, 2007. This is a bond reduction of $2,048.00. <br />Therefore, the Operator may request a bond reduction based on the Division approved, calculated amount of <br />$46,152.00. If the Operator wishes to pursue this course of action, please submit a written bond reduction <br />request referencing this correspondence, the reason for this reduction, and the revised bond amount. In addition, <br />the Operator must submit a replacement bond for exactly $46,152.00. If you wish to submit a different type of <br />Financial Warranty than was originally submitted, please contact the Division so that we may send you the <br />applicable form. The required forms are also available on our website at (under the dark blue heading "Mineral <br />Warranty Forms"): http://mining.state.co.us/Mineral%20Forms.htm <br />If you have any questions, please contact me at (303) 866-4179. <br />Sincerely, <br />Deb J,,.ack / <br />Environmental Protection Specialist <br />Enclosure: Division Revised Bond Calculation, January 23, 2008 <br />cc: Tony Waldron, DRMS <br />Elizabeth T. Shelton, DRMS <br />Office of umce, <br />Mined Land Reclamation Denver • Grand Junction • Durango Active and Inactive