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Each sight draft so drawn and presented shall be honored by us if presented prior to the <br />close of business on the expiration date of this letter of credit. This credit refers to <br />SHELDON GOSNEY' S application for a permit to engage in mining and <br />reclamation activities within the State of Colorado. <br />It is an express condition of this letter of credit that it shall be automatically extended for <br />successive additional periods of one year each, from the initial and each future expiration <br />date unless the PINE RIVER VALLEY Bank of BAYFIELD, <br />COLORADO ("the Bank") shall notify the Director at least 90 days prior to an <br />expiration date in writing by registered mail, at the above address, that the Bank elects <br />not to extend the credit for such additional period. In such event, in addition to his power <br />to draw hereon under the preceding paragraphs, the Director may draw the full or any <br />lesser amount hereof at any time prior to such expiration date by sight draft, or drafts, <br />accompanied by the written statement of the Director certifying that the amount drawn <br />will be held as a cash deposit in lieu of financial warranty, as provided in applicable <br />Colorado statutes governing mined land and reclamation. <br />The original signed letter of credit will be presented to the Bank by the beneficiary along <br />with any draft presented pursuant to this letter of credit, and will be surrendered to the <br />Bank with any draft which draws the full amount, or the balance remaining available, <br />under this letter of credit. <br />If any expiration date specified herein shall fall upon a day other than a regular business <br />day of the Bank, an expiration date shall ipso facto be extended to the close of business <br />on the next successive business day of the Bank. <br />The PINE RIVER VALLEY Bank of BAYFIELD, COLORADO <br />By ,edzoo? -41y. z 65t-c- e ` Date: April 8, 2002 <br />?/arnes W. Sower, President