2008-03-17_REVISION - M1981014 ‎(4)‎

• Permit No: M1981014
• IBM Index Class Name: REVISION
• Doc Date: 3/17/2008
• Doc Name: SO approval
• From: DRMS
• To: Valco Gunnison Concrete Division
• Type & Sequence: SO1
• Email Name: SSS
• Media Type: D
• Archive: No

-2-
WHEREAS, the Operator and
"Warrantor"), a corporation organized and existing under the laws of thehState
of Colorado and duly authorized to transact a bonding and surety
business in the State of Colorado are hereby and firmly bound unto the State
in the sum of ------FIFTEEN THOUSAND
AND NO/100--------------- Dollars
($---------15 000.00------ ) for the life of mine or until such time as
replacement is received, for the payment of which sum, well and truly made, we
hereby bind ourselves and our personal representatives, successors and
assigns, jointly and severally, firmly by these presents.
WHEREAS, the Board has determined, in accordance with the Act, that the
estimated costs of reclamation of the Affected Lands are those amounts for the
stated periods of time as set forth herein. Said amount may be amended from
time to time to reflect revised estimates of said costs of reclamation.
WHEREAS, the Operator and the Warrantor, in accordance with the Act, has
promised and hereby promises the Board that it will be responsible for all the
estimated costs of reclamation with regard to the Affected Lands.
WHEREAS, the Board has determined that this Financial Warranty by the
Warrantor equals the estimated costs of reclamation, as approved by the Board,
with regard to the Affected Lands.
NOW, THEREFORE, the Operator and the Warrantor are held hereby firmly
unto the State of Colorado in the amount of those sums for those periods of
time as set forth herein, until this Financial Warranty is amended or released
in accordance with applicable law.
The Board may, for good cause shown, increase or decrease the amount and
duration of this Financial Warranty. The Operator shall have sixty (60) days
after the date of notice of any such adjustment to increase the surety amount,
but no such increase shall bind the Warrantor unless and until it shall have
consented thereto in writing by the issuance of an additional Financial
Warranty or by an endorsement to this Financial Warranty.
The Operator and the Warrantor shall notify the Board immediately of any event
which may impair this Financial Warranty. If the Board receives such notice,
or otherwise has reason to believe that this Financial Warranty has been
materially impaired, it may convene a hearing in accordance with the Act for
the purpose of determining whether impairment has occurred.
The obligation of the Operator and the Warrantor shall continue until the
Board has released this Financial Warranty or has ordered it forfeited in
accordance with applicable provisions of the Act. It is understood that
periods of years may necessarily be required before determination can be made
that reclamation of the Affected Lands has been satisfactorily completed. It
is also recognized that, as reclamation is accomplished, the amount of this
Financial Warranty may be reduced with the approval of the Board so that it