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<br />Aft- <br />GRAND MOUNTAIN BANW8B <br />"Your HOMETOWN Bank in Grand County" <br />IRREVOCABLE LETTER OF CREDIT <br />Grand Mountain Bank, FSB' <br />Street: 337 E. Agate, P.O. Box 964 <br />City: Granby <br />State: Colorado <br />Area Code: 970 <br />Zip Code : 80446 <br />Telephone: 887-1221 <br />M-Jq 8 5-W - <br />ECE/ VE® <br />. FBB 05 2008 <br />oiV1601--! at ljecla <br />Mining and . fetyon' <br />Beneficiary: LETTER OF CREDIT NUMBER: 1fs5 00a603 <br />STATE OF COLORADO Amount U.S. $ 112,000.00 <br />MINED LAND RECLAMATION BOARD Date of Issuance: 1/31/08 <br />215 CENTENNIAL BUILDING Initial Expiration Date: 1/31/09 <br />13.13 SHERMAN STREET . <br />DENVER, COLORADO 80203 <br />Applicant: Thompson Properties <br />Street: P.O. Box 3 <br />City: Granby <br />State: Colorado Zip Code: <br />Area Code: (970) . Telephone <br />Gentlemen: <br />80446 <br />887-3710 <br />We hereby issue and establish our irrevocable letter of credit, the amount of which is available by <br />beneficiary's draft or drafts drawn upon us, which shall be paid at sight, when accompanied by the <br />following document: <br />A written statement of Director ("the. Director") of the Division of Reclamation, Mining and Safety of <br />the State of Colorado ("the Division") certifyinb that he is a duly authorized official acting on behalf of the <br />State of Colorado and that the amount of the accompanying sight draft is due and payable to the State of <br />Colorado pursuant to applicable provisions of Colorado statutes governing mined land reclamation and that <br />Thompson Properties or its successor has neglected, failed, or, refused to pay, such amount although <br />requested to do so by the Director. <br />. Granby Home Office: <br />3 Ten Mile Drive - PO Box 964 <br />Granby, CO 80446 <br />970-887-1221 Phone <br />970-887-1233 Fax' <br />Grand Lake Office: <br />902 Grand Avenue -'PO Box 749 <br />Grand Lake, CO 80447 <br />970-627-9500 Phone <br />970-627-9600 Fax <br />Fraser Valley Office: <br />523 Zerex Street - PO Box 429 <br />Fraser, CO 80442 <br />970-726-0414 Phone <br />970-726-0415 Fax <br />Kremmling Office: . <br />100 West Park Avenue - PO Box 427 <br />Kremmling, CO 80459 <br />970-724-9445 Phone <br />970-724-9499 Fax <br />www.grandmountainbank.com