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March 19, 2009 <br />Mr. Michael Cunningham <br />State of Colorado <br />Division of Reclamation, Mining, & Safety <br />1313 Sherman St., Room 215 <br />Denver, CO 80203 <br />RE: Journey Ventures, LLC, Journey Ventures Pit, File No. M-2008-080, <br />Conditions of Opening Subsequent Phases of Mining After Adequate Bond <br />Posted for Phase 1, 2, and 2a <br />Mr. Cunningham: <br />Journey Ventures, LLC is providing this letter to further address the adequacy review <br />comments received by you on March 16, 2009 and per discussions with J&T <br />Consulting, Inc. on March 18, 2009 regarding the financial warranty required for the <br />mine phasing of the Journey Ventures Pit. <br />We understand that as mining progresses and mining phases are opened the <br />Division of Reclamation, Mining, and Safety (DRMS) requires that sufficient financial <br />warranty be provided such that the DRMS could reclaim the open phases if the <br />operator were to default. Journey Ventures, LLC will request in writing to the DRMS <br />that the financial warranty be increased prior to opening an additional phase(s). An <br />increase of the financial warranty will be requested, and provided with the letter to <br />the DRMS, by Journey Ventures, LLC to its bonding/surety provider prior to opening <br />and mining an additional phase(s). The increased financial warranty and updated <br />bond forms will also be provided to the DRMS from Journey Ventures, LLC's <br />bonding/surety provider. <br />Sincerely, <br />Chris Leone, Managing Member <br />Journey Ventures, LLC <br />Journey Ventures, LLC P.O. Box 129 Greeley, Colorado 80632