2009-06-16_REPORT - M1990057 - Laserfiche WebLink

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Permit M-1990-057 Hopemore Shaft Calais Resources Colorado, Inc. June 8, 2009 Page 2 of 2 reclamation estimate is $51,700 and an Irrevocable Letter of Credit remains in place for $52,500 from the Bank of Colorado of Lakewood, CO. Within the last 12 months, Capital Gold Corporation sold the mine property, equipment, supplies and lease rights to Robert Calder and the mill property, equipment, supplies, and access agreements to Constructive Investments, LLC. Calais Resources Colorado, Inc.., as permit operator of the mine and mill, filed a Transfer of Permit and Succession of Operator (SOO) application. On April 6, 2009, the Division approved the succession of operators from Capital Gold Corporation to Calais Resources Colorado, Inc. Anticipated June 18, 2009 to June 18, 2010 Activites The mine will remain idle, on care and maintenance status with no production or mining occurring in the next 12 month period. No additional reclamation will occur at the mine. The mine disturbed area will remain at 1.9 acres. No new disturbance map is submitted. Calais is committed to help Mr. Calder obtain a tourist mine permit for the Hopemore Shaft. No additional disturbance or reclamation is planned at the mill in the next 12 months. All planned activities associated with resumption of milling activities will be reconstruction of facilities within already disturbed areas. The total mill disturbed area will remain at 6.6 acres. No map is submitted with the Annual Report. Calais is committed to resuming milling operations, and continues filing the appropriate permits, licenses and approvals with the appropriate agencies to resume operations. This includes addressing the four (4) permit conditions prior to disposing of any additional mine tailings or other related material in the tailings pond. Financing in this market is an issue, therefore a resumption of milling date is uncertain.