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.Q <br />-2- <br />WHEREAS, the Operator and Safeco Insurance Company of America (the "Warrantor"), <br />a corporation organized and existing under the laws of the State of Washington and duh <br />authorized to transact a bonding and surety business in the State of Colorado are hereby and firmly bound unto <br />Forty Eight"Thousand Three <br />the State in the SUM of Hundred Twenty and 00/100 Dollars ($ 48, 320.00 ) <br />for the life of mine or until such time as replacement is received, for the payment of which sum, well an d truly <br />made. we hereby bind ourselves and our personal representatives, successors and assigns, jointly and severally, <br />firmly by these presents. <br />WHEREAS, the Board has determined, in accordance with the Act, that the estimated costs of reclamation <br />of the Affected Lands are those amounts for the stated periods of time as set forth herein. Said amount may be <br />amended from time to time to reflect revised estimates of said costs of reclamation. <br />WHEREAS, the Operator and the Warrantor, in accordance with the Act, has promised and hereby promises <br />the Board that it will be responsible for all the estimated costs of reclamation with regard to the Affected Lands. <br />WHEREAS, the Board has determined that this Financial Warranty by the Warrantor equals the estimated <br />costs of reclamation, as approved by the Board, with regard to the Affected Lands. <br />NOW, THEREFORE, the Operator and the Warrantor are held hereby firmly unto the State of Colorado in <br />the amount of those sums for those periods of time as set forth herein, until this Financial Warranty is amended <br />or released in accordance with applicable law. <br />The Board may, for good cause shown, increase or decrease the amount and duration of this Financial Warranty. <br />The Operator shall have sixty (60) days after the date of notice of any such adjustment to increase the surety <br />amount, but no such increase shall bind the Warrantor unless and until it shall have consented thereto in writing <br />by the issuance of an additional Financial Warranty or by an endorsement to this Financial Warranty. <br />The Operator and the Warrantor shall notify the Board immediately of any event which may impair this Financial <br />Warranty. If the Board receives such notice, or otherwise has reason to believe that this Financial Warranty has <br />been materially impaired, it may convene a hearing in accordance with the Act for the purpose of determining <br />whether impairment has occurred <br />The obligation of the Operator and the Warrantor shall continue until the Board has released this Financial <br />Warranty or has ordered it forfeited in accordance with applicable provisions of the Act. It is understood that <br />periods of years may necessarily be required before deternunation can be made that reclamation of the Affected <br />Lands has been satisfactorily completed. It is also recognized that, as reclamation is accomplished, the amount <br />of this Financial Warranty may be reduced with the approval of the Board so that it reflects the then current <br />estimated cost of the remaining reclamation of the Affected Lands. No revision, extension, or renewal of the <br />permit, or of the time allowed to complete reclamation, shall diminish the Operator's or Warrantor's obligation <br />under this Financial Warranty. No misrepresentation by the Operator which may have induced the Warrantor <br />to execute this Financial Warranty shall be any defense to demand by the State under this agreement. <br />In any single year during the life of the permit, the amount of the Financial Warranty shall not exceed the <br />estimated cost of fully reclaiming all lands to be affected in said year, plus all lands affected in previous permit <br />years and not yet fully reclaimed. Reclamation costs shall be computed with reference to current reclamation <br />costs.