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MINE ID # OR PROSPECTING ID#: M-2001-016 PAGE: 2 <br />INSPECTION DATE: 1-11-10 INSPECTOR'S INITIALS: ACS <br />OBSERVATIONS <br />In November of 2009 Aggregate Industries submitted a request for <br />reduction in the amount of financial warranty for the Fredstrom <br />Resource permit to a $1000.00 holding bond. The basis for the request <br />is that no mining has occurred and no mining activities are foreseen <br />for some time. <br />This inspection was conducted to verify that no mine development or <br />mining has occurred, and that verification was made. The site is being <br />used for pasture. Therefore, the request to reduce the financial <br />warranty can be approved. Notice of approval will be sent under <br />separate cover. <br />The warranty reduction request states that Aggregate Industries will <br />increase the bond back the current full amount ($260,500.00) thirty <br />days prior to any mining and reclamation activity. This proposal is <br />not acceptable; the Division will require the following procedure be <br />followed. <br />When the permittee is ready to commence operations, an application will <br />be filed for a surety increase revision. That application will include <br />an updated estimate of reclamation costs considering prevailing labor, <br />equipment, materials, etc. costs at the time of the application. Once <br />the Division has established the amount of financial warranty to be <br />required, the surety increase revision will be approved and the <br />warranty can be posted. Mining may commence only when the Division has <br />notified the permittee in writing that the warranty has been accepted. <br />Inspection & Enforcement Contact Address <br />NAME Connie Davis <br />OPERATOR Aggregate Industries - WCR, Inc. <br />STREET 1707 Cole Blvd., Suite 100 <br />CITY/STATE/ZIP Golden, CO 80401