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STATE OF COLORADO <br />DIVISION OF RECLAMATION, MINING AND SAFETY <br />Department of Natural Resources <br />1313 Sherman St., Room 215 <br />Denver, Colorado 80203 <br />Phone: (303) 866-3567 <br />FAX: (303) 832-8106 <br />April 13, 2010 <br />COLORADO <br />D I V I S I ON OF <br />RECLAMATION <br />MINING <br />SAFETY <br />Bill Ritter, Jr. <br />Governor <br />James B. Martin <br />Mr. Karl Nyquist Executive Director <br />GP Ranches, LLC Loretta E. Pineda <br />7991 Shaffer Parkway- Suite 200 Director <br />Littleton, CO 80127 <br />Re: West Farm Pit, Permit No. M-2008-078, Technical Revision Approval, Revision No. TR-1 <br />Dear Mr. Nyquist: <br />On April 13, 2010 the Division of Reclamation, Mining and Safety (Division) approved the Technical Revision <br />application submitted to the Division on April 9, 2010, addressing the following: <br />Revision of mine phasing to include Phase IA and revision of the financial warranty required for each <br />phase of mining. <br />The terms of the Technical Revision No. 1 approved by the Division are hereby incorporated into Permit No. <br />M-2008-078. All other conditions and requirements of Permit No. M-2008-078 remain in full force and effect. <br />Please note the Operator shall notify the Division in writing prior to opening an additional phase(s). An increase <br />of the financial warranty shall be requested, and provided with the letter to the DRMS, by GP ranches, LLC to <br />its bonding/surety provider prior to opening and mining an additional phase(s). The increased financial warranty <br />and updated bond forms shall also be provided to the DRMS from GP Ranches, LLC's bonding/surety provider. <br />The estimated liability amount of $88,302.00 exceeds the $2,416,099.00 performance bond currently held. <br />Please provide an amendment to the current Financial Warranty, or submit a new Financial Warranty <br />reflecting this reduction. If you wish to submit a different type of Financial Warranty, please contact me so I <br />may send you the applicable form. <br />If you have any questions, please contact me at 303-866-3567 x8116. <br />Sincerely, <br />Michael A. Cunningham <br />Environmental Protection Specialist <br />CC: Tony Waldron, DRMS <br />Elizabeth Merry, DBMS <br />Todd Yee, J&T Consulting, Inc. (via email) <br />Office of Office of <br />Mined Land Reclamation Denver • Grand Junction • Durango Active and Inactive Mines