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Larimer Pit (M-1974-069, AM-2) <br />Reclamation Release <br />April 23, 2010 <br />Reduction in Surety Bond <br />On May 25, 2006, the DRMS approved Larimer Pit Amendment Application No. 2, for an <br />addition to the permitted mining area. The estimated Reclamation Costs for the Larimer Pit, <br />Exhibit L, were also changed at this time. A second revision to Reclamation Costs was made as <br />part of Technical Revision No. 2 approved on March 21, 2007. A copy of Exhibit L approved as <br />part of AM 2, Technical Revision No. 2 is attached to this request. <br />Based upon information provided in Exhibit L, LRM as part of this release is requesting a <br />reduction of $174,100 to the Larimer Pit reclamation bond, resulting in a new reclamation bond <br />amount of $78,700. The breakdown and justification for this reduction is as follows: <br />Storage Ponds 1 and 2 (Pits 16 and 17): The transfer pipe and slide gates have been <br />installed and are operational. Final grading and grass seeding has been completed. <br />Grass is growing along banks of pond. Ponds are storing water and functioning as an <br />integral part of the permanent augmentation plan. <br />Russian Olives: LRM has aggressively removed Russian Olives from the entire Larimer <br />Pit site, and estimates that 98% of the trees have been removed. <br />Cells 8 and 9: The majority of Cell 8 (Pit 18 on Figure 1) and the entirety of Cell 9 has <br />been reclaimed. <br />The line items on Exhibit L remaining to be completed and the associated costs as detailed in <br />Exhibit L are: <br />Remaining Reclamation of Cell 8 (approx 20% remaining) $12,278 <br />Cell 10, including stockpile area $29,627 <br />Settling Ponds 5 and 6 $15,400 <br />Inert Fill/Waste Area $16,543 <br />Russian Olives - continue to remove new growth $ 1,000 <br />Dewatering Cells 8 and 10 3,850 <br />Total (rounded up) $78,700 <br />Satisfaction of Requirements <br />Section 4.17.1 of DRMS Construction Rules provides that an operator may obtain the release of <br />all or part of permitted land from performance and financial warranties when such land has <br />satisfied all requirements of the Colorado Construction Materials Act, C.R.S. § 34-32.5. <br />Furthermore, the Construction Materials Act defines the scope of operator duties at C.R.S. § 34- <br />32.5-116. This statute provides that reclamation will be appropriate to the post-mining land <br />use. Typically, reclamation plans will include vegetative cover equivalent to that in the <br />Page 6