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MAY 2-03 14:07 FROM-Colorado Division of Minerals & Geology +13038663567 T-308 P,003/007 F-653 <br /> <br />W I REAS, in the applicatiou for the permit, the Operator has agreed with the Board to provide <br />for reclamation of the Affected Lands that are now, or may become, subject to the permit, as required by <br />law. <br />WHEREAS, the Board has determined, in accordance with the Act, that the estimated costs of <br />reclamation of the Affected Lands are those amounts for the stated periods of time as set forth herein. Said <br />amount may be amended from time to time to reflect revised estimates of ;;aid costs of reclamation. <br />WHEREAS, the Operator, in accordance with the Act, has promised and hereby promises the Board <br />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 the Financial Warranty by the Operator equals the <br />estimated costs of reclamation, as approved by the Board, with regard to -the Affected Lands. <br />Wl EREAS, as proof of its financial responsibility, the Operator has proceeded pursuant to Section <br />34-32-117(3)(a)(IM of the Act and has caused the Bank <br />of Puh tt qu e? State of o ?Q (the "Bank") to issue a Certificate <br />of Deposit, No. ? dated a -?2 R ® 03 , payable <br />to the Board in the amount of iffee>7 o u ?a A_ ?- dollars ($ ?S ) <br />73 <br />for the life of the mine or the period from ._, Ma 4j through <br />and has delivered it to the State, to be held by a State as proof of the Operato s financial responsibility <br />under this Financial Warranty. The Bank is not a party to this agreement. Its obligations are set forth in its <br />Certificate of Deposit. Nothing in this Financial Warranty diminishes or qualifies the Bank's obligations <br />under its Certificate of Deposit. <br />NOW, THEREFORE, the Operator is held hereby firmly unto the State of Colorado in the amount <br />of those sums for those periods of time as set forth herein, until this Financial Warranty is amended or <br />released in accordance with applicable law. <br />The Board may, for good cause shown, increase or decrease the amount and duration of this Financial <br />Warranty. The Operator shall have sixty (6o) days after•the date of notice of any such adjustm6nt to fulfill <br />all ne,^r reA rei„ei ts. <br />The Operator shall notify the Board immediately of any event which may impair this Financial Warranty. <br />If the Board receives such notice, or otherwise has reason to believe that this Financial Warranty has been <br />materially impaired, it may convene a hearing in accordance with the Act for the purpose of g <br />whether impairment has occurred. <br />The obligation of the Bank shall continue until released in wrttin?•by the Board in accordance with applicable <br />laws specifying Financial Warranty release procedures.