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IRREVOCABLE LETTER OF CREDIT <br />The Pueblo Bank and Trust Company <br />Street: 301 W. 5`s Street <br />City: Pueblo <br />State: Colorado Zip Code: 81003 <br />Area Code: 719 Telephone: 545-1834 <br />Pueblo <br />Bank <br />Trust <br />SINCE 1 8 8 9 <br />719-545-1834 <br />301 West 5th Street <br />Pueblo, Colorado 81003 <br />RECEIVED <br />JUL 2 2 2002 <br />Division of Minerals and Geology <br />Beneficiary: LETTER OF CREDIT NUMBER: <br />STATE OF COLORADO Amount US $5,000.00 <br />MINED LAND RECLAMATION BOARD Date of Issuance: 07/19/02 <br />215 CENTENNIAL BUILDING Initial Expiration Date: 07/19/03 <br />1313 SHERMAN STREET <br />DENVER, COLORADO 80203 <br />Applicant: Edward M. Yaklich <br />Street: 1180 County Road 129 <br />City: Westcliffe <br />State: Colorado Zip Code: 81252 <br />Area Code: 719 Telephone: 783-4700 <br />Gentlemen: <br />We hereby issue and establish our irrevocable letter of credit, the amount of which is available by <br />beneficiary's draft or drafts drawn upon us, which shall be paid at sight, when accompanied by the <br />following documents: <br />A written statement of the Director ("the Director") of the Division of Minerals and Geology of <br />the State of Colorado ("the Division") certifying that he is a duly authorized official acting on <br />behalf of the State of Colorado and that the amount of the accompanying sight draft is due and <br />payable to the State of Colorado pursuant to applicable provisions of Colorado statutes governing <br />mined land reclamation and that Edward M.Yaklich or its successor has neglected, failed, or <br />refused to pay such amount although requested to do so by the Director. <br />Each sight draft so drawn and presented shall be honored by us if presented prior to the close of business on <br />the expiration date of this letter of credit. This credit refers to Edward M. Yaklich's application for a <br />permit to engage in mining and reclamation activities within the State of Colorado. <br />It is an express condition of this letter of credit that it shall be automatically extended for successive <br />additional periods of one year each, from the initial and each future expiration date unless The Pueblo Bank <br />and Trust Company of Pueblo Colorado ("the Bank") shall notify the Director at least 90 days prior to an <br />expiration date in writing by registered mail, at the above address, that the Bank elects not to extend the <br />credit for such additional period. In such event, in addition to his power to draw hereon under the <br />preceding paragraphs, the Director may draw the full or any lesser amount hereof at any time prior to such <br />expiration date by sight draft, or drafts, accompanied by the written statement of the Director certifying that <br />the amount drawn will be held as a cash deposit in lieu of financial warranty, as provided in applicable <br />Colorado statutes governing mined land and reclamation.