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. IA <br />JPMorganChase OF <br />JPMorgan Chase Bank, N.A. <br />Global Trade Services <br />One Chase Tower <br />Mail Code ILI-0236 <br />Chicago, IL 60670 <br />Tel: (800) 634-1969 Fax: (312) 954-0203 <br />SWIFT: CHASUS33 <br />Telex: ITT420120 CMBUI <br />DIRECTOR MAY DRAW THE FULL OR ANY LESSER AMOUNT HEREOF AT ANY TIME PRIOR TO <br />SUCH EXPIRATION DATE BY SIGHT DRAFT, OR DRAFTS, ACCOMPANIED BY THE WRITTEN <br />STATEMENT OF THE DIRECTOR CERTIFYING THAT THE AMOUNT DRAWN WILL BE HELD AS A <br />CASH DEPOSIT IN LIEU OF FINANCIAL WARRANTY, AS PROVIDED IN APPLICABLE COLORADO <br />STATUES GOVERNING MINED LAND AND RECLAMATION. <br />THE ORIGINAL SIGNED LETTER OF CREDIT AND ANY AMENDMENTS WILL BE PRESENTED TO THE <br />BANK BY THE BENEFICIARY ALONG WITH ANY DRAFT PRESENTED PURSUANT TO THIS LETTER <br />OF CREDIT, AND WILL BE SURRENDERED TO THE BANK WITH ANY DRAFT WHICH DRAWS THE <br />FULL AMOUNT, OR THE BALANCE REMAINING AVAILABLE, UNDER THIS LETTER OF CREDIT. <br />DELIVERY OF THE ORIGINAL LETTER OF CREDIT, SIGHT DRAFT(S) AND ALL OTHER DOCUMENTS <br />REQUIRED AS A CONDITION PRECEDENT FOR PAYMENT, MAY BE MADE BY OVERNIGHT COURIER <br />TO THE BANK. EACH PAYMENT ON A DRAFT SHALL REDUCE THE AGGREGATE ABOVE WRITTEN <br />AMOUNT BY THE AMOUNT DRAWN. <br />THIS LETTER OF CREDIT IS SUBJECT TO UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY <br />CREDITS (1993 REVISION), INTERNATIONAL CHAMBER OF COMMERCE - PUBLICATION NO. 500 <br />(THE "UCP500") AND SHALL BE GOVERNED BY THE LAWS OF THE STATE OF COLORADO WITH <br />RESPECT TO SUBJECT MATTERS NOT ADDRESSED BY THE UCP500. IN THE EVENT OF AN ACTION <br />BETWEEN THE BENEFICIARY AND THE BANK REGARDING THIS LETTER OF CREDIT, THE BANK <br />SUBMITS TO THE JURISDICTION AND VENUE OF THE DENVER DISTRICT COURT, STATE OF <br />COLORADO. THE BANK AGREES TO ACCEPT SERVICE OF PROCESS IN ANY SUCH ACTION, IF <br />SERVICE IS MADE BY REGISTERED OR CERTIFIED MAIL (RETURN RECEIPT REQUESTED) OR <br />COURIER SERVICE, POSTAGE OR DELIVERY FEE PREPAID, TO THE ADDRESS OF THE BANK SET <br />FORTH ABOVE. <br />IF ANY EXPIRATION DATE SPECIFIED HEREIN SHALL FALL UPON A DAY OTHER THAN A REGULAR <br />BUSINESS DAY OF THE BANK, THE EXPIRATION DATE SHALL IPSO FACTO BE EXTENDED TO THE <br />CLOSE OF BUSINESS ON THE NEXT SUCCESSIVE BUSINESS DAY OF THE BANK. <br />JPMORGAN CHASE BANK, N.A. <br />BY: Lii?D,I Zr- CS.iy7- DATE: JUNE 22, 2007 <br />LITHO E SIGNATURE <br />Page 2 of 2