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JPMorganChase O JPMorgan Chase Bank, N.A. c/o JPMorgan Treasury Services Global Trade Services 10420 Highland Manor Drive Tampa, FL 33610 AUG 16, 2007 OUR L/C NO.: SUCH AMOUNT ALTHOUGH REQUESTED TO DO SO BY THE DIRECTOR. EACH SIGHT DRAFT SO DRAWN AND PRESENTED SHALL BE HONORED BY US IF PRESENTED PRIOR TO THE CLOSE OF BUSINESS ON THE EXPIRATION DATE OF THIS LETTER OF CREDIT. THE BANK SHALL MAKE PAYMENT BY WIRE TRANSFER TO THE BENEFICIARY. THIS LETTER OF CREDIT REFERS TO SKY UTE SAND & GRAVEL, LLC'S APPLICATION FOR A PERMIT TO ENGAGE IN MINING AND RECLAMATION ACTIVITIES WITHIN THE STATE OF COLORADO. IT IS AN EXPRESS CONDITION OF THIS LETTER OF CREDIT THAT IT SHALL BE AUTOMATICALLY EXTENDED FOR SUCCESSIVE ADDITIONAL PERIODS OF ONE YEAR EACH, FROM THE INITIAL AND EACH FUTURE EXPIRATION DATE UNLESS JPMORGAN CHASE BANK, N.A. OF CHICAGO, IL ("THE BANK") SHALL NOTIFY THE DIRECTOR AT LEAST NINETY (90) DAYS PRIOR TO AN EXPIRATION DATE IN WRITING BY REGISTERED MAIL, AT THE ABOVE ADDRESS, THAT THE BANK ELECTS NOT TO EXTEND THE LETTER OF CREDIT FOR SUCH ADDITIONAL PERIOD. IN SUCH EVENT, IN ADDITION TO HIS POWER TO DRAW HEREON UNDER THE PRECEDING PARAGRAPHS, THE DIRECTOR MAY DRAW THE FULL OR ANY LESSER AMOUNT HEREOF AT ANY TIME PRIOR TO SUCH EXPIRATION DATE BY SIGHT DRAFT, OR DRAFTS, ACCOMPANIED BY THE WRITTEN STATEMENT OF THE DIRECTOR CERTIFYING THAT THE AMOUNT DRAWN WILL BE HELD AS A CASH DEPOSIT IN LIEU OF FINANCIAL WARRANTY, AS PROVIDED IN APPLICABLE COLORADO STATUES GOVERNING MINED LAND AND RECLAMATION. THE ORIGINAL SIGNED LETTER OF CREDIT AND ANY AMENDMENTS WILL BE PRESENTED TO THE BANK BY THE BENEFICIARY ALONG WITH ANY DRAFT PRESENTED PURSUANT TO THIS LETTER OF CREDIT, AND WILL BE SURRENDERED TO THE BANK WITH ANY DRAFT WHICH DRAWS THE FULL AMOUNT, OR THE BALANCE REMAINING AVAILABLE, UNDER THIS LETTER OF CREDIT. DELIVERY OF THE ORIGINAL LETTER OF CREDIT, SIGHT DRAFT(S) AND ALL OTHER DOCUMENTS REQUIRED AS A CONDITION PRECEDENT FOR PAYMENT, MAY BE MADE BY OVERNIGHT COURIER TO THE BANK. EACH PAYMENT ON A DRAFT SHALL REDUCE THE AGGREGATE ABOVE WRITTEN AMOUNT BY THE AMOUNT DRAWN. THIS LETTER OF CREDIT IS SUBJECT TO UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS (1993 REVISION), INTERNATIONAL CHAMBER OF COMMERCE - PUBLICATION NO. 500 (THE "UCP50011) AND SHALL BE GOVERNED BY THE LAWS OF THE STATE OF COLORADO WITH RESPECT TO SUBJECT MATTERS NOT ADDRESSED BY THE UCP500. IN THE EVENT OF AN ACTION BETWEEN THE BENEFICIARY AND THE BANK REGARDING THIS LETTER OF CREDIT, THE BANK SUBMITS TO THE JURISDICTION AND 165233 Sheila Junious Page 2 of 3