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AGC RESOURCES, LLC <br />4450 Arapahoe Avenue -Suite 100 <br />Boulder, CO 80303 <br />October 8, 2010 <br />RECEIVED <br />OCT 12 2010 <br />Mr. Jim Dupler <br />State of Colorado - Department of Natural Resources Division of Realamatiorr, <br />Division of Reclamation, Mining, and Safety Mining & Safety <br />1313 Sherman Street - Room 215 <br />Denver, CO 80203 <br />RE: Annual Report Submittal - Permit No. M 1983-141 (Cash & Who Do Mines) <br />Dear Mr. Dupler: <br />Attached hereto, AGC Resources, LLC provides the completed/revised 2010 Annual Report <br />Form for the Cash & Who Do Mines (Permit No. M1983-141) and associated fees in the amount <br />of $259.00 made payable to the Division of Reclamation, Mining, and Safety. In addition to the <br />completed/revised Form, AGC provides the following supplementary information as per Section <br />1.15 - Annual Report Inclusions of the Rules and Regulations for Hard Rock Mines: <br />Item 1(a) AGC Resources, LLC (AGC) assumed "permittee" status on Permit No. M 1983- <br />141 effective August 3, 2010, following a June 15, 2010 asset acquisition of the <br />joint venture interests of Mount Royale Ventures, LLC (the prior site operator). A <br />copy of the Succession of Operators approval letter (dated August 3, 2010) <br />received from the Division accompanies this submittal. <br />Concurrent with provision of the Succession of Operator application form, AGC <br />provided a replacement financial warranty in the amount of $175,900 and at this <br />time awaits notification from the Division relative to bond recalculation. <br />Accordingly, AGC considers the current bond amount to be appropriate, subject <br />to a pending adjustment notification to be received from the Division. <br />Item 1(b) Not Applicable. Financial warranty of $175,900 is held by the Division in the form <br />of check on deposit. <br />Item 1(c) It is AGC's understanding that (per permit stipulations) all monitoring analytical <br />data pertaining to quarterly groundwater and surface water sampling is <br />concurrently submitted to the Division and AGC (in electronic format) by AGC's <br />analytical laboratory contractor ACZ Laboratories, Inc. of Steamboat Springs, <br />Colorado. We presume this method will continue to meet Division objectives. <br />If additional information or another form of submittal is required, please so notify <br />AGC and we will timely provide same in an effort to fulfill all permit transfer <br />requirements and to facilitate future annual reporting obligations.