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STATE OF COLORADO <br />DIVISION OF RECLAMATION, MINING AND SAFETY <br />Department of Natural Resources <br />1313 Sherman St., Room 215 <br />Denver, Colorado 80203 <br />Phone: (303) 866-3567 <br />FAX: (303) 832-8106 <br />01 February 2011 <br /> <br />COLORADO <br />D I V I S I O N OF <br />RECLAMATION <br />MINING <br />- br - <br />SAFETY <br />John W. Hickenlooper <br />Governor <br />Mr. Richard Blubaugh <br />Powertech (USA) Inc.. <br />5575 DTC Parkway, Suite 140 <br />Greenwood Village, CO 80111 <br />Re: Surety Reduction Approval, Centennial Uranium Project, Revision No. SR-2 <br />File No. P-2008-043 <br />Dear Mr. Blubaugh: <br />Mike King <br />Executive Director <br />Loretta E. Pirleda <br />Director <br />On 31 January 2011, the Colorado Division of Reclamation, Mining and Safety (Division) reduced the <br />amount of financial warranty for prospecting notice P-2008-043 from $122,400 to $71,400. Powertech <br />(USA) Inc. posted a cash bond for this prospecting notice; therefore, a State Warrant in the amount of <br />$51,000 plus accumulated interest (if any) will be sent to you under separate cover. <br />Please find enclosed the estimate of remaining well plugging and surface reclamation costs used to <br />determine the amount of the reduction. This surety reduction is partly based on three previously bonded <br />exploration boreholes that were not drilled. Therefore, approval to drill those exploration boreholes is <br />rescinded. With the exception of ground water monitoring well C-004-35, for which financial warranty is <br />still in place, no additional drilling may be conducted under prospecting Notice of Intent P-2008-043 <br />without the Division's written approval of a modification to the prospecting notice. <br />You may call me with questions at 303-866-3567 ext 8108. <br />Sincerely, <br />David Bird <br />Division of Reclamation, Mining, and Safety <br />cc: Michael Beshore - Powertech, via email <br />Mary Rodriguez - DRMS, via email <br />Office of Office of <br />AAi-4 1 -,..4 R-l-finn npnvpr . Grand hinrtion • Dwaneo Active and Inactive Mines