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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 /> <br />DO <br />COLORADO <br />Denver, Colorado 80203 I O N N <br />Phone: (303) 866-3567 RECLAMATION <br />FAX: (303) 832-8106 MINING <br /> <br /> SAFETY <br />MINING AND RECLAMATION PERMIT <br />HARD ROCK/METAL MINING OPERATIONS <br />Permit Number: <br />Type of Permit: <br />Permit Date: <br />M-2008-012 <br />112d-1 <br />March 22, 2011 <br />(Anniversary date for <br />annual report and fees <br />purposes) <br />THIS PERMIT is issued by the Mined Land Reclamation Board, Department of Natural Resources, <br />State of Colorado. <br />RECITALS <br />A. The Permittee, Nuvemco, LLC desires to conduct a mining operation known as Last <br />Chance #3 & #4, for the purpose of extracting Uranium and vanadium. Unless the permit is modified or a <br />separate permit is issued to cover the mining and/or recovery of other minerals or extractive products, the <br />Permittee will not mine any other commodities at this site. <br />B. On June 9, 2010 the Mined Land Reclamation Board (the "Board") approved the <br />Permittee's application for this permit, fixed the amount of the fmancial warranty and directed that this <br />permit be issued upon the filing with the Division of Reclamation, Mining and Safety (the "Division") of <br />performance warranty and financial warranty (or warranties) in the amount so fixed in form and substance <br />approved by the Division. Said warranties have been filed with the Division. <br />C. If the Permittee desires to extract materials other than those listed in (A), a separate permit <br />or a permit modification may be required. <br />D. On June 9, 2010 the Board made the following findings: <br />1. The application for this permit complies with the requirements of the Colorado <br />Mined Land Reclamation Act, C.R.S. 34-32-101 et sec .,as amended, and with all applicable local, state and <br />federal laws; <br />2. The operation will not adversely affect the stability of any significant, valuable, <br />and permanent man-made structure located within two hundred feet of the Affected Land, except where <br />there is an agreement between the Operator and the persons having an interest in the structure that damage <br />Office of Office of <br />Mined Land Reclamation Denver • Grand Junction • Durango Active and Inactive Mines