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<br /> <br />0 Z'X 40 , Ble)*5 <br />February 11, 2011 DRAFT Climax - Eagle Park Reservoir Co. Agreement <br />/' <br />AGREEMENT <br />This Agreement dated February , 2011, is among the Climax Molybdenum <br />Company ("Climax"), the Eagle Park Reservoir Company (the "Reservoir Company"), the <br />Eagle River Water and Sanitation District (the "District"), and the Upper Eagle Regional <br />Water Authority (the "Authority"). <br />Whereas, Climax has an application for amendment AM-06 to its Climax Mine <br />Reclamation Permit, M-1977-493. <br />. Whereas, the Reservoir Company is the owner of Eagle Park Reservoir located in <br />Eagle County, Colorado and within the boundaries of the "affected area" under permit M- <br />1977-493. <br />Whereas, the District and Authority are shareholders in the Reservoir Company. <br />Whereas, the Reservoir Company, the District and Authority submitted letters dated <br />• July 8, 2010 to Peter Hays and Allen Sorenson of the Division of Reclamation, Mining and <br />Safety ("DRMS" or the "Division") expressing concerns regarding the permit amendment <br />application and requesting party status. <br />Whereas, on January 25, 2011, Bob Weaver of Leonard Rice Engineering, on behalf <br />of the Reservoir Company, the District and Authority provided preliminary technical <br />comments on the permit amendment application to Ray Lazuk of Climax. In response to <br />these comments, counsel for Climax met with counsel for the Reservoir Company, the <br />District and Authority on January 31, 2011, to discuss the potential for resolving these issues <br />outside of the DRMS permit amendment process. <br />Whereas, timely approval of the AM-06 permit amendment is crucial to planned <br />activities at the Climax Mine, and DRMS will not approve Climax's permit amendment <br />application until all parties' concerns are addressed by the parties or, in the case of <br />continuing objection, by resolution of the Mined Land Reclamation Board, or until the <br />comment letters are withdrawn. <br />Whereas, the parties desire to resolve among themselves the issues raised by the <br />Reservoir Company, the District and Authority comment letters in a timely enough manner to <br />avoid significant delay in the permitting process. <br />Now, therefore, for good and valuable consideration, the receipt and sufficiency of <br />which are hereby acknowledged, the parties agree as follows: <br />• <br />43157 <br />2/11/11