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S 3 <br />Carter <br />April 13, 2011 <br />Mr. Tony Waldron Certified Mail <br />State of Colorado Return Receipt Requested <br />Reclamation, Mining & Safety Division <br />1313 Sherman Street Room 215 <br />Denver, CO 80203 <br />SUBJECT: Schwartzwalder Mine Permit M- 977-300 kPR 2 1 2011 <br />quest for Financial Surety Reduction for [AINWi! 0 figowrooo, <br />Technical Revision No. 16, Notice of Completion 1-0 Afl1019 and So* <br />Dear Mr. Waldron: <br />This letter is requesting a reduction of $10,455.00 from the total financial warranty <br />covering the subject mine permit, currently totaling $1,218,756.50, thereby leaving a balance <br />of $1,208,301.50 with the State of Colorado for remaining reclamation costs. <br />This request is based on the fact that Technical Revision No. 16 has been completed, <br />which outlined the need for the closure of an old drill hole. The drill hole was grouted <br />(plugged) on January 15, 2011. As your records reflect, Cotter Corporation is the owner of <br />the property where the work was performed. Attached is the proposed public notice to be <br />published by the Golden Transcript in Golden, Colorado, which Cotter believes to be the <br />paper of largest circulation in Jefferson County, Colorado. Please advise your approval of <br />said public notice prior to its publication. <br />I look forward to hearing from you soon. If you have any questions, please contact <br />Brenda Hughes with Rio Grande Resources Corporation, Cotter's service provider for this <br />issue, at brenda.hughesgriogranderesources.com or by phone at (830) 780-3911 extension <br />230. Thank you in advance for your time and attention to this matter. <br />Respectfully Submitted, <br />COTTER CORPORATION <br />Gus Gaviotis <br />Vice President, Accounting & Finance <br />BGH/bgh <br />copy: Amory Quinn <br />Brenda Hughes <br />Kevin Raabe <br />Schwaltzwalder Bond Release TR-16.wpd <br />Cotter Corporation Telephone (720) 554-6200 <br />7800 E. Dorado Place, Suite 210, Greenwood Village, CO 80111 Fax (720) 554-6201