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07/11/2005 08:05 FAX <br />[a 003 <br />BEFORE THE MINED LAND RECLAMATION BOARD <br />STATE OF COLORADO <br />DRAFT FINDINGS OF FACT, CONCLUSIONS OF LAW AND ORDER REGARDING <br />PARTIAL FULFILLMENT OF BONDING OBLIGATION <br />IN THE MATTER OF CLIMAX. MOLYBDENUM CO., HENDERSON MINE AND <br />MIL L, FILE NUMBER M- 1977 -342 <br />THIS MATTER came before the Colorado Mined Land Recl:unation Board <br />( "Board ") on May 11, 2005 in Denver, Colorado for a hearing to consider the request of <br />Climax Molybdenum Co., Inc. ( "Operator") for a Board order accepting certain deeds of <br />trust as collateral for the partial fulfillment of the Operator's bonding obligation. The file <br />number in this matter is M =1977 -342. Bryce Romig and Brian Nazarenus, Esq., appeared on <br />behalf of the Operator. Allen Sorenson and Steve Brown, Esq., appeared on behalf of the <br />Colorado Division of Minerals and Geology ( "Division "). <br />The Board, having considered the parties' presentations and having been otherwise fully <br />informed of the facts in this matter, hereby enters the following findings of fact, conclusions of <br />law and order: <br />1. In 1977, the Board approved the Operator's application for a Section 112 -d reclamation <br />permit for an 11,877.50 -acre site located in Section 22, Township 2 South, Range 77 West, <br />6 Principal Meridian, Clear Creek and Grand Counties, Colorado. The Petitioner mines <br />molybdenum from the site. The location is referred to as the Henderson Mine and Mill. <br />2. In 2002 the Division reevaluated the site's reclamation costs aad substantially increased the <br />amount of the Operator's required reclamation bond over the original bond amount of <br />$10,133,000. While the precise amount of the updated reclamation bond has not yet been <br />