2005-07-25_GENERAL DOCUMENTS - M1977342 (2)

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V STATE OF COLORADO DIVISION OF MINERALS AND GEOLOGY Department of Natural Resources 1313 Sherman St., Room 215 Denver, Colorado 80203 Phone: (303) 866 -3567 FAX: (303) 832 -8106 FINANCIAL WARRANTY AND CONDITIONAL PROMISSORY NOTE FOR THE USE WITH DEED OF TRUST Operator ieo c/M e4 11 Operation &Ifdlrlltor, 10ihr Permit No. / �- /977 3q KNOW ALL MEN BY THESE PRESENTS, THAT: DIVISION O F MI GEOLOGY RECLAMATION MINING•SAFETY Bill Owens Governor Greg E. Walther Executive Director Ronald W. Cattany Acting Division Director WHEREAS, the Colorado Mined Land Reclamation Act, C.RS. 1973, 34 -32 -101 et �iqq. (the "Act "), as amended, provides that no permit may be issued under the Act until the Mined Land Reclamation Board (the "Board ") receives a Financial Warranty (or Warranties) as described in the Act. WHEREAS, Cltmr4X /;10 1 6_depwm C Anc� � --, (the "Operator "), a 'I rlwdfr2 Corporation, has applied for a pennut toy o nduct a mining operati on known as eqb, -. v,., At r., And X71 (the "Operation"), on certain lands in _ ", 41%10 County, Colorado. These lands are described in the permit application, as amended and supplemented, and are referred to herein as the "Affected Lands ". WHEREAS, as part of the application for the permit, the Warrantor has agreed to be bound by all requirements of the Act and all applicable rules and regulations of the Board, as amended from time to time. WHEREAS, in its application for the permit, the Operator has agreed with the State to provide for reclamation _..__o tlie AXF&fed Lands that are now, or may become,.subject to ihe as required by law. WHEREAS, The Board has determined, in accordance with the Act, that the estimated costs of reclamation of the Affected lands are those amounts for the stated periods of time as set forth herein. Said amount may be amended from time to time to reflect revised estimates of said costs of reclamation. WHEREAS, The Operator, in accordance «ath the Act, has promised and hereby promise the Board that it will be responsible for all of the estimated costs of reclamation with regard to the Affected Lands. WHEREAS, the Board has determined that the Financial Warranty by the Operator equals the estimated costs of reclamation, as approved by the Board, with regard to the Affected Lands. WHEREAS, as proof of its financial responsibility and pursuant to Section 34- 32- 117(3)(TV) of the Act, the Operator has, as Grantor, executed and delivered to the State this Financial W d Conditional Promissory Note (the "Financial Warranty") for the original principal sum of w ' f t yi, rj " llars ($ _3 secured by a Deed of 'Trust in favor of the Public Trustee of - 4M _ ° bounty, Colorado, conveying certain lands in said county and state, as assurance for the faithful performance y the Operator of the Operator's obligations to the State as evidence by this .Financial Warranty.