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STATE OF COLORA
<br />DIVISION OF MINERALS AND GEOLOGY
<br />Department of Natural Resources
<br />1313 Sherman St., Room 215
<br />Denver, Colorado 80203
<br />Phone: (303) 866 -3567
<br />FAX: (303) 832 -8106
<br />FINANCIAL WARRANTY AND CONDITIONAL PROMISSORY NOTE
<br />FOR THE USE WITH DEED OF TRUST
<br />op C�i n+ A x �O�r l� CI !Gr v C1 �" I
<br />p
<br />Operation / <n �� {rSoh �, h,r .r Mef /
<br />Permit No. 7 a-
<br />KNOW ALL MEN BY THESE PRESENTS, THAT:
<br />DIVISION OF
<br />MINERALS
<br />GEOLOGY
<br />RECLAMATION
<br />MINING- SAFETY
<br />Bill Owens
<br />Governor
<br />Greg E. Walther
<br />Executive Director
<br />Ronald W. Cattany
<br />Acting Division Director
<br />WHEREAS, the Colorado Mined Land Reclamation Act, C.RS. 1973,34-32-101 et M. (the "Act "), as amended,
<br />provides that no permit may be issued under the Act until the Mined Land Reclamation Board (the "Board ") receives a
<br />Financial Warranty (or Warranties) as described in the Act.
<br />WHEREAS, C 1 0 ,*k Co"n ,aHX (the "Operator "), a
<br />Corporation, has applied for a permit to conduct a mining operation known as ti �,.p-I
<br />a ,,,i AbIt (the "Operation "), on certain lands in CA R' C fik v°--- County, Colorado. These lands are
<br />described in the permit application, as amended and supplemented, and are re of rred to herein as the "Affected Lands ".
<br />WHEREAS, as part of the application for the permit, the Warrantor has agreed to be bound by all requirements
<br />of the Act and all applicable rules and regulations of the Board, as amended from time to time.
<br />WHEREAS, in its application for the permit, the Operator has agreed with the State to provide for reclamation
<br />- ........_._.... - - -- - _
<br />of tTieAected Lands that are now, or may become, subject to tFie permit, as required by law.
<br />WHEREAS, The Board has determined, in accordance with the Act, that the estimated costs of reclamation of the
<br />Affected lands are those amounts for the stated periods of tune as set forth herein. Said amount may be amended from tune
<br />to time to reflect revised estimates of said costs of reclamation.
<br />WHEREAS, The Operator, in accordance with the Act, has promised and hereby promise the Board that it gill
<br />be responsible for all of the estimated costs of reclamation with regard to the Affected Lands.
<br />WHEREAS, the Board has determined that the Financial Warranty by the Operator equals the estimated costs of
<br />reclamation, as approved by the Board, with regard to the Affected Lands-
<br />WHEREAS, as proof of its financial responsibility and pursuant to Section 34- 32- 117(3)(IV) of the Act, the
<br />Operator has, as Grantor, executed and delivered to the State this J Hans is ran , c, Conditional Promissory Note
<br />(the "Financial Warranty") for the original principal sum llars (S a �h 86, 064.
<br />3S'
<br />secured by a Deed of Trust in favor of the Public Trustee of 4AA.v12 County, Colorado, conveying certain lands
<br />in said county and state, as assurance for the faithful performance by the Operator of the Operator's obligations to the State
<br />as evidence by this Financial Warranty.
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