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Tony Waldron <br />May 23, 2011 <br />Page 3 <br />additional bond amount would be secured at the end of plant construction. On December 18, 2007, <br />DRMS requested an additional deposit in the GCC cash escrow account of $2,565,081 for a total cash <br />bond of $5,065,081. That amount exceeds the amount necessary to cover any mining reclamation <br />obligations, and there is no foreseeable circumstance in which any other reclamation obligations would <br />arise. Accordingly, GCC agrees to leave the current cash escrow account in place during the pendency <br />of the permit amendment <br />At the conclusion of the permit amendment process, the reclamation bond amount will need to be <br />recalculated. We anticipate that this calculation will be included with the final approval of the permit <br />amendment GCC may, at that time, seek to put in place a different financial instrument than a cash <br />bond and have the cash bond returned to GCC. <br />Thank you for your time and attention to this matter. If you have any questions please do not hesitate <br />to contact me directly. <br />Sin Ir; <br />Adam T. Devoe