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a R" I e>wl ys5 <br />STATE OF COLORADO <br />DIVISION OF RECLAMATION, MINING AND SAFETY <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 />June 16, 2011 <br />COLORADO <br />D IV IS I ON OF <br />RECLAMATION <br />MINING <br />SAFETY <br />John W. Hickenlooper <br />Governor <br />Ms. Deb Rudibaugh Mike King <br />Rudibaugh Pit Executive Director <br />5291 CR 76 Loretta E. Pineda <br />Parlin, CO 81239 Director <br />Re: Rudibaugh Pit, File No. M-1995-057, Deb Rudibaugh <br />Inadequate Submittal of Irrevocable Letter of Credit Template, Succession of Operator SO-1 <br />Dear Ms. Rudibaugh: <br />On June 13, 2011, the Division of Reclamation, Mining and Safety received an Irrevocable Letter of Credit from <br />Community Banks of Colorado, LOC No. in the amount of $11,574.00. The Division is returning the <br />original Irrevocable Letter of Credit for the following: <br />Irrevocable Letter of Credit template: <br />The Division requires all Irrevocable Letters of Credit to use the Division language for Letter of Credit. <br />The template is enclosed. <br />The Letter of Credit shall not be in excess of 10 percent of the bank's capital surplus account or in excess of 30 <br />percent if the applicant has more than one Letter of Credit for different permits. To demonstrate this <br />requirement, the issuing bank shall provide a balance sheet certified by a Certified Public Accountant. <br />Generally, this is available in the Bank's most recent Annual Report or Call Report. <br />Financial Warranty Letter of Credit <br />Division requires the applicant to complete the Financial Warranty Letter of Credit Form. This form is found <br />on our website at www.mining.state.co.us, Forms, Policies & Guidelines, Mineral Forms. (copy enclosed) <br />Upon completion, please send the documents to my attention. If you have any questions, please do not hesitate to call <br />me at (303) 866-3567 ext. 8148. <br />Sincerely, <br />Barbara Coria <br />Financial Assurance Specialist <br />CERTIFIED MAIL NO. 7009 2820 0003 5701 4538 <br />Return Receipt Requested <br />Enclosures <br />Office of Office of <br />Uinnrl 1 -1 Q-I-tinn r)pnvpr . Grand Junction • Duraneo Active and Inactive Mines