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June 27, 2011 <br />State of Colorado <br />Division of Reclamation, Mining and Safety <br />1313 Sherman Street, Room 215 <br />Denver, CO 80203 <br />Re: Idarado Mining Company <br />2010 /2011 Annual Report Submittal <br />Permit No. M- 1977 - 403 -HR <br />Enclosed please find Idarado Mining Company's 2010 /2011 Annual Report and the <br />annual permit fee payment of eleven hundred and fifty dollars ($1,150). This report <br />addresses operational mining, beneficiation and site reclamation status for the Red <br />Mountain and Telluride mine operations. <br />Following review of the attached information should any questions arise or I can be of <br />further assistance, please contact me at (303) 837 -5852. <br />Sincerely, <br />ill <br />Vice President/Site Manager <br />file <br />Idarado Mining Company <br />311 Main Street <br />P.O. Box 584 <br />Ouray, Colorado 81427 <br />(970) 325 -4482 <br />