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DIVISION OF RECLAMATION, MINING AND SAFETY Department of Natural Resources 1313 Sherman St., Room 215 Denver, Colorado 80203 Phone: (303) 866 -3567 FAX: (303) 832 -8106 October 11, 2011 Brian Morris Rio Grande Silver, Inc. PO Box 610 Creede, CO 81130 Re: Notice of Intent (NOI) to Conduct Prospecting for Equity Exploration Project, DRMS File No. P- 2011 -010, Modification MD -1, Approval to Commence Prospecting. Dear Mr. Morris, The Division has reviewed the NOI modification named above, and finds that it meets all requirements. The Division has therefore approved the modification, effective on October 11, 2011. The additional reclamation costs associated with this modification have been estimated to be $9,400. Please see the enclosed reclamation cost estimate packet, and notify me promptly if you notice any errors or omissions. The $9,400 figure shown on the cost estimate is in addition to the amount of bond already obligated toward this NOI. The original NOI was initially approved on June 9, 2011, and the bond amount was estimated to be $8,961. Rio Grande Silver, Inc. posted Statewide Prospecting Bond # in 2008 in the amount of $269,318. That bond was accepted by the Division. The bond is still in place, and though there are still several other NOIs currently covered under this bond, a sufficient amount is still available for the additional costs associated with this NOI modification. The bond amount required for this NOI has been increased to include the costs of this NOI, and the new total is $18,361. Since the bond is already posted, the Division has granted its approval for NOI modification MD -1, and continued prospecting at the Equity Exploration Project may commence. Please be reminded that all other conditions of the original NOI, as well as requirement to file annual reports and the associated fees, and file permanent abandonment reports for all drill holes, will remain in full force and effect. A copy of the abandonment report form is enclosed herewith, and further copies are available on the Division's website: www.mining.state.co.us /. Thank you for the consistent quality of the NOI- related materials. If you have any questions, I may be reached at the Division's Durango field office: 691 CR 233, Room A -2, Durango, CO 81301; telephone 970 - 247 -5193. Office of Mined Land Reclamation Page 1 STATE OF COLORADO OCT 1 20'U Division 01 Reclamation d Safety Mining COLORADO DIVISION OF RECLAMATION MINING — &— SAFETY John W. Hickenlooper Governor Mike King Executive Director Loretta E. Pineda Director Office of Denver • Grand Junction • Durango Active and Inactive Mines