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RECEIVED <br />Carter <br />Division of Reclamation, February 17, 2012 <br />Mining & Safety <br />Mr. Tom Kaldenbach Certified Mail <br />State of Colorado Return Receipt Requested <br />Reclamation, Mining & Safety Division <br />1313 Sherman Street Room 215 T `C� <br />Denver, CO 80203 <br />SUBJECT: Schwartzwalder Mine Permit M- 1977 -300 <br />Request for Financial Surety Reduction for <br />Technical Revisions No. 13 and 15, Notice of Completion <br />Dear Mr. Kaldenbach: <br />This letter is requesting a reduction of $134,583.00 from the total financial warranty <br />covering the subject mine permit, currently totaling $2,843,671.63, thereby leaving a balance <br />of $2,709,088.63 with the State of Colorado for remaining reclamation costs. <br />This request is based on the fact that Technical Revisions No. 13 and 15 have been <br />completed, which outlined the need for interim water treatment at Sump 1 (TR -13) and <br />construction of Sumps 5, 8, 9 and 10 (TR -15). The completion of TR -13 and TR -15 were <br />detailed in Cotter's response letter to DRMS dated October 11, 2011. As your records <br />reflect, Cotter Corporation is the owner of the property where the work was performed. <br />Attached is the proposed public notice to be published by the Golden Transcript in Golden, <br />Colorado, which Cotter believes to be the paper of largest circulation in Jefferson County, <br />Colorado. Please advise your approval of said public notice prior to its publication. <br />I look forward to hearing from you soon. If you have any questions, please contact <br />Brenda Hughes with Rio Grande Resources Corporation, Cotter's service provider for this <br />issue, at brenda .hughes@riogranderesources.com or by phone at (830) 780 -3911 extension <br />230. Thank you in advance for your time and attention to this matter. <br />BGH/bgh <br />copy: Amory Quinn <br />Brenda Hughes <br />Randy Whicker <br />Kevin Raabe <br />Cotter Corporation <br />7800 E. Dorado Place, Suite 210, Greenwood Village, CO 80111 <br />Respectfully Submitted, <br />COTTER CORPORATION <br />Gus Gaviotis <br />Vice President, Accounting & Finance <br />Schwaltzwalder Bond Release TR- 13 &15.wpd <br />Telephone (720) 554 -6200 <br />Fax (720) 554 -6201 <br />