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Si /r4k. <br />l 1 of - Btf to _ 'T ( <br />ISSUER: THE FIRST NATIONAL BANK IN TRINIDAD <br />P.O. BOX 759 <br />100 E. MAIN ST <br />TRINIDAD, CO 81082.0759 <br />Date of Issue:03.27.2012 Letter of Credit Number: <br />Amount: U.S. $ 57,664.00 <br />( FIFTY SEVEN THOUSAND SIX HUNDRED SIXTY FOUR AND NO/100 U.S. DOLLARS) <br />For Benefit Of: For Account Of: <br />Beneficiary Name and Address Applicant Name and Address <br />STATE OF COLORADO MINED LAND RECLAMATION BOARD <br />1313 SHERMAN ST., RM 215, DENVER, CO 80203 <br />LEONE SAND & GRAVEL, LLC <br />502 S. WALNUT <br />TRINIDAD, CO 81082 <br />LETTER OF CREDIT. Issuer establishes this Irrevocable Standby Letter of Credit (Letter of Credit) in favor of Beneficiary in the <br />amount indicated above. Beneficiary may draw on this Letter of Credit with a Draft (or Drafts, if the maximum number of drawings is <br />greater than one) together with the documents described below. Each Draft shall be signed on behalf of Beneficiary and be marked <br />"Drawn under [Issuer name] Letter of Credit No. [Letter of Credit number] dated [Letter of Credit date]." Drafts must be presented at <br />Issuer's address shown above on or before the Expiration Date. The presentation of any Draft shall reduce the Amount available under <br />this Letter of Credit by the amount of the Draft. <br />This Letter of Credit sets forth in full the terms of Issuer's obligation to Beneficiary. This obligation cannot be modified by any <br />reference in this Letter of Credit, or any document to which this Letter of Credit may be related. <br />This Letter of Credit expires on the Expiration Date. <br />DRAWINGS. <br />® Partial drawings shall not be permitted under this Letter of Credit. <br />❑ Partial drawings are permitted. The maximum number of drawings that may be made is <br />DOCUMENTS. Each Draft must be accompanied by the following, an original and two copies except as stated: <br />® The original Letter of Credit, together with any amendments. <br />❑ A sight draft drawn by Beneficiary on Issuer. <br />❑ A signed statement by Beneficiary including the following statement: <br />❑ Other documents: <br />Issuer shall be entitled to accept a draft and the documentation described above, as required by the terms of this Letter of Credit, from <br />any person purporting to be an authorized officer or representative of Beneficiary without any obligation or duty on the part of Issuer to <br />verify the identity or authority of the person presenting the draft and such documentation. <br />SPECIAL INSTRUCTIONS: <br />Irrevocable Standby Letter of Credit <br />VMP Bankers SystemsTM <br />Wolters Kluwer Financial Services © 2001, 2009 <br />IRREVOCABLE STANDBY LETTER OF CREDIT <br />/4 O (0 <br />RECEIVED <br />APR 05 2012 <br />Division of Reclamation, <br />Mining & Safety <br />LC- STANDBY 9/11/2009 <br />VMPC612 10909).00 <br />Page 1 of 2 <br />