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Mr. Tim Cazier <br />April 9, 2012 <br />Page I4 <br />Liberty Mutual Surety Bond No. was increased to $7,922,271.21 on April 30, <br />2004. <br />On August 31, 2011, DRMS accepted the submittal of the Increase to Irrevocable Letter <br />of Credit No. in the amount of $12,770,000.00 for a new available balance <br />of $57, 890,000.00 for the Cresson Project. <br />These financial instruments, providing a total financial warranty of $99,143,871.21, have <br />been accepted by the DRMS and continue to demonstrate the sufficiency of the value of <br />the Cresson Project Financial Warranty. <br />Per 2CCR 407 -1, 407 -4, and Rules 4.7(3), the insurance company's most recently <br />available balance sheets are attached, demonstrating that the Surety Bonds do not <br />exceed ten percent (10 %) of the bank's capital surplus accounts. <br />Designated Mining Operation: <br />Per 2CCR 407 -1, 407 -4, and Rules 1.15(1)(c), monitoring information presented as part <br />of the Amendment No. 9 application and outlined within the Environmental Protection <br />Plan is routinely submitted to the DRMS. <br />Please do not hesitate to contact me at (719) 689 -4055 if you have any questions. <br />Sincerely, <br />Enclosures <br />,,,,,,pde- <br />/ Timm Corner <br />Manager, Environmental Resources <br />cc: Ms. Sheryl Decker, Teller County Community Development Services <br />