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Permit M- 1990 -057 <br />Hopemore Shaft <br />Calais Resources Colorado, Inc. <br />June 11, 2012 <br />Annual Report <br />Property <br />Permit M -1990 -057 includes the Hopemore Shaft and the Leadville Mill. The permit operator is: <br />Calais Resources Colorado, Inc. <br />David K. Young, President and COO <br />4185 Caribou Road <br />Nederland, CO 80466 <br />303 - 258 -3806 <br />The Hopemore Shaft is located in the Southeast Quarter of the Southeast Quarter of Section 20, <br />Township 9 South, Range 79 West. The county designated address is 2921 County Road 1, Lake <br />County, Colorado.The owner of the Hopemore Shaft is: <br />Lockland Mining, LLC <br />Robert Calder, Manager <br />902 East 6 Street <br />Leadville, CO 80461 <br />The Leadville Mill is located in the Northeast Quarter of the Northeast Quarter of Section 33, <br />and the Southeast Quarter of the Southeast Quarter of Section 28, Township 9 South, Range 80 <br />West. The county designated address is 13815 Highway 24, Lake County, Colorado. The owner <br />of the Leadville Mill is: <br />Constructive Investments, LLC <br />Nicholas Michael, Manager <br />PO Box 620490 <br />Littleton, CO 80162 -0490 <br />June 18, 2011 to June 18, 2012Activities <br />Care and maintenance activities have occurred during the past year at both the mine and mill. <br />Additionally, major permitting efforts were completed at the mill and construction initiated in <br />accordance with the approved permits. The mine property is physically separated from the mill <br />property and the activities at each property are reported below. <br />Hopemore Shaft <br />The mine remained idle, on care and maintenance status, with no production or mining occurring <br />in the last 12 month period. The mine is an active tourist mine and conducted tours. No <br />permanent reclamation occurred at the mine in the last 12 month period. Interim stabilization <br />activities continued within existing disturbed areas. The mine disturbed area remains at 1.9acres. <br />Annual Report <br />M1990 -057 June 11, 2012 <br />