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December 4, 2012 <br />Mr. Bob Oswald <br />REC EIVED <br />®EC 1 0 loll <br />DivisooFFT4 <br />Colorado Division of Reclamation, Mining and Safety <br />691 CR 233, Suite A -2 <br />Durango, Colorado 81301 <br />Re: Telluride Stone Company, Inc. <br />Airport Pit, File Number M- 2011 -013 <br />Request for Performance Bond Reduction pursuant to <br />Application for Technical Revision No. 2 <br />Dear Mr. Oswald: <br />TSC is submitting 2 copies of the following exhibits: <br />Initial Mining Area Volumetrics — revised <br />Cost Summary for Reclamation Bond — revised <br />Explanation of revised Cost Summary <br />• <br />Telluride Stone Company Inc. (TSC) currently has Colorado Mined Land Reclamation <br />Permit M- 2011 -013 for Construction Materials Regular (112) Operation as well as <br />Technical Revision No.1 which is incorporated into this Permit. We have also submitted <br />an application for a Technical Revision No.2, under separate correspondence, to reduce <br />the amount of disturbance in our mining area from 1 acre to .30 acre. <br />This letter and application are a request by the Telluride Stone Company, in accordance with this <br />Reclamation Permit, to reduce the amount of the Performance Bond currently in place with DMRS <br />from $59,113.47 to $33,111.36. This would be a decrease in the amount of the required Financial <br />Warranty by $26,002.11. <br />TELLURIDE <br />STONE COMPANY <br />Post Office Box 3552 <br />Telluride, Colorado 81435 <br />Telephone: 970.728.6201 <br />Facsimile: 970.369.4568 <br />www.telluridestone.com <br />According to the Mineral Rules and Regulations of the Colorado Mined Land Reclamation Board for Hard <br />Rock, Metal and Designated Mining Operations Rule 4.14.1, the Operator must include an estimate of <br />the actual cost to reclaim the site as appropriate to the operation to comply with the Permit's <br />Reclamation Plan. I've enclosed the previous Cost Summary which was used to calculate our current <br />Bond amount of $59,113.47 along with a summary spreadsheet showing, in the last 2 columns, what I <br />am proposing as revised costs of reclamation based on the proposed reduced amount of disturbance. <br />Additionally, I have enclosed an explanation, itemized by each Task number, of how I calculated the <br />revised costs. <br />DEC l ECEIIVE <br />o s 2012 <br />DURANGO FIELD OFFICE <br />DIVISION OF RECLAMATION, <br />MINING AND SAFETY <br />