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COLORADO <br />Division of Reclamation, <br />Mining and Safety <br />Department of Natural Resources <br />1313 Sherman Street, Room 215 <br />Denver, CO 80203 <br />November 12, 2015 <br />Dianna Stoopnikoff <br />Fortune Revenue Silver Mines, Inc. <br />1900 Main Street, Unit 564 <br />Ouray, CO 81427 <br />Re: Revenue Mine, Permit M-2012-032, Succession of Operators Approval, Revision SO -2 <br />Dear Dianna Stoopnikoff: <br />On November 9, 2015, the Division of Reclamation, Mining and Safety approved the succession of <br />operators from Fortune Revenue Silver Mines, Inc.to Ouray Silver Mines Inc. for this operation. Ouray <br />Silver Mines Inc. is now the permitted operator of the Revenue Mine and as such, is responsible for all <br />provisions in M 2012-032, as well as those specified in the Rules and Regulations. <br />Enclosed is the Performance Warranty you originally provided. The Division accepts Financial Warranty <br />Corporate Surety Bond No. issued by Ironshore Indemnity Inc., rider to change principal <br />from Fortune Revenue Silver Mines, Inc. to Ouray Silver Mines Inc. and the increased amount of <br />$464,333.79. <br />If you have any questions, please contact me. <br />Sincerely, <br />elk14-iou <br />Travis H. Marshall <br />Environmental Protection Specialist <br />Enclosures <br />CERTIFIED MAIL No. 7014 2120 0001 7871 1745, Return Receipt Requested <br />Cc: Russ Means, Division of Reclamation, Mining and Safety <br />1313 Sherman Street, Room 215, Denver, CO 80203 P 303.866.3567 F 303.832.8106 http://mining.state.co.us <br />John W. Hickentooper, Governor 1 Mike King, Executive Director 1 Virginia Brannon, Director <br />