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rvt ~L(~1 '~ ~ <br />~~ <br />BANK OF THE SAN JUANS <br />144 E. 8TN STREET <br />DURANGO, CO 81301 <br />(970) 247-1818 VOICE <br />(970) 247-1150 FAX <br />IRREVOCABLE LETTER OF CREDIT V <br />The <br />Street: <br />144 E. 8th Street <br />RFCF~V~O <br />FB 0 <br />OigsfoaojM,~d~ Ar~i~ <br />`°1 °Mr <br />Bank of the San Juans <br />City: uurango <br />State: Colorado <br />Atea Code: 970 <br />Beneficiary: <br />STATE OF COLORADO <br />MINED LAND RECLAMATION BOARD <br />215 CENTENNIAL BUILDING <br />1313 SHERMAN STREET <br />DENVER, COLORADO 80203 <br />Zip Code: 81301 <br />Telephone; 247-1818 <br />LETTER OF CREDIT NUMBER: 35022 <br />AmountU.S. $ 52,747.00 <br />Date of Issuance: January 31, 2006 <br />Initial Expiation Date: January 31. 2007 <br />Applicant: LBCB, LLC <br />Street: 1440 Blue Sage Ct. <br />City; Boulder <br />State: Colorado Zip Code: <br />Area Code: 303 Telephone: 887-3395 <br />Gentlemen: <br />We hereby issue and establish our irrevocable letter of credit, the amount of which is available by beneficiary's draft or <br />drafts drawn upon us, which shall be paid at sight, when accompanied by the following document; <br />A written statement ofthe Director ("the Director")ofthe Division ofMinerals and Geology ofthe State of Colorado <br />("the Division") certifying that he is a duly authorized official acting on behalf of the State of Colorado and that the <br />amount ofthe accompanying sight draft is due and payable to the State ofColorado pursuant to applicable provisions <br />of Colorado statutes governing mined land reclamation and that LBCR, LLC oritssuccessor <br />has neglected, failed, or refused to pay such amount although requested to do so by the Director. <br />-2- <br />