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STATE OF COLORADO DEPARTMENT YVATURIE RESOURCES MINED ND R CL W TION BOARD M N D LAND RECL N DIYI N Room 423, 1313 Sherman Street Tel. 303/866 -3567 Denver, Colorado 80203 FOR TRANSFER OF PERMIT I. RECITALS A. On March 24, 1980 the Mined Land Reclamation Board or Division of the Colorado Department of Natural Resources ( "the state ") granted to Energy Fuels Corporation (now Colorado Yampa Leasing Company), County of Routt and State of Colorado ( "permittee ") permit number 79- 177 ( "the permit ") pursuant to which permittee has been conducting a surface mining operation in the County of Routt, State of Colorado; and said permit was revised on May 18, 1983 to include an underground mine to be operated by Twentymile Coal Company. B. Permittee wishes to assign the permit to Colorado Yampa Coal Company as to the surface mine and to Twentymile Coal Company as to the underground mine, both corporations of the State of Delaware, as successor operators ( "successors ") and successors wishes to become successor permittees under the permit. C. Successors understand that the reclamation plan ( "the plan ") required by the permit and by applicable state laws and regula- tions has not been completed and are willing to assume full responsi- bility for the completion of the plan. D. Successors request that permit number 79 -177 be separated into two permits, one to cover operations pertaining to the surface mine operated by Colorado Yampa Coal Company, and another to cover underground operations and activities related thereto described in Permit Revision Application C- 056 -82 and operated by Twentymile Coal Company. Twentymile Coal Company requests the designation of a new and separate permit to cover such underground operations and related activities. II. AGREEMENTS Permittee and successors hereby agree, for their own benefit and for the benefit of the state, such agreements to be effective ipso facto upon the approval by the state of the transfer of the permit from permittee to successors, as follows: 1. Successors have inspected the mining and reclamation operations to their entire satisfaction and are fully aware of the condition thereof. Successors understand and accept all of the con- ditions of the permit. 2. Successors will complete the reclamation plan and hereby assume liability for completing such plan as to all areas heretofore disturbed as well as to all areas hereafter disturbed. Successors will perform all of the obligations of the permittee under the permit which have not heretofore been performed by permittee. 3. Successors hereby tender to the state their attached reclamation bond* with surety therein described, which is to be substi- tuted for the bond and surety heretofore filed by the permittee effec- tive upon the release of the latter bond and surety. *Already submitted for Colorado Yampa Coal Company for all of the permit, to be revised to reflect Twentymile Coal Company for the underground mine portion of the permit.