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~~ ~:-. -~ ~, .~- 'acv (~ f fieE~. C~f ~zannet~., c~i.~~tJ. azcr! an~ ~azn~azt, ~'.~'.~ DENVER OFFICE PUBLIC FILE COPY FILE: /N-~g-3~2 SITE:= -'"~ Joe Baldwin 1641-6500 Road Montrose, Colorado 81401 Dear Mr. Baldwin: - December 18, 1997 ~~~ ~~~~~~~~~~~~~~~~ :R • ~~E larep/r J. Brnnury Nei/Hi/l~rirr/ W. /la~da/p/~ Brrrn/un7 Mie/rur/!. Ti~rnrr And e/a L Ekkrr ~'e u~ ~81~°,~;~ "ago aecetved E„e DEC221997 L66lZg~~ purarxp Field ~~ IogY pa~~~ pNieio^ of Minerals - --- - •,; Dorothy Blake has received notification from the State of Colorado Division of Minerals and Geology and the Department of Energy concerning the bonds for C-JDS, C- $R13and C-SR15. The Department of Energy has also given notice to Telluride Mining Company, Inc. to ensure that there is adequate bonding in place on or before January 27, 1998. It is my understanding that, should you and/or Telluride Mining Company, Inc. fail to provide adequate bonding, Blake Mining may be liable. This letter is to advise you that, in the Settlement Agreement and Mutual Release executed by you, your wife and Dorothy Blake, you agreed to complete the assignment of all of these mining leases and satisfy all requirements of the Department of Energy. Mrs. Blake was generous enough to allow the performance bonds to remain with the Department of Energy until the mines were leased, sold, assigned, placed in production or upon submission of an exploration plan or mining plan. It is clear that the mines have been leased to Telluride Mining Company, Inc. As a result, you and Telluride Mining Company, Inc. are responsible for complying with all requirements of the Department of Energy in the State of Colorado to ensure that the performance bonds are released to Mrs. Blake, ensure that there is adequate bonding and to ensure that she and Blake Mining Company are held harmless. In addition, you have agreed to indemnify Mrs. Blake for any claims, costs or expenses which arise from These mining leases. If, for some reason, you or Telluride Mining Company, Inc. do not comply with Department of Energy and State of Colorado guidelines, and Mrs. Blake does not receive the return of her performance bonds and is in any way liable for the mining leases, we will pursue all legal remedies in her behalf against you. Please advise me no later than January 20, 1998 whether you and Telluride Mining Company, Inc. intend to comply with the Department of Energy and State of Colorado guidelines. I look forward to hearing from you. 7887E. BelleviewAve., Suite 1100 • Englewood, Colorado 80111 OFFICB:• /303)793-0700 • FAX.• (50.0793-1950