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STATE OF COLORADO <br />DIVISION OF RECLAMATION, MINING AND SAFETY <br />Department of Natural Resources <br />1313 Sherman St., Room 215 <br />Denver, Colorado 80203 <br />Phone: (303) 866-3567 <br />FAX: (303) 832-8106 <br />September 29, 2009 <br />U.S. Bank <br />Mary Ellen Davis <br />422 White Avenue <br />Grand Junction, CO 81501 <br />Re: Blue Ribbon Mine (Permit No. C-1981-047) <br />Bond Release Application No. 2 (SL-2) <br />Bond No. 394312040022 <br />Dear Sir or Madam: <br />COLORADO <br />D I V I S I ON OF <br />RECLAMATION <br />MINING <br />SAFETY <br />Bill Ritter, Jr. <br />Governor <br />Harris D. Sherman <br />Executive Director <br />Ronald W. Cattany <br />Division Director <br />Natural Resource Trustee <br />This letter, as required by Rule 3.03.2(5)(a) of the Rules and Regulations, is to inform you that the <br />Division of Reclamation, Mining and Safety has issued a proposed decision to Approve Bond Release <br />Application No. 2 for the Blue Ribbon Mine. This decision will be published in the Delta County <br />Independent as soon as possible. Publication of the notice initiates a thirty (30) day public comment <br />period. If, within thirty days, there are no requests for an adjudicatory hearing, the decision will <br />become final. <br />The bond for the operation is a Certificate Of Deposit issued by your company (Bond No. <br />394312040022), in the amount of $48,000.00. The proposed release amount is $48,000.00. <br />Please be aware that this notification is not a request to initiate any action by U.S. Bank <br />concerning Bond No. 394312040022, and is for your information only. Should MINREC, Inc. <br />chose to take action with regard to this bond release, they will contact you. <br />If you have questions or need additional information, please contact me. <br />Sincerely, <br />Hoseph dash <br />Environmental Protection Specialist <br />cc: Johanna R. Cramer, CDMG <br />C-SL-17 CI981047 JJD 09282009123441.doc <br />Office of Office of <br />Mined Land Reclamation Denver • Grand Junction • Durango Active and Inactive Mines