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434 D EAST 60TH AVENUE, SUITE 1 02, COMMERCE CITY, CO 8002.2. <br />Oct. 5th 2003 <br />Mr. Tony Waldron <br />Division of Minerals and Geology <br />1313 Sherinan St. <br />Denver,' Co. 80203 <br />Re: Reduction of Securities <br />Dear Mr. • Waldron; <br />The total amount of our Irrevocable Letter of Credit with Valley Bank and Trust for our project <br />#M- 2001 -85 is $435,500.00. We are requesting a reduction as listed below. <br />Activity <br />RECEIVED <br />SEP 2 9 2003 <br />Division of Minerals and Geology <br />Value % Complete $ Value <br />Re- vegetation 2,161.00 0 0 <br />Liner 239,096.00 80 191 ,76X00 <br />Grading Pond 722.00 0 0 <br />Mobilization and demob. 3950.00 90 3,55,5.00 <br />Dewatering 188,849.00 100 188 0.00 <br />TOTAL 384172.00 <br />We wish to apply $224,385.00 to the financial warranty for the amen e*t M - 5 <br />Revision AM -2, and have the balance returned to the owners. <br />Thank you for your time. If you need to call me, my number is 303-667-1666. <br />Yours Truly, <br />Les Ewegen <br />Project manager <br />Enc. <br />3O3- -- 287 -2.72.1 <br />