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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 />STATE OF COLORADO <br />COLORADO <br />D I V I S I ON OF <br />RECLAMATION <br />MINING <br />SAFETY <br />August 19, 2013 <br />John G vernor enlooper <br />Mike King <br />Executive Director <br />Angela Bellantoni <br />Environmental Alternatives, Inc. Loretta E. Pineda <br />Director <br />1107 Main Street <br />Canon City, CO 81212 <br />Re: Zephyr Gold USA Ltd, Dawson Gold Project, File No. P- 2013 -002, Revision SRI Approval, <br />Financial Warranty Reduction <br />Angela Bellantoni: <br />On August 19, 2013, the Division approved the Revision SRI, Financial Warranty reduction request for <br />the above prospect. Your current required surety amount is now $13,391.00 which is a reduction of <br />$15,669.00. You may advise the issuer of your bond of the reduction by copy of this letter. <br />Please contact me if you have any questions. <br />Sincerely, <br />T C. Wait <br />Environmental Protection Specialist <br />cc: Tom Kaldenbach, DRMS <br />Mr. David Felderhof <br />Zephyr Gold USA Ltd <br />1959 Upper Water St. Suite 1700 <br />Halifax, Nova Scotia, Canada <br />M -PR -05 <br />Office of Office of <br />Mined Land Reclamation Denver • Grand Junction • Durango Active and Inactive Mines <br />