Section 134.04. Application for an exploration license.

 

(1)  No explorer may engage in exploration in this state without securing an exploration license.

(2)  Any explorer wishing to engage in exploration in this state shall file an application for an exploration license with the department on forms prepared and furnished by the department. The application shall be accompanied by the following:

(a) A fee of $300 for the exploration license.

(b) A bond payable to the department in the amount of $50,000 conditioned on faithful performance of the provisions of this chapter.

1. The bond shall be issued by a surety company licensed to do business in Wisconsin. If the surety company's license to do business is revoked or suspended, the explorer, within 30 days after receiving written notice from the department, shall substitute surety underwritten by a surety company licensed to do business in Wisconsin. Upon failure of the explorer to make a substitution of surety, the department shall suspend the explorer's exploration license until substitution has been made.

2. Each bond shall provide that the bond may not be canceled by the surety, except after 90 days written notice to the department by registered or certified mail. Not less than 30 days prior to the expiration of the 90 day notice of cancellation, the explorer shall deliver to the department a replacement bond in the absence of which all exploration conducted in this state by the explorer shall cease.

3. The department may require that the amount of the bond be increased at any time, if the department determines that the explorer's current level of activity makes it likely that the bond may be inadequate to fund the termination of all holes drilled for which the explorer is responsible.

4. One year after the issuance of the last certificate of completion, and provided that the explorer is not holding an exploration license, the department shall release the bond if the department determines that the explorer has complied with provisions of this chapter.

(c) A certificate of insurance certifying that the explorer has in force a liability insurance policy issued by an insurance company authorized to do business in this state covering all exploration of the explorer in this state and affording personal injury and property damage protection in a total amount deemed adequate by the department but not less than $50,000.

(d) A copy of the applicant's most recent annual report and Form 10K as filed with the securities and exchange commission. If these are not available, the applicant shall submit a report of the applicant's current assets and liabilities and other necessary data to establish that the applicant is competent to conduct exploration in this state.

History: Cr. Register, October, 1985, No. 358 , eff. 11-1-85.