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112d-3 Annual Report <br />Henderson Mine and Mill (Permit No. M-77-342) <br />~ W. W. Whealer olx! Rssociates, Inc. <br />UJoter fiesources Engineers <br />March 1, 2007 <br />~~~~~~ Mr. Bryce Romig, Henderson Mine <br />Climax Morybdenum Company, Henderson Mine <br />~~' a~oo~ P.O.Box88 <br />`.~~~Oy~e`\Safl~~' Empire,CO80438 <br />pN~~~~~~9a~a Re: #Henderson ~ I Water Rlghfs <br />Dear Bryce; <br />The purpose of this letter is to provide an update concerning the market value of <br />Henderson Mill water rights owned by the Phelps Dodge Corporatbn. Reference is <br />made to my September 2002 report entitled "Valuation of Henderson Mill Water Rights". <br />In my opinion, there have been no substantial changes in the amount of water <br />represented by the Henderson Mill water rights or in the unit value of the water fights. <br />Therefore. the analysis and conclusions set forth in iha 2002 report wntinue to be <br />reasonably accurate and representative of fair market value as of March 2007, <br />I hope Ihis information is adequate for your present needs. Please call if you <br />have any questions or cvmmenfs. <br />Very truly yours, <br />W. W. Wheeler and Associates, Inc. <br />~~~, <br />Gary Thompson, P. <br />3709 South Into Street Englewood, Colorado BO170 (303) 7d1-013D FR)C (303) 767-4804 <br />