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l~Jater Resources Engineers <br />Fobruary 1 r3; 2t70~3 <br />fti1r. Vdilliam Kalz, Henderson fvlinc <br />Climax Fulolybdenum Company, Henderson Mine <br />P.4, 6ox ~n <br />E~nplra, CO 9~43f3 <br />Rey ~fOTO-S- Updaiecf Vafze <br />Henatorsorl A~4fN WaferRfghts <br />Roar Bryaa; <br />1'~e purpose of this letter is to provide an update concerning the market valu6 pf <br />Henderson futil. water rights owned by the Phelps Dadgo Co+parat~gn- R2fere~ic;e i5 <br />Trace to my September~002 ropart cntitlod'Valuatlnn of Wprr'ers~.~ hAlll 4L'81a• Rights". <br />In my opinion, Thera have bean rv sub6tantial changes in the amount of wator <br />rcprosa.~tad h'y the H6nCBrson Mill water rights or in the unit value of the water rights. <br />Therefore, the artatysi~ and conclusions set forNi in the 2002 report continue to be <br />r~aSOnal;ly BGC.r~dte acid reuieseiitative ~f fair rnarkel value as of February 2QC8. <br />I hope this infcrrnaton is adequate fror your prgst~nt needs. Please calf if you <br />have any questions or camrncn:s. <br />Vory tvly Y~urb, <br />W, '~, Wheeler and Associates, Inc. <br />~~~~~~ <br />Gary B. Thornpaor, P.E. <br />37pa 5o.t~ Into Strrt~4~ Enn :~w~rd, C.Slrxr'.:ii, 8t11 ' u ~fl i 7!~I i I SI1 -Hx its S-?:t I-Yt{(1~+ uuu•.wwhe~>ler.t;..~- <br />