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J W. W. Wheeler and Associates, Inc. <br />Water Resources Engineers <br />March 4, 2009 <br />Mr. William Katz, Henderson Mine <br />Climax Molybdenum Company, Henderson Mine <br />P.O. Box 68 <br />Empire, CO 80438 <br />Re: #1070.6 - Updated Value <br />Henderson Mill Water Rights <br />Dear William: <br />The purpose of this letter is to provide an update concerning the market value of <br />Henderson Mill water rights owned by the Climax Molybdenum Company, a subsidiary of <br />Freeport-McMoRan Siliver & Gold, Inc. Reference is made to my September 2002 <br />report entitled "Valuation of Henderson Mill Water Rights". <br />In my opinion, there has been no reduction in the amount of water represented <br />by the Henderson Mill water rights or in the unit value of the water rights. Therefore, the <br />analysis and conclusions set forth in the 2002 report continues to be conservative and <br />representative of fair market value as of February 2009. <br />I hope this information is adequate for your present needs. Please call if you <br />have any questions or comments. <br />Very truly yours, <br />W. W. Wheeler and Associates, Inc. <br />Gary B. Thompson, P. . <br />3700 South Inca Street Englewood. Colorado 801 10 303-761-4130 FAX 303-761-2802 www.wwwheeler.com