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efficiently. No issues with the line were identified. The drain line was pressure to 70 psi, <br />and the overflow line pressure was built to 75psi. After 24 hours, the pressure in both <br />lines remained at the same pressure. <br />Six areas were repaired along the new interceptor canal (constructed in 2007) through the <br />summer of 2008 where saturated ground conditions had caused slumps, mostly on the <br />upslope side of the canal. An engineering firm and contractor were brought in to <br />reconstruct the areas of concern. These actions were completed by the fall of 2008. <br />The seepwater canal gates were automated and interlocked with the Ute Park pump house <br />to ensure that they would close if there was a power failure. The gates are now triggered <br />by a normally open signal from the pump house to the seepwater gates. More <br />specifically, if the pump house goes down, the seepwater gates will automatically close. <br />The failsafe for the seepwater gates is powered by solar power. The gates can also be <br />closed manually, if necessary. <br />Henderson also completed the construction of an engineered cover over the entirety of the <br />coarse ore stockpile behind the main mill building. The project took roughly one year to <br />complete and has made a dramatic difference in the management of fugitive dust <br />emissions from the ore pile. <br />Climax Molybdenum Company Water Rights <br />For your reference, please find enclosed a copy of a third party letter from W.W. Wheeler <br />and Associates, Inc. The letter provides an update of the market value of Climax <br />Molybdenum Company water rights owned by the Climax Molybdenum Company which <br />are collateralized as part of the Henderson Mine and Mill financial assurance. As stated in <br />the letter there have been no substantial changes in the amount of water represented by <br />the Henderson Mill water rights or in the unit value of the water rights. Therefore, the <br />analyses and concussions set forth in the September 2002 report entitled, "Valuation of <br />Henderson Mill Water Rights" continues to be reasonably accurate and representative of <br />fair market value as of February 2009. The financial assurance for Henderson Mine and <br />Mill remains adequate for reclamation. <br />Please contact me at (303) 569-3221, ext. 1539 if I can be of further assistance. <br />Sincerely, <br />William Katz <br />Sr. Environmental Engineer <br />Henderson Operations <br />Attachments