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4.0 Financial Warranty <br />Annual Report — 2012 <br />Henderson Mine and Mill Reclamation Activities <br />Permit No. M- 1977 -342 <br />Attachment E provides a current valuation on water rights assigned to the Henderson Mine and Mill <br />Financial Warranty. Henderson Operations has recalculated its reclamation costs for needed adjustments <br />to its Henderson Mine and Mill Financial Warranty in 2012. In negotiations with the Division over the <br />form of Financial Assurance instrument for the Climax Mine (Permit Number M -1977 -493), Henderson <br />is awaiting MLRB acceptance of that approach in order that the current three -part Financial Assurance for <br />the Henderson Mine may be modified in a single administrative action. It is Henderson's understanding <br />that the MLRB will deliberate on this subject in the coming three or four months. <br />Page 5 <br />