1. November 11, 2004 Biogeohydrological Environment and Physical Aspects of the Henderson Mine Site Climax Molybdenum Company Henderson Operations

2. November 11, 2004 Surface Geologic Features Shannon, Nelson, & Golden (2004)

3. November 11, 2004 Surface Geology of District Shannon, Nelson, & Golden (2004)

4. November 11, 2004 Geologic Section of District Shannon, Nelson, & Golden (2004)

5. November 11, 2004 Geology  Classic Climax-type porphyry molybdenum deposit  Host rock is granite/aplite porphyry  474,000 feet of core drilling  Limited accessory mineralization

6. November 11, 2004 Block Diagram of Henderson / Urad System

7. November 11, 2004 Classification of Molybdenum Deposits

8. November 11, 2004 Geologic Section of Climax Deposit

9. November 11, 2004 Generation of Henderson Deposit

10. November 11, 2004 Vein Development

11. November 11, 2004 Sequence of Intrusions – A, B

12. November 11, 2004 Sequence of Intrusions – C, D

13. November 11, 2004 Sequence of Intrusions – E, F

14. November 11, 2004 Sequence of Intrusions – G, H

15. November 11, 2004 Sequence of Mineralization

16. November 11, 2004 Henderson Alteration Zones

17. November 11, 2004 Geologic Structure on 7700 Level

18. November 11, 2004 DUSEL Schematic with Geology Red Mountain - Mine Harrison Mountain Central Campus, Elev. 6750 ft, (4200 mwe) Midway Campus, Elev. 5825 ft, (5100 mwe) Lower Campus, Elev. 4900 ft. (6000 mwe) EarthLab/ Geoscience Area Red Mt Origional Topography Harrison Mt Internal Shaft Access Ramp

19. November 11, 2004 Core Run from Henderson Deposit

20. November 11, 2004 Existing Core Drilling 606 holes totaling 474,000 ft (90 miles) have been core drilled at the Henderson site. Assuming a cost for core drilling of $50/ft, the value of this drilling would be $23,700,000. Henderson management intends to make the existing portion of these cores available for study by the scientific community as part of the DUSEL. This transfer will provide an unprecedented level of information to support the development of the DUSEL geoscience program.

21. November 11, 2004 Shaft Collar Elev 10,400 ft Shaft Bottom Elev 7,500 ft LA Ramp 9HW Drift Central Campus Elev. 6,750 ft (4200 mwe) Access Ramps UNO PC2 Conveyor to Mill Site 7065 Level Crusher PC1 Conveyor 7500 Level 2500 ft Drill Hole Completed Sept 11,2004 Initial Core Drilling Harrison Mountain A 2500 ft core hole has been drilled from the 9HW drift through the Central Campus area. Initial geologic logging shows the rock mass to be very competent Urad Porphyry (RQD >85)

22. November 11, 2004 Plan View of DUSEL Drillhole

23. November 11, 2004 Section View of DUSEL Drillhole

24. November 11, 2004 Drill Hole Piercing Proposed Lab Site (1) The hole is 2,500 feet in length The hole had an inclination of -26 degrees with the top at the 7,500 feet and the bottom at 6,300 feet. The hole was drilled at HQ-3 (2.4 inches in dia.) for 1,397 feet and NQ-3 (1.8 inches in dia.) for 1,102 feet. Hole deviation was less than 200 feet Geological logging is complete

25. November 11, 2004 Drill Hole Piercing Proposed Lab Site (2) The rock is a rhyolite or aplite porphry The rock is very hard with a high percentage of quartz. The rock is expected to have a high compressive strength (this will be tested) The RQD is quite high, 70 – 100. There is little evidence of mineralization

26. November 11, 2004 Drill Hole Piercing Proposed Lab Site (3) There were only a few small fractured zones, not near the Laboratory area, and no major fault zones There is very little water, only about 1.5 gpm. Due to the hardness and strength, there is some potential for rockbursting when mining. This potential is no greater than what has been experienced at Henderson in the past.

27. November 11, 2004 Hydrogeologic Environment (1) Intrusive rocks with very low primary permeability Ground water restricted to discrete zones of high flow Existing porosity & permeability are secondary and result from fracturing. Porosity and permeability are not related to rock type Water is being mined Recharge is insignificant 741 gallons of water / cubic ft of excavation on 8035 /L

28. November 11, 2004 Hydrogeologic Environment (2) Henderson 2000 project experience:  Inflows 10’s of gpms rather than 100’s or 1000’s of gpms  Max inflows of 30-40 gpm from any specific structure  Water handled by excavation of periodic sumps during mining of ramps downward  Water generally warm to hot on lower levels, ~120 degrees F Vasquez Fault - major source of high water inflows and pressures encountered during 100+ miles of drifting

29. November 11, 2004 Biogeologic Environment Biogeologic conditions have not been studied Geologic environment contains:  Warm to Hot water  Sulfide Mineralization Similar environments in mine waste dumps are known to host sulfide-consuming bacteria

30. November 11, 2004 Summary of Henderson Site  Privately owned 11.7 km2 area with access to several km depth  Existing Infrastructure and access  Large diameter shaft  Existing ventilation system  Rock handling system  Redundant electrical power – 114KV transmission lines  Communication – Fiber-optics  Close to Denver and International Airport  No permitting will be required for excavations or drilling programs  Extensive core drilling exists, geology of site well known  Area under Harrison Mt is competent Urad Porphory and is likely to be well suited for large excavations required for physics experiments.  Area under Red Mt provides access to a highly variable geologic environment hosting a 360 million ton molybdenum deposit.  Red Mt area provides site for geoscience experiments in hydrogeology, fluid flow, etc…  Site provides access to large volumes of uncontaminated rock for biogeology research and experiments.

31. November 11, 2004 The End Climax Molybdenum Company Henderson Operations