Climax Mine To Advance Mine Preparation Activities 

The Climax molybdenum mine is located 13 miles northeast of Leadville, Colorado. The Climax mine is a porphyry molybdenum deposit with molybdenite as the primary sulfide mineral.

Construction activities are ongoing at our Climax molybdenum mine, which was placed on care-and-maintenance status in 1995. Recent activities include the completion of concrete foundations for various equipment installations and commencement of the ball mill shell assembly. We plan to advance construction and conduct mine preparation activities during 2011. The timing for start up of mining and milling activities is dependent on market conditions. The Climax molybdenum mine would have an initial annual design capacity of 30 million pounds with significant expansion options. The Climax mine is located in a mountain region. The highest bench elevation is approximately 4,050 meters above sea level, and the ultimate pit bottom is expected to have an elevation of approximately 3,100 meters above sea level. The Climax operation encompasses approximately 14,339 acres of patented mining claims and other fee lands.