Rhino Resource Partners LLC (fka RHNO)

[amarksp]

Sprott Comments 3/30/05, written after year end 2004 results conference call and visit to Aguablanca:

"A Month Here or There is Inconsequential: The weak 2004
results are the result of the struggling Spanish gold operations.

Moving forward these operations become non-material as all
eyes focus on Aguablanca. With Aguablanca, Rio Narcea would
produce 18 MMlb of nickel p.a. with average cash costs around
$2.40/lb over the next 10 years. With the development of the
Tasiast gold project in Mauritania underway with production
planned for the late 2006 and assuming a positive feasibility
study at the Salave gold project in Spain, Rio Narcea could
exceed 250,000 ounces of gold production annually by 2008.

While the markets may be volatile depending on the month to
month advance or delay in the Aguablanca commissioning, the
fact is a month here or there makes absolutely no difference to
the business case. We maintain our 8x 2006 P:CFPS valuation
and a target of $3.65 with a buy recommendation."