Replies to post #17 on Rhino Resource Partners LLC (fka RHNO)

[Doug Hauser]

Yes and I like the buy off of royalty stream for 6 million. Guess that stream PV is something like 25 million. Good choice by mngt it appears.

[Doug Hauser]

heres the news:

Toronto, Ontario - Rio Narcea Gold Mines, Ltd. ("Rio Narcea" or "the Company") announces it has exercised its right to buy back the royalty formerly payable to Atlantic Copper, S.A. ("AC"). The lump sum cost of this buy-back is US$6 million, with payment to be completed within 15 days.

On July 5, 2001 the Company acquired from AC participation rights in a consortium with the Spanish state. The consortium is the holder of 100% of certain mineral rights located in various areas of southern Spain, which included the Aguablanca mine property. The original acquisition price payable to AC for these participation rights included a production royalty in respect of the mineral rights held by the consortium. In terms of the acquisition agreement with AC, the Company had the option to pay a lump sum of US$6 million to AC in exchange for all future royalty payments. This option has now been exercised.

The royalty payable to AC was applicable to Aguablanca mine production from August 2006 onward and comprised variable payments dependent on combined nickel and copper prices. For example, for prices of nickel and copper of US$3.70/lb. and US$1.20/lb. or above, respectively, the undiscounted life-of-mine payments to AC would have amounted to approximately US$25 million (approximately US$20 million discounted at 5%).

A royalty amounting to 1% of the net smelter return ("NSR") was also applicable to production from any other future project within the various mineral rights areas held by the consortium. This 1% NSR obligation has now also ceased as a result of the Company exercising its option with AC.

Rio Narcea Gold Mines, Ltd. is a growing Canadian mineral resource company with operations, development projects and exploration activities in Spain, Portugal and Mauritania. The Company currently produces nickel at its Aguablanca nickel-copper-platinum group metals (PGM) mine in southern Spain and gold at it's at El Valle and Carlés projects in northern Spain. Closure of the northern Spanish gold mines is planned for the end of 2006. Construction of its new Tasiast gold project in Mauritania, West Africa, is underway, with production expected in 2007.