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• MINUTES OF THE <br />BOARD OF DIRECTORS' MEETING OF <br />BOWIE RESOURCES LIMITED <br />November 7, 1997 9:00 a.m. <br />The Boazd of Directors meeting of Bowie Resources Limited was held on November 7, 1997 <br />at 9:00 a.m. in Ashland, Kentucky. Attending were Lany Addington, John Baum, Don Brown, John <br />Lynch, Shoji Nakano, Harold Sergent, and John Smith. <br />The meeting was called to order by Mr, Addington. The first order of business was the <br />review and approval of the minutes from the previous Board meeting held on August 5, 1997. <br />• Discussion was then held concerning the appointment of new officers of the Company. Mr. <br />Sergent made a motion to appoint new officers effective November 8, 1997. Mr, Addington <br />seconded, and the motion was carried. The new officers of the Company, effective November 8, <br />1997, are: Keith Sieber, President; John Baum, Secretary/Treasurer; William Bear, Jr., Vice <br />President, Operations. <br />The first item of discussion related to the sale of Bowie coal. Mr. Smith stated that Bowie <br />#1 coal contains high ash and will, therefore, need to be blended with coal from Bowie #2 in order <br />to sell. <br />The next item of discussion related to the development schedule of Bowie #2 as outlined in <br />the information book passed ou[ during the meeting. iVfr. Nakano indicated that he was pleased with <br />the review of channel samples of Bowie #2. Mr. Nakano then asked for a re-work of the budgeting <br />• expenses for Bowie #2 and Mr. Smith agreed to fax a revised spread sheet showing 100% completed <br />items and expected costs through December 31, 1997. <br />