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s ~ <br />^^ Banks and Gesso, LLC <br />~~ <br />Memo <br />To: Paul Gesso <br />From: Stan Peters, P.E. -~j~ <br />Date: October 20, 2000 <br />Re: NIX Property Reserve Estimates <br />720 IGpling SC,Suite117 <br />Lakewood, Colorado 80215 <br />(303) 274-4277 <br />Fax (303)274-8329 <br />www.banksandgesso.com <br />As requested, I visited the subject property and set-up an exploratory drilling program to <br />estimate potential reserves on the subject property. The purpose was to estimate the <br />mineable material on the 80-acre site. Prior to drilling, underground utilities were located on <br />the property, and subsequently plotted on the attached map. Over head power-lines, dftches <br />and approximate property lines are also indicated on both maps, based on the best available <br />data provided by the utility locators and my field visits. <br />On October 13, 2000 I supervised the exploratory drilling of eight test holes on the subject <br />property. Traditional drilling with 4-inch, solid-stem, continuous flight augerwas util'¢ed. The <br />locations of the driA holes are indicated on the attached maps. The results of the eight holes <br />are summarized on the table below. <br />Drill Hole Overburden Sand & Gravel Total Depth <br />DH-1 7+4 29 40 <br />DH - 2 6 34 40 <br />DH - 3 9 37 46 <br />DH - 4 6 43 49 <br />DH - 5 5 38 43 <br />DH - 6 7 45 52 <br />DH - 7 6 49 55 <br />DH - 8 7 43 50 <br />Average 7.1 39.8 46.9 <br />