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VV!\f 1UL1\!1(1L ll\I VIV lAl1V1\ <br />Page Three <br />CALCULATION OF MINEABLE RESERVE BASE, CAMEO "B" SEAM <br />• The mineable reserve base for the Cameo "B" seam is the same as the coal <br />reserve base, since all the coal in the "B" seam in the lease area is considered <br />commercially mineable. <br />CALCULATION OF RECOVERABLE RESERVE BASE, CAMEO "B" SEP.M <br />The recoverable reserve base was calculated using a 50% recovery rate. <br />Equation used to calculate recoverable reserves: <br />(Area in Acres) x (Avg. Thickness of Seam) x (90 lbs/f t3) x <br />( 1 Tcn ) x (50%) = Tons Recoverable <br />2000 lbs <br />Estimated recoverable reserves for the Cameo "B" seam in the lease area: <br /> Avg. Thickness <br />• Area (Acres) (Feet) Tons <br />Measured 422.56 5.08 2,104,000 <br />Indicated 234.55 6.94 1,595,500 <br />Inferred -- -- -- <br />TOTAL 657.11 3,699,500 <br />CALCULATION OF COAL RESERVE BASE, CAMEO "C" SEAM <br />The coal reserve base in Lease No. C-078049 for the "C" seam was calculated <br />using information from four drill holes. <br />Equation used to calculate coal reserve base: <br />(Area in Acres) x (Avg. Thickness) x (9^ lbs/f t3) x ( 1 Ton ) = Tons <br />2000 lbs <br />avg. Thickness <br />Area {Acres) (Feet) <br />Measured 223.34 5.31 <br />Indicated 559.57 6.05 <br />Inferred 17.09 6.05 <br />• 800.00 <br />Tons <br />2,325,000 <br />6,637,000 <br />_203,000 <br />9,165,000 <br />