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LAFARGE <br />Date: January 26, 2004. <br />To: Eric Reckentine <br />CC: <br />From: Greg Griffith <br />Subject: Northern Due Diligence - Iverson Reserves Jan 2004 <br />MEMORANDUM <br />On December 8 and 12th 2003, the Iverson property near CR 31 and F Street in Greeley, Weld <br />County, CO was drilled with a 6" hollow stem auger and sampled with a 2" continuous sampler <br />in the lead auger to assess its sand and gravel reserve. <br />Ten (10) holes 6re�driilled and are illustrated on the attached map. The area of the property is <br />approximately 7 cres. A mineable parcel was created by offsetting a line approximately 100 ft <br />from the bank o he river, as well as, staying off 25 ft from either side of gas pipelines located in <br />the southwest comer of the property. <br />Parcel 1, which is approximately 47.7 acres, is the total mineable area of the property except that <br />area under the gas lines. Parcel 2 is approximately 1.8 acres and is the area under the gas lines <br />and could be mined if the gas lines were relocated. <br />An average sand and gravel thickness of 17.4 feet and an average overburden thickness of 4.5 <br />feet were encountered throughout the property. <br />The volumes for overburden and sand and gravel were calculated in AutoCAD, using the drilling <br />information. No mudseam was encountered on the property that would influence the reserve <br />estimate. The total volumes at the Iverson property are summarized in the tables below. <br />sea <br />mow niti alReserve Estra <br />oiurre (BCl!) SSG FeetTonsi: Vo lume <br />1 <br />2 <br />47.71 <br />1.77 <br />1,424,631 <br />40,001 <br />2,136,947 <br />60,002 <br />323,048 <br />13,325 <br />n/a <br />n/a <br />