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TESTS <br />SGS1 <br />Analysis Report <br />October 17, 2011 Page 2 of 2 <br />New Elk Coal Company <br />122 West First St. <br />Trinidad, CO 81082 <br />USA <br />Client Sample ID: Pond #1 Date Sampled : 02/03/2010 <br />Date Received: 02/10/2010 Kind of Sample : GW <br />Matrix: Water Project Name/0 : New Elk Mine <br />Sample Taken By : R. Thompson <br />Time Sampled : 1230 <br />SGS Minerals Sample ID: 072-43906-001 <br />REPORTING ANALYZED <br />RESULT METHOD LIMIT DATE / TIME ANALYST <br />Method Reference(s): <br />"Standard Methods for the Examination of Water and Wastewater", 18th Edition, 1992; APHA- AWWA -WEF <br />"Methods for the Determination of Metals in Environmental Samples ", EPA/600 /4- 91/010, June 1991 <br />Somer Rodriguez, Denver Laboratory <br />SOS North America ho. IAnerals Services Didion <br />4885 Paris St Suite B -200 Denver CO 80239 t (303)373.4772 f (303)373 -4791 wwwsgs,comhrinerals <br />Wemberof SOS Group <br />This document is issued by the Company under its General Conditions of Service accessible at http:/ hwvw. sgs.comfterms_and_conditions.htm Attention is <br />drawn to the limitation of liability, indemnification and jurisdiction Issues defined therin. <br />Any holder of this document is advised that information contained hereon reflects the Company's findings at the time of its intervention only and within the limits <br />of Clients instructions, if any. The Company's sole responsibility is to its client and this document does not exonerate parties to a transaction from exercising all <br />their rights and obligations under the transaction documents. Any unauthorized alteration, forgery or falsification of the content or appearance of this document <br />Is unlawful and offenders may be prosecuted to the fullest extent of the law. <br />