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TESTS <br />SGT <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 : 02/23/2010 <br />Date Received: 02/25/2010 Project Name /# : New Elk Coal <br />Matrix: Surface Water Sample Taken By : R. Thompson <br />Sample Type : Grab <br />Time Sampled : 1300 <br />SGS Minerals Sample ID: 072-44186-001 <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 />SGS North America ho. Mnerals Services Ditision <br />4665 Paris St Suite 9.200 Denver CO 80239 t (303)373.4772 f (303)373.4791 wwwsgscornlninerals <br />•emberof SGS Group <br />This document is issued by the Company under its General Conditions of Service accessible at http:// www. sgs.com/terms_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 Client's 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 />