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October 17, 2011 <br />New Elk Coal Company <br />122 West First St. <br />Trinidad, CO 81082 <br />USA <br />Client Sample ID: <br />Date Received: <br />Matrix: <br />TESTS <br />Alkalinity, Bicarbonate <br />Alkalinity, Total <br />Conductivity <br />Hardness, Calculated Total <br />Mercury, Total <br />Calcium, Dissolved <br />Cobalt, Dissolved <br />Magnesium, Dissolved <br />Manganese, Dissolved <br />Sodium, Dissolved <br />Lead, Potentially Dissolved <br />Selenium, Potentially Dissolved <br />Silver, Potentially Dissolved <br />Cadmium, Potentially Dissolved <br />Copper, Potentially Dissolved <br />Manganese, Potentially Dissolved <br />Nickel, Potentially Dissolved <br />Zinc, Potentially Dissolved <br />Arsenic, Total <br />Boron, Total <br />Iron, Total <br />Aluminum, Total Recoverable <br />Chromium, Total Recoverable <br />Iron, Total Recoverable <br />Nitrogen, Ammonia <br />pH <br />Pond 1 <br />03/16/2010 <br />Surface Water <br />Analysis Report <br />Date Sampled : <br />Project Name /# : <br />Sample Taken By : <br />Sample Type : <br />Time Sampled : <br />SGS Minerals Sample ID: 072 -44581.001 <br />03/15/2010 <br />New Elk Coal <br />R. Thompson <br />Grab <br />1430 <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 />Page 1 of 2 <br />REPORTING ANALYZED <br />RESULT METHOD LIMIT DATE / TIME ANALYST <br />1800 mg /L HCO3 SM2320 B 1 03/23/2010 1410 SV <br />1400 mg /L CaCO3 SM2320 B 1 03/23/2010 1410 SV <br />2400 umhos /cm SM2510 B 1 03/18/2010 1600 SV <br />50 mg /L CaCO3 Cale 1 <br /><0.2 ug/L EPA245.1 0.2 03/24/2010 1100 DAH <br />11 mg/L EPA200.7 0.01 03/25/2010 1430 EH <br /><0.01 mg /L EPA200.7 0.01 03/25/2010 1430 EH <br />5.7 mg /L EPA200.7 0.01 03/25/2010 1430 EH <br /><0.005 mg /L EPA200.7 0.005 03/25/2010 1430 EH <br />480 mg/L EPA200.7 0.05 03/25/2010 1430 EH <br /><0.005 mg /L EPA200.9 0.005 03/29/2010 1800 EH <br />0.004 mg /L EPA200.9 0.002 03/19/2010 1700 EH <br /><0.0005 mg /L EPA200.9 0.0005 03/29/2010 1800 EH <br /><0.005 mg/L EPA200.7 0.005 03/29/2010 1800 EH <br /><0.005 mg /L EPA200.7 0.005 03/29/2010 1800 EH <br />0.015 mg /L EPA200.7 0.005 03/29/2010 1800 EH <br /><0.01 mg/L EPA200.7 0.01 03/29/2010 1800 EH <br />0.010 mg/L EPA200.7 0.005 03/29/2010 1800 EH <br /><0.002 mg /L EPA200.9 0.002 03/19/2010 1000 EH <br />0.04 mg /L EPA200.7 0.02 03/20/2010 1730 EH <br />0.17 mg/L EPA200.7 0.01 03/20/2010 1730 EH <br /><0.02 mg /L EPA200.7 0.02 03/20/2010 1800 EH <br /><0.005 mg /L EPA200.7 0.005 03/20/2010 1800 EH <br />0.15 mg /L EPA200.7 0.01 03/20/2010 1800 EH <br />1.6 mg/L N SM4500 -NH3 H 0.05 03/16/2010 0800 ST <br />7.60 s.u. SM4500 -H B 0.01 03/16/2010 1640 KK <br />0 ,,,-°" Somer Rodriguez, Denver Laboratory <br />SGS North America ho. Mnerals Services Ohivon <br />4885 Paris St Suite 8.200 Denter CO 80239 t (303)373 -4772 f (303) 3734791 wwwsgsoomkninerals <br />tlamberof SOS 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 />