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SGS1 <br />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 />pH <br />pH Temperature <br />Sodium Absorption Ratio <br />Solids, Total Suspended <br />Sample Notes: <br />Added Analysis: Diss. Fe <br />Pond #1 <br />04/26/2010 <br />Water <br />SGS Minerals Sample ID: <br />RESULT <br />7.66 s.u. <br />19.0 °C <br />42 <br /><5 mg /L <br />Added Analysis: PD. Copper and PD Cadmium, and Bicarbonate. <br />Analysis Report <br />Date Sampled : <br />Project Name /# : <br />Sample Taken By : <br />Time Sampled : <br />072 - 45347 -001 <br />REPORTING <br />METHOD j_IMIT <br />SM4500 -H B 0.01 <br />SM4500 -H B <br />Calc 0.01 <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 />04/23/2010 <br />New Elk Coal <br />Bobby Steele <br />3:15 PM <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 2 of 2 <br />ANALYZED <br />DATE ! TIME ANALYST <br />04/26/2010 1530 LE <br />04/26/2010 1530 LE <br />SM2540 D 5 04/30/2010 1345 TG <br />e Somer Rodriguez, Denver Laboratory <br />SOS North Amedm ho. I Mnerals Services Diiision <br />4665 Pads St SuIIe 9.200 Denver CO 90239 t (303)373.4772 f (303) 373.4791 wwwsgs,comininerals <br />Memberof 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 />