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April 06, 2011 <br />Western Fuels Association <br />P.O. Box 33424 <br />Denver, CO 80233 <br />USA <br />Client Sample ID: <br />Date Received: <br />Matrix: <br />Net Sample Weight: <br />Core Hole ID : <br />Mine : <br />% Moisture, Total <br />% Ash <br />Gross Calorific Value (Btu /Ib) <br />% Sulfur <br />% Sulfur, Pyritic - FOS <br />% Sulfur, Sulfate - FOS <br />% Sulfur, Organic - FOS <br />Tests <br />Pounds of Ash /mm Btu <br />Pounds of Sulfur /mm Btu <br />Pounds of SO2 /mm Btu <br />4 <br />03/23/2011 <br />Coal <br />5315.70 g <br />N HN 11-2 <br />New Horizon <br />Analysis Report <br />Footage Begin : <br />Footage End : <br />Sample Type : <br />SGS Minerals Sample ID: 072- 51803 -004 <br />As Received <br />[ASTM D 3302] 5.34 <br />[ASTM D 3174/5142] 35.45 <br />[ASTM D 5865] 8365 <br />[ASTM D 4239] 0.66 <br />[ASTMD2492 Mod.] 0.25 <br />[ASTMD2492 Mod.] <0.01 <br />[ASTMD2492 Mod.] 0.41 <br />Result Unit <br />42.38 Ib <br />0.79 Ib <br />1.58 Ib <br />cnx./ `C i <br />92.0 <br />94.6 <br />-3" Core Moist <br />37.46 <br />8837 <br />0.70 <br />0.27 <br /><0.01 <br />0.43 <br />Method <br />Page 1 of 1 <br />MAF <br />14129 <br />Somer Rodriguez, Denver Laboratory <br />SGS North America Inc. Minerals Services Division U <br />4865 Paris St Suite B -200 Denver CO 80239 t (303) 373 -4772 f (303) 373 -4791 www.sgs.com /minerals <br />Member of SGS Group <br />his 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 />