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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 /lb) <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 />5 <br />03/23/2011 <br />Coal <br />4280.10 g <br />NHN11 -1 <br />New Horizon <br />SGS Minerals Sample ID: 072 -51802 -005 <br />[ASTM D 3302] <br />[ASTM D 3174/5142] <br />[ASTM D 5865] <br />[ASTM D 4239] <br />[ASTMD2492 Mod.] <br />[ASTMD2492 Mod.] <br />[ASTMD2492 Mod.] <br />Analysis Report <br />Footage Begin : <br />Footage End : <br />Sample Type : <br />As Received <br />4.81 <br />19.33 <br />10956 <br />0.80 <br />0.31 <br /><0.01 <br />0.49 <br />Result Unit <br />17.64 Ib <br />0.73 Ib <br />1.45 Ib <br />1 <br />89.0 <br />91.3 <br />-3" Core Moist <br />>a <br />20.31 <br />11510 <br />0.84 <br />0.32 <br /><0.01 <br />0.52 <br />Method <br />Page 1 of 1 <br />MAF <br />14442 <br />Somer Rodriguez, Denver Laboratory <br />SGS North America Inc. I Minerals Services Division <br />4665 Paris St Suite 8 -200 Denver CO 80239 t (303) 373 -4772 f (303) 373 -4794 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:/ lwww. sgs .comlterms_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 />