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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 S02 /mm Btu <br />1 <br />03/23/2011 <br />Coal <br />2964.60 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 -001 <br />As Received <br />[ASTM D 3302] 5.17 <br />[ASTM D 3174/5142] 22.57 <br />[ASTM D 5865] 10490 <br />[ASTM D 4239] 2,83 <br />[ASTMD2492 Mod.] 2.17 <br />[ASTMD2492 Mod.] <0.01 <br />[ASTMD2492 Mod.] 0.66 <br />Unit <br />Result <br />21.52 Ib <br />2.70 Ib <br />5,39 Ib <br />75.2 <br />76.6 <br />-3" Core Moist <br />MAF <br />23.80 <br />11062 14518 <br />2.98 <br />2.29 <br /><0.01 <br />0.69 <br />Method <br />Page 1 of 1 <br />Sourer Rodriguez, Denver Laboratory <br />SGS North America Inc. I Minerals Servlces Division C) <br />I 4665 Paris St Suite B -200 Denver CO 80239 t (303) 373 -4772 1(303) 373 -4791 www.sgs.comlminerals <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 />