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PARTIAL SETTLEMENT AGREEMENT AND RELEASE

          THIS AGREEMENT is dated as of August 20, 2008 and is made by and
between TUXEDO HOLDINGS, LTD.(“Tuxedo”), ICE CAP HOLDINGS, LTD. (“Ice Cap”),
OUTBOARD INVESTMENTS, LTD. (“Outboard”) and GEMINI EXPLORATIONS, INC.
(“Gemini”).

          WHEREAS On or about February 28, 2007, Gemini entered into a Services
Agreement for the provision of geological exploration services with Minera
Primecap Geological Services, S.A. for the sum of Two Hundred and Fifty Thousand
Dollars ($250,000.00) .

          WHEREAS On or about August 7, 2008 there was a Court approved
Settlement Agreement reducing the principal balance owed by settling a partial
amount of Forty Five Thousand Dollars ($45,000.00) leaving a balance due and
owing of Two Hundred and Five Thousand Dollars ($205,000.00) .

          WHEREAS On or about August 20, 2008 Minera Primecap Geological
Services, S.A. entered into an Assignment of Debt with Tuxedo Holdings, Ltd. to
assign all rights of the debt for services for good and valuable consideration.

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          WHEREAS On or about August 20, 2008, Tuxedo Holdings, Ltd. entered
into an agreement with Outboard Investments, LTD. to assign Ten Thousand dollars
($10,000.00) of the debt to Outboard Investments, LTD. for good and valuable
consideration.

          WHEREAS On or about August 20, 2008, Tuxedo Holdings, Ltd. entered
into an agreement with Ice Cap Holdings, Ltd. to assign Ten Thousand dollars
($10,000.00) of the debt to Ice Cap Holdings, Ltd. for good and valuable
consideration.

          WHEREAS, on or about August 21, 2008 Tuxedo, Ice Cap and Outboard
filed an action against Gemini entitled Outboard Investments, Ltd., Ice Cap
Holdings, Ltd. And Tuxedo Holdings, Ltd. vs. Gemini Explorations, Inc., Case No:
____________, (the “Action”) in the Circuit Court of the Twelfth Judicial
Circuit, Sarasota County, Florida (the “Court”), whereby Tuxedo, Ice Cap and
Outboard asserted claims against Gemini alleging Gemini failed to pay Tuxedo,
Ice Cap and Outboard according to the terms set forth in the Service Agreement,
the amount due and owing under the Debenture in the amount of Two Hundred and
Five Thousand

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($205,000.00) in principal plus interest (hereinafter, the “Claims”);

          WHEREAS, Gemini, in its Answer, denied any and all wrongdoing and
asserted affirmative defenses;

          WHEREAS, Gemini denied that it is liable for the amount sought in the
Action, but acknowledges that they do not have sufficient cash to satisfy the
claims made in the Action or to defend the Action and Gemini seeks to resolve
this Action and agrees to pay Tuxedo, Ice Cap and Outboard on the Service
Agreement;

          WHEREAS, Gemini currently only has the means to satisfy payment of
Tuxedo, Ice Cap and Outboard’s bona fide claims through the issuance of
authorized shares to Tuxedo, Ice Cap and Outboard, pursuant to Section 3(a)(10)
of the Securities Act of 1933 (hereinafter the “Act”);

          WHEREAS, Gemini and Tuxedo, Ice Cap and Outboard desire to partially
resolve, settle, and compromise Tuxedo, Ice Cap and Outboard’s bona fide claims
that it has asserted against Gemini, which arise out of or relate to the Service
Agreement, in the amount of Two Hundred and

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Five Thousand Dollars ($205,000.00) due and owing (hereinafter the “Compromised
Amount”);

          With this background incorporated herein, the parties hereby agree to
the following settlement:

TERMS OF SETTLEMENT

          1. CLAIMS. Tuxedo, Ice Cap and Outboard agrees to partially resolve
its bona fide claim with Gemini for the agreed upon sum of Thirty Thousand
Dollars ($30,000.00) which amount shall be deducted from the balance due and
owing under the Service Agreement which is Two Hundred and Five Thousand Dollars
($205,000.00) .

          2. SETTLEMENT SHARES. As soon as practicable following entry of an
order by the Court in accordance with Paragraph 4 herein, Gemini shall issue and
deliver to Tuxedo, Ice Cap and Outboard shares of Gemini’s common stock, par
value $0.01 per share, (“Common Stock”) sufficient to satisfy the Compromised
Amount through the issuance of freely trading securities issued pursuant to
Section 3(a)(10) of the Act. The parties agree that the total amount of Common
Stock to be delivered by Gemini to satisfy the Compromised Amount shall be Four
Million Five

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hundred Thousand (4,500,000.00) freely trading shares of Common Stock to Tuxedo,
Four Million Five Hundred Thousand (4,500,000.00) freely trading shares of
Common Stock to Outboard and Four Million Five hundred Thousand (4,500,000.00)
freely trading shares of Common Stock to Ice Cap (the “Settlement Shares”).

          3. PAYMENT IN FULL. Tuxedo, Ice Cap and Outboard and Gemini agree that
delivery of the freely trading Settlement Shares pursuant to the conditions set
forth herein shall satisfy Gemini’s obligation to the extent stated above
regarding the Debenture.

          4. FAIRNESS HEARING. Upon execution hereof, Tuxedo, Ice Cap and
Outboard and Gemini agree, pursuant to 15 U.S.C. §77(a)(10), to immediately
submit the terms and conditions of this Agreement to the Court for a hearing on
the fairness of such terms and conditions, for the issuance of an exemption from
registration of the Settlement Shares and an Order approving the Agreement.
Gemini aver it is a “reporting issuer” that files reports with the SEC under
Section 13 of the Securities and Exchange Act of 1934 (the “Exchange Act”);
Gemini aver it is NOT current in all its

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filing required under the Exchange Act; and Tuxedo, Ice Cap and Outboard avers
that although there is not adequate public information and they are aware that
Gemini is not current in it filings he acknowledges this fact and waives the
right of access to this information. In connection with such a fairness hearing,
Gemini, the issuer of the securities, and Tuxedo, Ice Cap and Outboard , the
proposed parties to whom the securities are to be issued, agree that the value
of the Settlement Shares utilized to satisfy the Claims is fair and reasonable.
This Agreement shall become binding upon the parties only upon entry of an order
by the Court substantially in the form of annexed hereto as Exhibit A (the
“Order”) .

          5. NECESSARY ACTION. At all times after the execution of this
Agreement and entry of the Order by the Court, each party hereto agrees to take
or cause to be taken all such necessary action including, without limitation,
the execution and delivery of such further instruments and documents, as may be
reasonably requested by any party for such purposes or otherwise necessary to
complete or perfect the transaction contemplated hereby.

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          6. CONFIDENTIALITY AGREEMENT. At all times prior to execution of this
Agreement, the parties hereto agree to not disclose to any other person any of
the terms of said Agreement.

          7. RELEASES. Upon delivery of the Settlement Shares to Tuxedo, Ice Cap
and Outboard and in consideration of the terms and conditions of this Agreement,
and except for the obligations and representations arising or made hereunder or
a breach hereof, the parties hereby release, acquit and forever discharge the
other and each, every and all of their current and past officers, directors,
shareholder, affiliated corporations, subsidiaries, agents, employees,
representatives, attorneys, predecessors, successors and assigned (the “Released
Parties”), of and from any and all claims, damages, causes of action, suits and
costs, of whatever nature, character or description, whether known or unknown,
anticipated or unanticipated, which the parties may now have or may hereafter
have or claim to have against each other with respect to the Claims. Nothing
herein shall be deemed to negate or affect Tuxedo, Ice Cap and

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Outboard’s right and title to any securities heretofore issued to it by Gemini.

          8. CONTINUING JURISDICTION: Simultaneously with the execution of this
Agreement, the attorneys representing the parties hereto will execute a
stipulation of dismissal substantially in the form annexed hereto as Exhibit B
(the “Stipulation of Dismissal”), which shall be held by Tuxedo, Ice Cap and
Outboard’s counsel and filed with the Court after Gemini’s delivery of the
Settlement Shares in accordance with paragraph 2 herein. In order to enable the
Court to grant specific enforcement and other equitable relief in connection
with this Agreement, (a) the parties consent to the jurisdiction of the Court
for purposes of enforcing this Agreement and (b) each party to this Agreement
expressly waives any contention that there is an adequate remedy at law or any
like doctrine that might otherwise preclude injunctive relief to enforce this
Agreement.

          9. CONTINUING OBLIGATION Both parties agree to use their best efforts
to cooperate with the Court to cause the Order to be timely entered and agree
that delays caused due

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to Court calendars shall not constitute a valid reason to void this Agreement.

          10. INFORMATION. Tuxedo, Ice Cap and Outboard and Gemini each
represent that prior to the execution of this Agreement, they have had the
advice of counsel, namely, Robert E. Turffs, Esquire of Robert E. Turffs, P.A.
for Tuxedo, Ice Cap and Outboard and Michael J. Raterink, Esquire of Michael J.
Raterink, P.A. for Gemini, they fully informed themselves of its terms,
contents, conditions and effects, and that no promise or representation of any
kind has been made to them except as expressly stated in this Agreement.

          11. OWNERSHIP AND AUTHORITY. Tuxedo, Ice Cap and Outboard and Gemini
represent and warrant that they have not sold, assigned transferred, conveyed or
otherwise disposed of any or all of any claim, demand, right or cause of action,
relating to any matter which is covered by this Agreement, that each is the sole
owner of such claim, demand, right or cause of action, and each has the power
and authority and has been duly authorized to enter into and perform this
Agreement and that this Agreement is a

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binding obligation of each, enforceable in accordance with its terms.

          12. BINDING NATURE. This Agreement shall be binding on all parties
executing this Agreement and their respective successors, assigns and heirs.

          13. AUTHORITY TO BIND. Each party to this Agreement represents and
warrants that the execution, delivery and performance of this Agreement and the
consummation of the transaction provided in this agreement have been duly
authorized by all necessary action of the respective entity and that the person
executing this Agreement on its behalf has the full capacity to bind that
entity. Each party further represents and warrants that it has been represented
by independent counsel of its choice with the negotiation and execution of this
Agreement and that counsel has reviewed this Agreement.

          14. SIGNATURES. This Agreement may be signed in counterparts and the
Agreement, together with its counterpart signature pages, shall be deemed valid
and binding on each party when duly executed by all parties.

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Facsimile signatures shall be deemed valid and binding for all purposes.

          15. CHOICE OF LAW, ETC. Notwithstanding the place where this Agreement
may be executed by either of the parties, or any other factor, all terms and
provisions hereof shall be governed by and construed in accordance with the laws
of the State of Florida, applicable to agreements made and to be fully performed
in that State and without regard to principles of conflicts of law thereof. Any
action brought to enforce, or otherwise arising out of this Agreement shall be
brought only in the Circuit Court of the Twelfth Judicial Circuit sitting in the
State of Florida, County of Sarasota.

          16. INCONSISTENCY. In the event of any inconsistency between the terms
of this Agreement and any other document executed in connection herewith, the
terms of this Agreement shall control to the extent necessary to resolve such
inconsistency.

          IN WITNESS WHEREOF, the parties have duly executed this Agreement as
of the date first indicated above.

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    OUTBOARD INVESTMENTS, INC.               By:           Its: Chief Executive
Officer                 TUXEDO HOLDINGS, LTD.               By:           Its:
Chief Executive Officer                 ICE CAP HOLDINGS, LTD.               By:
          Its: Chief Executive Officer                 AND           GEMINI
EXPLORATIONS, INC.               By:           Its: Chief Executive Officer

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