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Yellowcake Mining Inc. 720 – 999 West Broadway, Vancouver, British Columbia V5Z
1K5 (604) 685-4048  

May 15, 2009

VIA E-MAIL & COURIER

American Nuclear Fuels (Colorado) LLC
6 Cherry Lane Drive
Cherry Hills Village
Colorado    80113-4210

Attention:

Dear Sirs/Mesdames:

    Re:       Termination of Master Agreement and Lease and Option Agreements

We hereby notify you that we have terminated the Lease and Option Agreements
with the claimholders of the properties that are defined as the “Mining
Properties” in the Master Agreement Concerning Lease and Option for Purchase and
Sale of Mining Properties between Yellowcake Mining Inc. and American Nuclear
Fuels (Colorado) LLC (the “Agreement.”) Pursuant to section 8.2 of the
Agreement, the termination of the said Lease and Option Agreements terminates
the Agreement.

We also hereby terminate the negotiations and understanding referred to in your
letter to me dated February 26, 2009 regarding the status of negotiations
respecting the Beck Project-Uravan Mineral Belt.

Yours truly,

YELLOWCAKE MINING INC.

/s/ William J. Tafuri

William J. Tafuri
President, Chief Executive Officer
and Chief Financial Officer

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