Filed by sedaredgar.com - EuroGas, Inc. - Exhibit 10.5






ASSIGNMENT AGREEMENT 

THIS AGREEMENT made as of the 2nd day of April, 2009 

BETWEEN: 

HENRY & MUNROE,
LLC., of 
61 Morning View 
Kalispell, Montana 
59901


(the "HMLLC") 

OF THE FIRST PART 

AND: 

EUROGAS, INC., of

4087 Nike Drive 
Unit #4 
West Jordan, Utah 

(the "EuroGas") 

OF THE SECOND PART 

WHEREAS: 

	A. 	
      pursuant to the terms of an option to purchase real
      estate agreement dated March 3, 2009, a copy of which is attached hereto
      as Schedule "A" (the "Option Agreement"), HMLLC was granted an option (the
      "Option") by Dale Turner, Tombstone Development Co. and Tombstone Hills
      LLC (hereinafter collectively known as the "Optionors") to purchase three
      parcels of land located in the Tombstone Mining District in southeast
      Arizona and known as "TEI Open Pit Mine" (the "Land");

	 	 
	B. 	
      HMLLC wishes to assign all of its right, title and
      interest in and to the Option Agreement to EuroGas, subject to the terms
      and conditions of this Agreement;



NOW THEREFORE in consideration of the premises, the performance
of the mutual covenants contained herein and other good and valuable
consideration given by each party to the others, the receipt and sufficiency of
which is hereby conclusively acknowledged, it is hereby agreed as follows: 

1.                      
 INTERPRETATION 

1.1                    
 The words "paragraph", "subparagraph", "herein", "hereof" and "hereunder"
refer to the provisions of this Agreement. 

1.2                     
The headings are for convenience only and do not form a part of this Agreement
nor are they intended to interpret, define or limit the scope, extent or intent
of this Agreement or any portion hereof. 

1.3                      This
Agreement is governed by, subject to and interpreted in accordance with the laws
prevailing in the State of Arizona, and the federal laws of the United States
applicable therein, and the 




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courts of the State of Arizona will have the exclusive
jurisdiction over any dispute arising in connection with this Agreement. 

1.4                      All
references to currency herein are to the lawful money of the United States of
America. 

2.                       
ENTIRE AGREEMENT 

2.1                      This
Agreement, when executed, constitutes the whole agreement between the parties
hereto and supersedes all other agreements written, oral or otherwise, and there
are no representations or warranties, express or implied, statutory or otherwise
other than expressly set forth or referred to herein. 

2.2                     
This Agreement may not be amended, modified, released or discharged, in whole or
in part, except by an instrument in writing signed by all parties hereto. 

3.                       
ASSIGNMENT 

3.1                      HMLLC
hereby assigns all right, title and interest in and to the Option Agreement to
EuroGas (the "Assignment") and EuroGas hereby accepts the Assignment. 

3.2                     
Subject to Paragraph 3.4, EuroGas agrees to be bound by all of the provisions of
the Option Agreement and HMLLC is released of all duties and obligations
thereunder. 

3.3                      As
consideration for the Assignment, EuroGas agrees to:

	 	(a) 	
      pay to HMLLC the sum of $10,000 within fourteen (14)
      calendar days of the date of this Agreement; and

	 	 	 
	 	(b) 	
      allot and issue as fully paid and non-assessable to HMLLC
      an aggregate of two million (2,000,000) restricted shares of its common
      stock (the "Shares"), within fourteen (14) calendar days of the date of
      this Agreement.



3.4                     
In the event EuroGas elects not to exercise its right to purchase Parcels A, B
and/or C, as defined in the Option Agreement, within the various time periods
described in the Option Agreement, as may be extended by the Optionors in
writing from time to time (each, an "Exercise Period"), then EuroGas shall
forfeit its rights herein at least thirty (30) days prior to expiry of each
Exercise Period, and all rights in and to the Option Agreement shall then revert
to HMLLC absolutely. 

3.5                      In
the event that EuroGas elects not to exercise the Option and acquire all or any
portion of the Lands on or before March 31, 2010, then this Agreement shall
terminate and be of no further force or effect. 

4.                       
REPRESENTATIONS AND WARRANTIES 

4.1                     
Each of the parties represents and warrants to the other that:

	 	(a) 	
      where applicable, it is a company duly incorporated,
      organized and validly subsisting and in good standing under the laws of
      its incorporating jurisdiction;

	 	 	 
	 	(b) 	
      it is duly licensed and qualified to do business in those
      jurisdictions where it is necessary to fulfill its obligations under this
      Agreement;







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	 	(c) 	
      it has full power and authority to carry on its business
      and to enter into this Agreement and any agreement or instrument referred
      to or contemplated by this Agreement;

	 	 	 
	 	(d) 	
      neither the execution and delivery of this Agreement nor
      any of the agreements referred to herein or contemplated hereby, nor the
      consummation of the transactions hereby contemplated conflict with or
      result in any breach or accelerate performance required by, any covenants
      or agreements contained in, or constitute a default under, or result in
      the creation of any encumbrance under the provision of any shareholders'
      or directors' resolution, indenture, agreement or other instrument
      whatsoever to which it is a party or by which it is bound or to be which
      it is subject;

	 	 	 
	 	(e) 	
      the execution and delivery of this Agreement and any
      agreements contemplated hereby have been duly authorized by all necessary
      corporate action on its part and will not violate or result in the breach
      of the laws or any jurisdiction applicable or pertaining thereto or of its
      constating documents;

	 	 	 
	 	(f) 	
      there are no consents, approvals or conditions precedent
      to its performance under this Agreement which have not been
    obtained;

	 	 	 
	 	(g) 	
      no proceedings are pending for, and the parties are
      unaware of, any basis for the institution of any proceedings leading to
      their dissolution or winding up, or the placing of them in bankruptcy or
      subject to any other laws governing the affairs of insolvent corporations
      or persons;

	 	 	 
	 	(h) 	
      it has no information or knowledge of any facts
      pertaining to the transactions contemplated hereby which, if known, might
      reasonably be expected to deter the other party from completing the
      transactions contemplated hereby.



4.2                     
HMLLC represents and warrants to EuroGas that:

	 	(a) 	
      it has obtained all necessary consents to the Assignment
      from the Optionors;

	 	 	 
	 	(b) 	
      the Option Agreement is a valid and binding agreement, in
      good standing, and enforceable according to its terms;

	 	 	 
	 	(c) 	
      it has the sole and exclusive right to enter into this
      Agreement and all necessary authority to assign the Option Agreement in
      accordance with the terms of this Agreement;

	 	 	 
	 	(d) 	
      it is not aware of any fact or circumstance which has not
      been disclosed to EuroGas which should be disclosed in order to prevent
      the representations and warranties in this Paragraph from being misleading
      or which would be likely to affect the decision of EuroGas to enter into
      this Agreement.



4.3                      The
representations and warranties hereinbefore set out are conditions upon which
the parties have relied in entering into this Agreement and shall be true and
correct on the date hereof and shall survive the acquisition of any interest in
and to the Lands by EuroGas.

4.4                      Each
of the parties will indemnify and save the other harmless from all loss, damage,
costs, actions and suits arising out of or in connection with any breach of any
representation, warranty, covenant, agreement or condition made by it and
contained in this Agreement. 




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5.                       
NOTICES 

5.1                     
All notices given in connection with this Agreement shall be in writing and
shall be personally delivered, faxed or emailed to the parties at their
addresses set out on Page 1 of this Agreement or to the following fax numbers or
email addresses: 

	 	(a) 	HMLLC: 	Fax: 406-257-5382; 
	 	  	  	Email: jtb@bauska.com; 
	 	  	  	 
	 	(b) 	EuroGas: 	Fax: 801-282-8829; 
	 	  	  	Email: Rauball@eunet.at;
  


5.2                      Any
such notices personally delivered, faxed or emailed shall be deemed delivered on
the day of delivery. 

5.3                      Any
party hereto may change its address for service by notice in writing to the
other parties hereto. 

6.                       
BINDING EFFECT 

6.1                      This
Agreement shall be binding upon and enure to the benefit of the parties and
their respective heirs, personal representatives, successors and assigns, except
as otherwise expressly provided herein. 

7.                       
ASSIGNMENT 

7.1                     
This Agreement is not transferable or assignable, except with the prior written
consent of both parties. 

8.                       
SEVERABILITY 

8.1                      Should
any part of this Agreement be declared or held invalid for any reason, such
invalidity shall not affect the validity of the remainder, which shall continue
in force and effect and be construed as if this Agreement had been executed
without the invalid portion, and it is hereby declared the intention of the
parties hereto that this Agreement would have been executed without reference to
any portion that may, for any reason, be hereafter declared or held invalid.


9.                       
WAIVER 

9.1                     
No waiver or consent by a party of or to any breach or default by any other
party shall be effective unless evidenced in writing, executed and delivered by
the party so waiving or consenting and no waiver or consent effectively given as
aforesaid shall operate as a waiver of or consent to any further or other breach
or default in relation to the same or any other provision of this Agreement.





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10.                      INDEPENDENT
LEGAL ADVICE 

10.1                     All
parties to this Agreement acknowledge and agree that they have had adequate
opportunity to seek and obtain independent legal advice with respect to the
subject matter of this Agreement, and for the purpose of ensuring their rights
and interests are protected. 

10.2                     All
parties to this Agreement represent and warrant that they have either sought
independent legal advice, or consciously chosen not to do so with full knowledge
of the risks associated with not obtaining such independent legal advice. 

11.                      
GENERAL PROVISIONS 

11.1                     Time
is of the essences of this Agreement. 

11.2                    
Notwithstanding anything herein to the contrary, the parties hereto shall not be
deemed in default with respect to the performance of any of the terms, covenants
and conditions of this Agreement, if the same shall be due to any strike,
lock-out, civil commotion, invasion, rebellion, hostilities, sabotage,
governmental regulations or controls, Acts of God, or otherwise beyond the
control of the parties. 

11.3                    
Each of the parties hereto hereby covenants and agrees to execute such further
and other documents and instruments, and to do such further and other things as
may be necessary to implement and carry out the intent of this Agreement. 

12.                      
COUNTERPARTS AND ELECTRONIC MEANS 

12.1                     This
Agreement may be executed in any number of counterparts, each of which, when so
executed and delivered, shall constitute an original and all of which together
shall constitute one instrument. 

12.2                    
Delivery of an executed copy of this Agreement by electronic facsimile
transmission or other means of electronic communication capable of producing a
printed copy will be deemed to be execution and delivery of this Agreement as of
the date hereinafter set forth. 

IN WITNESS WHEREOF, the parties hereto have executed
this Agreement as of the day and year first above written. 

	HENRY & MUNROE, LLC 	) 	 
	  	) 	 
	Per: /s/ John T. Bauska 	) 	 
	  	) 	 
	  	) 	 
	John T. Bauska 	) 	 
	Chief Executive Manager 	) 	 






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	EUROGAS, INC. 	) 	 
	  	) 	 
	Per: /s/ Wolfgang Rauball 	) 	 
	  	) 	 
	  	) 	 
	Wolfgang Rauball 	) 	 
	President and Chief Executive Officer 	) 	 






SCHEDULE "A" 

The Option Agreement