---

THE SECURITIES REPRESENTED HEREBY HAVE BEEN OFFERED IN AN
OFFSHORE TRANSACTION TO A PERSON WHO IS NOT A U.S. PERSON (AS DEFINED HEREIN)
PURSUANT TO REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS
AMENDED (THE "1933 ACT").

NONE OF THE SECURITIES REPRESENTED HEREBY HAVE BEEN
REGISTERED UNDER THE 1933 ACT, OR ANY U.S. STATE SECURITIES LAWS, AND, UNLESS SO
REGISTERED, MAY NOT BE OFFERED OR SOLD, DIRECTLY OR INDIRECTLY, IN THE UNITED
STATES (AS DEFINED HEREIN) OR TO U.S. PERSONS EXCEPT IN ACCORDANCE WITH THE
PROVISIONS OF REGULATION S UNDER THE 1933 ACT, PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE 1933 ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION
FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE
1933 ACT AND IN EACH CASE ONLY IN ACCORDANCE WITH APPLICABLE STATE SECURITIES
LAWS. IN ADDITION, HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE
CONDUCTED UNLESS IN COMPLIANCE WITH THE 1933 ACT. "UNITED STATES" AND "U.S.
PERSON" ARE AS DEFINED BY REGULATION S UNDER THE 1933 ACT.

STOCK OPTION AND SUBSCRIPTION AGREEMENT

THIS STOCK OPTION AND SUBSCRIPTION AGREEMENT is entered into as
of the 20th day of September, 2007 (the Date of Grant).

BETWEEN:

AMERICAN URANIUM CORPORATION, a
Nevada corporation, with a business address at 600 - 17th Street, Suite 2800
South, Denver CO 80202

(the Company);

AND:

DEVINDER RANDHAWA, a
businessperson with an address at Suite 700, 1620 Dickson Avenue, Kelowna,
BC V1Y 9Y2

(the Optionee).

WHEREAS:

A.      The Optionee is a director,
officer, employee or consultant of the Company;

B.      The Board of Directors of the
Company (the Board) has adopted the 2007 Stock Option Plan (the Plan),
pursuant to which the Board is authorized to grant to employees and other
selected persons stock options to purchase common shares of the Company; and

C.      The Board has authorized the
grant to the Optionee of stock options to purchase a total of 300,000common shares of the Company.

---

2

NOW THEREFORE THIS AGREEMENT WITNESSETH that in consideration
of other good and valuable consideration, it is hereby agreed by and between the
parties as follows:

|1.  | DEFINITIONS                                                                    
|--- | -------------------------------------------------------------------------------
|    |                                                                                
|1.1 | In this Agreement, the following terms shall have the
      following meanings:
|    |                                                                                
|    | (a)                                                                            
|    |                                                                                
|    | (b)                                                                            
|    |                                                                                
|    | (c)                                                                            
|    |                                                                                
|    | (d)                                                                            
|    |                                                                                
|    | (e)                                                                            
|    |                                                                                
|    | (f)                                                                            
|    |                                                                                
|    | (g)                                                                            
|    |                                                                                
|    | (h)                                                                            
|    |                                                                                
|    | (i)                                                                            
|    |                                                                                
|    | (j)                                                                            
|    |                                                                                
|    | (k)                                                                            

1.2      Capitalized terms not
otherwise defined herein shall have the meanings ascribed thereto in the Plan.

2.THE
OPTIONS

2.1      The Company agrees to offer
to the Optionee the option to purchase, upon the terms and conditions set forth
herein and in the Plan, once it has been adopted, Options to purchase a total of
300,000 Optioned Shares at the Exercise Price. The Optionee agrees that the Plan
is incorporated by reference to this stock option and subscription agreement.

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3

2.2      The Options may be exercised
after vesting and only in accordance with the following schedule:

| | (a) | 75,000 Options on September 20, 2007;    
| | --- | -----------------------------------------
| |     |                                          
| | (b) | 75,000 Options on September 20, 2008;    
| |     |                                          
| | (c) | 75,000 Options on September 20, 2009; and
| |     |                                          
| | (d) | 75,000 Options on September 20,
2010.    

2.3      The Options shall, at 5:00
p.m. (Denver time) on the Expiry Date, forthwith expire and be of no further
force or effect whatsoever.

2.4      Vested Options shall
terminate, to the extent not previously exercised, upon the occurrence of the
first of the following events:

| | (a) | five years from the Date of Grant.                                                                                                                                                                                                                                                                                                                                                                                                                 
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| | (b) | The date of an Optionee's termination of employment or
      contractual relationship with the Company or any Related Company (as
      defined in the Plan) for cause (as determined in the sole discretion of
      the Plan Administrator (as defined in the Plan), acting reasonably) or the
      date of resignation by an Optionee from the Optionees employment or
      contractual relationship with the Company or any Related
Company.
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| | (c) | The expiration of one year from the date of the death of
      the Optionee, or the expiration of one year from termination of an
      Optionee's employment or contractual relationship by reason of Disability
      (as defined in Section 5.7 of the Plan).                                                                                                                                                                                   
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| | (d) | The expiration of three months from the date of an
      Optionee's termination of employment or contractual relationship with the
      Company or any Related Company for any reason whatsoever other than cause,
      death or Disability.                                                                                                                                                                                                     

Each unvested Option granted pursuant hereto shall terminate
immediately upon termination of or resignation from the Optionee's employment or
contractual relationship with the Company for any reason whatsoever unless
vesting is accelerated in accordance with Section 5.6 of the Plan.

2.5      Subject to compliance with
any applicable securities laws, the Options shall be exercisable, in full or in
part until termination; provided, however, that any Optionee who is
subject to the reporting and liability provisions of Section 16 of the
Securities Exchange Act of 1934 with respect to the Common Stock shall be
precluded from selling, transferring or otherwise disposing of any Common Stock
underlying any Options during the six months immediately following the grant of
that Option. If less than all of the shares of any Options are purchased, the
remainder may be purchased at any subsequent time prior to the Expiry Date. No
portion of any Options for less than 50 shares (as adjusted pursuant to Section
5.8 of the Plan) may be exercised; provided, that if the portion of any Options
is less than 50 shares, it may be exercised with respect to all shares. Only
whole shares may be issued pursuant to the exercise of any Options, and to the
extent that any Options covers less than one share, it is unexercisable.

2.6      Each exercise of the Options
shall be by means of delivery of a Notice of Exercise (which may be in the form
attached hereto as Exhibit A) to the Secretary of the Company at its principal
executive office, specifying the number of shares of Common Stock to be
purchased and accompanied by payment in cash by certified check or cashier's
check in the amount of the full exercise price for the Common Stock to be

---

4

purchased. In addition to payment in cash by certified check or
cashier's check, an Optionee or transferee of the Options may pay for all or any
portion of the aggregate exercise price by complying with one or more of the
following alternatives:

| | (a) | by delivering a properly executed Notice of Exercise
      together with irrevocable instructions to a broker promptly to sell or
      margin a sufficient portion of the Common Stock and deliver directly to
      the Company the amount of sale or margin loan proceeds to pay the exercise
      price; or
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                                                 
| | (b) | by complying with any other payment mechanism approved by
      the Plan Administrator at the time of exercise.                                                                                                                                                                                                 

It is a condition precedent to the issuance of Optioned Shares
that the Optionee execute and/or deliver to the Company all documents and
withholding taxes required in accordance with Section 5.12 of the Plan.

2.7      Nothing in this Agreement
shall obligate the Optionee to purchase any Optioned Shares except those
Optioned Shares in respect of which the Optionee shall have exercised the
Options in the manner provided in this Agreement.

2.8      The terms of the Options are
subject to the provisions of the Plan, as the same may from time to time be
amended, and any inconsistencies between this Agreement and the Plan, as the
same may be from time to time amended, shall be governed by the provisions of
the Plan, a copy of which has been delivered to the Optionee, and which is
available for inspection at the principal offices of the Company.

3.       
ACKNOWLEDGEMENTS OF THE OPTIONEE

The Optionee acknowledges and agrees that:

| | (a) | none of the Options or the Optioned Shares have been
      registered under the 1933 Act or under any state securities or blue sky
      laws of any state of the United States, and, unless so registered, may not
      be offered or sold in the United States or, directly or indirectly, to
      U.S. Persons, except in accordance with the provisions of Regulation S,
      pursuant to an effective registration statement under the 1933 Act, or
      pursuant to an exemption from, or in a transaction not subject to, the
      registration requirements of the 1933 Act and in each case only in
      accordance with applicable state securities laws;
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| | (b) | the Company has not undertaken, and will have no
      obligation, to register any of the Securities under the 1933
Act;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| | (c) | the Optionee has received and carefully read this
      Agreement and the public information which has been filed with the
      Securities and Exchange Commission (the SEC) in compliance or intended
      compliance with applicable securities legislation (collectively, the
      Company Information);                                                                                                                                                                                                                                                                                                                                                         
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| | (d) | the decision to execute this Agreement and acquire the
      Securities hereunder has not been based upon any oral or written
      representation as to fact or otherwise made by or on behalf of the
      Company, and such decision is based entirely upon a review of the Company
      Information (the receipt of which is hereby acknowledged);                                                                                                                                                                                                                                                                                                                    
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| | (e) | no securities commission or similar regulatory authority
      has reviewed or passed on the merits of the
Securities;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     

---

5

| | (f) | there is no government or other insurance covering the
      Securities;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| | (g) | there are risks associated with an investment in the
      Securities;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| | (h) | the Optionee has not acquired the Securities as a result
      of, and will not itself engage in, any directed selling efforts (as
      defined in Regulation S under the 1933 Act) in the United States in
      respect of the Securities which would include any activities undertaken
      for the purpose of, or that could reasonably be expected to have the
      effect of, conditioning the market in the United States for the resale of
      the Securities; provided, however, that the Optionee may sell or otherwise
      dispose of the Securities pursuant to registration thereof under the 1933
      Act and any applicable state and provincial securities laws or under an
      exemption from such registration requirements;                                                                                                                                                                              
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| | (i) | the Optionee and the Optionee's advisor(s) (if
      applicable) have had a reasonable opportunity to ask questions of and
      receive answers from the Company in connection with the distribution of
      the Securities hereunder, and to obtain additional information, to the
      extent possessed or obtainable without unreasonable effort or expense,
      necessary to verify the accuracy of the information about the
    Company;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| | (j) | the books and records of the Company were available upon
      reasonable notice for inspection, subject to certain confidentiality
      restrictions, by the Optionee during reasonable business hours at its
      principal place of business, and all documents, records and books in
      connection with the distribution of the Securities hereunder have been
      made available for inspection by the Optionee, the Optionee's attorney
      and/or advisor(s) (if applicable);                                                                                                                                                                                                                                                                                                                                                                                                                                            
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| | (k) | the Company is entitled to rely on the representations
      and warranties and the statements and answers of the Optionee contained in
      this Agreement;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| | (l) | the Optionee will indemnify and hold harmless the Company
      and, where applicable, its directors, officers, employees, agents,
      advisors and shareholders, from and against any and all loss, liability,
      claim, damage and expense whatsoever (including, but not limited to, any
      and all fees, costs and expenses whatsoever reasonably incurred in
      investigating, preparing or defending against any claim, lawsuit,
      administrative proceeding or investigation whether commenced or
      threatened) arising out of or based upon any representation or warranty of
      the Optionee contained herein or in any document furnished by the Optionee
      to the Company in connection herewith being untrue in any material respect
      or any breach or failure by the Optionee to comply with any covenant or
      agreement made by the Optionee to the Company in connection
    therewith;
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| | (m) | none of the Securities are listed on any stock exchange
      or automated dealer quotation system and no representation has been made
      to the Optionee that any of the Securities will become listed on any stock
      exchange or automated dealer quotation system; except that currently
      certain market makers make market in the common shares of the Company on
      the OTC Bulletin Board;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| | (n) | There are resale restrictions imposed under U.S. and
      other applicable securities laws affecting the Optionees ability to
      resell the Securities;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             

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6

| | (o) | the Company will refuse to register any transfer of the
      Securities not made in accordance with the provisions of Regulation S,
      pursuant to an effective registration statement under the 1933 Act or
      pursuant to an available exemption from the registration requirements of
      the 1933 Act and in accordance with applicable state and provincial
      securities laws;
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                                                                                                                                 
| | (p) | the statutory and regulatory basis for the exemption
      claimed for the offer of the Securities, although in technical compliance
      with Regulation S, would not be available if the offering is part of a
      plan or scheme to evade the registration provisions of the 1933 Act or any
      applicable state and provincial securities laws;                                       
| |     |                                                                                                                                                                                                                                                                                                                                                                                                 
| | (q) | the Optionee has been advised to consult the Optionee's
      own legal, tax and other advisors with respect to the merits and risks of
      an investment in the Securities and with respect to applicable resale
      restrictions, and it is solely responsible (and the Company is not in any
      way responsible) for compliance with:                                                 
| |     |                                                                                                                                                                                                                                                                                                                                                                                                 
| |     | (i)                                                                                                                                                                                                                                                                                                                                                                                             
| |     |                                                                                                                                                                                                                                                                                                                                                                                                 
| |     | (ii)                                                                                                                                                                                                                                                                                                                                                                                            
| |     |                                                                                                                                                                                                                                                                                                                                                                                                 
| | (r) | this Agreement is not enforceable by the Optionee unless
      it has been accepted by the Company.                                                                                                                                                                                                                                                                                             

**4.**      
 REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE OPTIONEE

The Optionee hereby represents and warrants to and covenants
with the Company (which representations, warranties and covenants shall survive
the closing) that:

| | (a) | the Optionee is a director, officer, employee or
      consultant of the Company;                                                                                                                                                                                              
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                
| | (b) | the Optionee has the legal capacity and competence to
      enter into and execute this Agreement and to take all actions required
      pursuant hereto;                                                                                                                      
| |     |                                                                                                                                                                                                                                                                                
| | (c) | the Optionee has received and carefully read this
      Agreement;                                                                                                                                                                                                             
| |     |                                                                                                                                                                                                                                                                                
| | (d) | the Optionee has duly executed and delivered this
      Agreement and it constitutes a valid and binding agreement of the Optionee
      enforceable against the Optionee in accordance with its terms;                                                                        
| |     |                                                                                                                                                                                                                                                                                
| | (e) | the Optionee is resident in the jurisdiction set out on
      page 1 of this Agreement;                                                                                                                                                                                        
| |     |                                                                                                                                                                                                                                                                                
| | (f) | the acquisition of the Securities by the Optionee as
      contemplated in this Agreement complies with or is exempt from the
      applicable securities legislation of the jurisdiction of residence of the
      Optionee;                                                  
| |     |                                                                                                                                                                                                                                                                                
| | (g) | the Optionee is acquiring the Securities for investment
      only and not with a view to resale or distribution and, in particular, it
      has no intention to distribute either directly or indirectly any of the
      Securities in the United States or to U.S.
Persons;

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7

| | (h) | the Optionee is acquiring the Securities as principal for
      the Optionee's own account, for investment purposes only, and not with a
      view to, or for, resale, distribution or fractionalisation thereof, in
      whole or in part, and no other person has a direct or indirect beneficial
      interest in such Securities;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| | (i) | the Optionee is not an underwriter of, or dealer in, the
      common shares of the Company, nor is the Optionee participating, pursuant
      to a contractual agreement or otherwise, in the distribution of the
      Securities;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| | (j) | the Optionee (i) has adequate net worth and means of
      providing for his/her/its current financial needs and possible personal
      contingencies, (ii) has no need for liquidity in this investment, and
      (iii) is able to bear the economic risks of an investment in the
      Securities for an indefinite period of time, and can afford the complete
      loss of such investment;                                                                                                                                                                                                                                                                                                                                                                                                                                              
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| | (k) | the Optionee is aware that an investment in the Company
      is speculative and involves certain risks, including the possible loss of
      the investment, and the Optionee has carefully read and considered the
      matters set forth under the caption Risk Factors appearing in the
      Company's various disclosure documents, filed with the SEC;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| | (l) | the Optionee has the requisite knowledge and experience
      in financial and business matters as to be capable of evaluating the
      merits and risks of the investment in the Securities and the
    Company;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| | (m) | the Optionee understands and agrees that the Company and
      others will rely upon the truth and accuracy of the acknowledgements,
      representations and agreements contained in this Agreement, and agrees
      that if any of such acknowledgements, representations and agreements are
      no longer accurate or have been breached, the Optionee shall promptly
      notify the Company;                                                                                                                                                                                                                                                                                                                                                                                                                                           
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| | (n) | the Optionee acknowledges that the Optionee has not
      acquired the Securities as a result of, and will not itself engage in, any
      directed selling efforts (as defined in Regulation S under the 1933 Act)
      in the United States in respect of the Securities which would include any
      activities undertaken for the purpose of, or that could reasonably be
      expected to have the effect of, conditioning the market in the United
      States for the resale of the Securities; provided, however, that the
      Optionee may sell or otherwise dispose of the Securities pursuant to
      registration of the Securities pursuant to the 1933 Act and any applicable
      state and provincial securities laws or under an exemption from such
      registration requirements and as otherwise provided herein;
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| | (o) | the Optionee has made an independent examination and
      investigation of an investment in the Securities and the Company and has
      depended on the advice of its legal and financial advisors and agrees that
      the Company will not be responsible in anyway whatsoever for the
      Optionee's decision to invest in the Securities and the Company;                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| | (p) | the Optionee understands and agrees that none of the
      Options or the Optioned Securities have been or will be registered under
      the 1933 Act, or under any state securities or blue sky laws of any
      state of the United States, and, unless so registered, may not be offered
      or sold except in accordance with the provisions of Regulation S, pursuant
      to an effective registration statement under the 1933 Act, or pursuant to
      an exemption from, or in a transaction not subject to, the registration
      requirements of the 1933 Act and in each case only in accordance with
      applicable state securities laws;                                                                                                                                                                               

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8

| | (q) | it understands and agrees that the Company will refuse to
      register any transfer of the Optioned Securities not made in accordance
      with the provisions of Regulation S, pursuant to an effective registration
      statement under the 1933 Act or pursuant to an available exemption from,
      or in a transaction not subject to, the registration requirements of the
      1933 Act;                                                                                             
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| | (r) | the Optionee is not aware of any advertisement of any of
      the Securities and is not acquiring the Securities as a result of any form
      of general solicitation or general advertising including advertisements,
      articles, notices or other communications published in any newspaper,
      magazine or similar media or broadcast over radio or television, or any
      seminar or meeting whose attendees have been invited by general
      solicitation or general advertising;
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| | (s) | no person has made to the Optionee any written or oral
      representations:                                                                                                                                                                                                                                                                                                                                                                                                                      
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| |     | (i)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| |     | (ii)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| |     | (iii)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| | (t) | if the Optionee is a consultant of the Company, the
      Optionee has entered into a written consulting agreement with the Company
      or a related entity of the Company and spends or will spend a significant
      amount of time and attention on the affairs and business of the Company or
      such related entity.                                                                                                                                                                    

5.       
ACKNOWLEDGEMENT AND WAIVER

The Optionee has acknowledged that the decision to purchase the
Securities was solely made on the basis of publicly available information
contained in the Company Information. The Optionee hereby waives, to the fullest
extent permitted by law, any rights of withdrawal, rescission or compensation
for damages to which the Optionee might be entitled in connection with the
distribution of any of the Securities.

6.       
LEGENDING OF SUBJECT SECURITIES

6.1      The Optionee hereby
acknowledges that that upon the issuance thereof, and until such time as the
same is no longer required under the applicable securities laws and regulations,
the certificates representing any of the Securities will bear a legend in
substantially the following form:

| | THE SECURITIES REPRESENTED HEREBY HAVE BEEN OFFERED IN AN
      OFFSHORE TRANSACTION TO A PERSON WHO IS NOT A U.S. PERSON (AS DEFINED
      HEREIN) PURSUANT TO REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF
      1933, AS AMENDED (THE "1933 ACT").                                                                                                                                                                                                                                                                                                                                            | 
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | 
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 
| | NONE OF THE SECURITIES REPRESENTED HEREBY HAVE BEEN
      REGISTERED UNDER THE 1933 ACT, OR ANY U.S. STATE SECURITIES LAWS, AND,
      UNLESS SO REGISTERED, MAY NOT BE OFFERED OR SOLD, DIRECTLY OR INDIRECTLY,
      IN THE UNITED STATES (AS DEFINED HEREIN) OR TO U.S. PERSONS EXCEPT IN
      ACCORDANCE WITH THE PROVISIONS OF REGULATION S UNDER THE 1933 ACT,
      PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE 1933 ACT, OR
      PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT
      TO, THE REGISTRATION REQUIREMENTS OF THE 1933 ACT AND IN EACH CASE | 

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9

| |                                                                                                                                                                                                                                                                                          | 
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | 
| | ONLY IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS.
      IN ADDITION, HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE
      CONDUCTED UNLESS IN COMPLIANCE WITH THE 1933 ACT. "UNITED STATES" AND
      "U.S. PERSON" ARE AS DEFINED BY REGULATION S UNDER THE 1933 ACT. | 

6.2      The Optionee hereby
acknowledges and agrees to the Company making a notation on its records or
giving instructions to the registrar and transfer agent of the Company in order
to implement the restrictions on transfer set forth and described in this
Agreement.

6.3      The Optionee requests that
the Company not put a Canadian legend on the Shares as mandated by National
Instrument 45-102, and acknowledges that without such legend the Shares may not
be resold in Canada.

7.       
**COSTS**

The Optionee acknowledges and agrees that all costs and
expenses incurred by the Optionee (including any fees and disbursements of any
special counsel retained by the Optionee) relating to the acquisition of the
Securities shall be borne by the Optionee.

8.      
 GOVERNING LAW

This Agreement is governed by the laws of the State of Nevada
and the federal laws of the United States applicable therein. The Optionee
irrevocably attorns to the jurisdiction of the courts of the State of Nevada.

9.        SURVIVAL

This Agreement, including without limitation the
representations, warranties and covenants contained herein, shall survive and
continue in full force and effect and be binding upon the parties hereto
notwithstanding the completion of the purchase of the shares underlying the
Options by the Optionee pursuant hereto.

**10.**      
 ASSIGNMENT

This Agreement is not transferable or assignable.

11.       
COUNTERPARTS AND ELECTRONIC MEANS

This Agreement may be executed in several counterparts, each of
which will be deemed to be an original and all of which will together constitute
one and the same instrument. 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 first above written.

12.       
SEVERABILITY

The invalidity or unenforceability of any particular provision
of this Agreement shall not affect or limit the validity or enforceability of
the remaining provisions of this Agreement.

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10

13.        ENTIRE
AGREEMENT

Except as expressly provided in this Agreement and in the
agreements, instruments and other documents contemplated or provided for herein,
this Agreement is the only agreement between the Optionee and the Company with
respect to the Options, and this Agreement and the Plan supersede all prior and
contemporaneous oral and written statements and representations and contain the
entire agreement between the parties with respect to the Options.

**14.**      
**EFFECTIVENESS**

This Agreement shall be deemed to be effective following the
delivery by the Optionee to the Company of two fully executed copies of this
Agreement.

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

AMERICAN URANIUM CORPORATION

|By: | /s/ Robert A. Rich   | 
|--- | -------------------- | 
|    | Authorized Signatory | 

|SIGNED, SEALED and DELIVERED by       | ) |                      
|------------------------------------- | - | ---------------------
|Devinder Randhawa in the presence of: | ) |                      
|                                      | ) |                      
|                                      | ) |                      
|Signature                             | ) |                      
|                                      | ) | /s/ Devinder Randhawa
|Print Name                            | ) | DEVINDER RANDHAWA    
|                                      | ) |                      
|Address                               | ) |                      
|                                      | ) |                      
|                                      | ) |                      
|                                      | ) |                      
|Occupation                            | ) |                      

---

EXHIBIT A

|TO: | American Uranium Corporation       
|--- | -----------------------------------
|    | 600 - 17th Street, Suite 2800 South
|    | Denver CO 80202                    

NOTICE OF EXERCISE

This Notice of Election to Exercise shall constitute proper
notice pursuant to Section 5.8 of American Uranium Corporation's (the Company)
2007 Stock Option Plan (the Plan) and Section 2.4 of that certain Stock Option
Agreement (the Agreement) dated as of September 20, 2007, between the Company
and the undersigned. The undersigned hereby elects to exercise Optionee's option
to purchase____________________shares of the common stock of the Company at
a price of $1.20 per share, for aggregate consideration of $____________, on the
terms and conditions set forth in the Agreement and the Plan. Such aggregate
consideration, in the form specified in Section 2.6 of the Agreement,
accompanies this notice.

The Optionee hereby directs the Company to issue, register and
deliver the certificates representing the shares as follows:

|Registration Information:            |  | Delivery Instructions:
|------------------------------------ |  | ----------------------
|                                     |  |                       
|Name to appear on
      certificates |  | Name                  
|                                     |  |                       
|Address                              |  | Address               
|                                     |  |                       
|                                     |  |                       
|                                     |  |                       
|                                     |  | Telephone Number      

DATED at ____________________________________, the _______day
of______________, _______.

| |                                        
| | ---------------------------------------
| | Name of Optionee  Please Type or Print
| |                                        
| | Signature and, if applicable, Office   
| |                                        
| | Address of Optionee                    
| |                                        
| | City, State, and Zip Code of Optionee  
| |                                        
| | Fax Number or E-mail Address           

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