Document:

Filed by Automated Filing Services Inc. (604) 609-0244 - Yellowcake Mining Inc. - Exhibit 10.1

Execution Copy

Limited Liability Company Operating Agreement 
of

Juniper Ridge LLC

     This Limited Liability Company
Operating Agreement dated as of December 31, 2007 (the “Effective Date”) is
between YELLOWCAKE MINING INC. (“Yellowcake”), a Nevada corporation, the address
of which is 200-8275 South Eastern Avenue, Las Vegas, Nevada, 89123 and
STRATHMORE RESOURCES (U.S.) LTD., (“Strathmore”), a Nevada corporation, the
address of which is 2420 Watt Court, Riverton, Wyoming 82501.

RECITALS

     A. Strathmore is the owner of an
undivided 100% interest in those unpatented mining claims and mining leases
collectively known as the Juniper Ridge Project, situated in Carbon County,
Wyoming, as more particularly described in Appendix I (the “Property”);

     B. Yellowcake wishes to
participate with Strathmore in the exploration, evaluation and, if justified,
the development and mining of mineral resources within the Property;

     C. By a Letter of Intent dated
January 29, 2007 (the “LOI”) and Option and Joint Venture Agreement dated March
14, 2007, Strathmore agreed to grant an exclusive option to Yellowcake to
participate with Strathmore in the exploration, evaluation and, if justified,
the development of mining of mineral resources within the Property and to grant
an exclusive option to Yellowcake to acquire an undivided eighty percent (80%)
interest in the Property on the terms set out herein; 

     D. The parties acknowledge that
notwithstanding section 29.2 of the Option and Joint Venture Agreement, a
partnership was formed for United States tax purposes and it is the intent of
the parties to continue to have the Company governed by Subchapter K of the
Code.

     E. Strathmore and Yellowcake have
agreed to form and operate a limited liability company under the Delaware
Limited Liability Company Act, (the “Act”) to own the property and conduct the
operations contemplated by Recitals B and C of this Agreement.

     NOW THEREFORE, in consideration
of the covenants and conditions contained herein, Strathmore and Yellowcake
agree as follows:

ARTICLE I
DEFINITIONS AND CROSS-REFERENCES

     1.1 Definitions. The terms
defined in Exhibit A and elsewhere herein shall have the defined meaning
wherever used in this Agreement, including in Exhibits.

     1.2 Cross References.
References to “Exhibits,” “Articles,” “Sections” and “Subsections” refer to
Exhibits, Articles, Sections and Subsections of this Agreement. References to
“Paragraphs” and “Subparagraphs” refer to paragraphs and subparagraphs of the
referenced Exhibits.

ARTICLE II
NAME AND PURPOSES 

     2.1 Formation. The Company
will be duly organized pursuant to the Act and the provisions of this Agreement
as a Delaware limited liability company by the filing of its Certificate of
Formation (as defined in the Act) in the Office of the Secretary of the State of
Delaware.

     2.2 Name. The name of the
Company is “Juniper Ridge LLC” and such other name or names complying with the
Act as the Manager shall determine. The Manager shall accomplish any filings or
registrations required by jurisdictions in which the Company conducts its
Business.

     2.3 Purposes. The Company
is formed for the following purposes and no others, and shall serve as the
exclusive means by which each of the Members accomplishes such purposes:

	 	(a) 	
      To conduct Exploration within the Property,

	 	 	 
	 	(b) 	
      To evaluate the possible Development and Mining of the
      Property, and, if justified, to engage in Development and
Mining,

	 	 	 
	 	(c) 	
      To engage in Mining Operations on the Property,
  and

	 	 	 
	 	(d) 	
      To perform any other activity necessary, appropriate, or
      incidental to any of the foregoing purposes.

     2.4 Limitation. Unless the
Members otherwise agree in writing, the Business of the Company shall be limited
to the purposes described in Section 2.3, and nothing in this Agreement shall be
construed to enlarge such purposes.

     2.5 Registered Agent;
Office. The name of the Company’s registered agent in the State of Delaware
is The Corporation Trust Company or such other person as the Manager may select
in compliance with the Act from time to time. The registered office of the
Company in the State of Delaware shall be located at 1209 Orange Street.
Wilmington, New Castle County, Delaware 19801 or at any other place within the
State of Delaware at which The Corporation Trust Company shall maintain an
officer at which it acts as registered agent or such other office as the members
may unanimously agree. The principal office of the Company shall be at 2420 Watt
Court, Riverton, Wyoming, 82501, or any other location, which the Management
Committee shall unanimously agree.

ARTICLE III 
CONTRIBUTIONS BY MEMBERS

     3.1 Member’s Initial
Contributions.

	 	(a) 	
      Strathmore, as its Initial Contribution, hereby
      contributes the Property described in Appendix I to the capital of the
      Company.

2

	 	(b) 	
      Subject to Yellowcake’s resignation set forth in Section
      3.2, Yellowcake, as its Initial Contribution, shall contribute:

	 	 	 	 	 
	 		(i) 	
      Nine million (9,000,000) Yellowcake Shares;

	 	 	 	 	 
	 		(ii) 	
      Yellowcake shall contribute that part of its Initial
      Contribution of Five Hundred Thousand Dollars ($500,000) to the Company as
      follows:

	 	 	 	 	 
	 			(A) 	
      One Hundred Thousand Dollars ($100,000) not later than
      five (5) business days of the Effective Date;

	 	 	 	 	 
	 			(B) 	
      a further One Hundred Thousand Dollars ($100,000) not
      later than the first anniversary of the Effective Date;

	 	 	 	 	 
	 			(C) 	
      a further One Hundred Thousand Dollars ($100,000) not
      later than the second anniversary of the Effective Date;

	 	 	 	 	 
	 			(D) 	
      a further One Hundred Thousand Dollars ($100,000) not
      later than the third anniversary of the Effective Date; and

	 	 	 	 	 
	 			(E) 	
      a further One Hundred Thousand Dollars ($100,000) not
      later than the fourth anniversary of the Effective Date.

	 	 	 	 	 
	 		(iii) 	
      Yellowcake shall contribute that part of its Initial
      Contribution of Exploration Costs totalling a minimum of Eight Million
      Dollars ($8,000,000) subject to $500,000 per annum minimum expenditure to
      the Company as follows:

	 	 	 	 	 
	 			(A) 	
      Seven Hundred Sixty Four Thousand Five Hundred Eighteen
      Dollars ($764,518) not later than May 1, 2008;

	 	 	 	 	 
	 			(B) 	
      a minimum of Three Hundred Thousand Dollars ($300,000)
      not later than September 1, 2008;

	 	 	 	 	 
	 			(C) 	
      a minimum of Five Hundred Thousand Dollars ($500,000) not
      later than December 31, 2009; and

	 	 	 	 	 
	 			(D) 	
      the balance of the Eight Million Dollars as agreed by the
      Parties based on the availability of financing, but in any case not later
      than December 31, 2012.

	 	 	 	 	 
	 	(c) 	
      During the Option Period, Strathmore, its employees,
      agents and independent contractors, will have the sole and exclusive right
      and option to:

3

	 	(i) 	
      do such prospecting, exploration, development, or other
      work on the Property and there under as Strathmore may consider
      advisable;

	 	 	 
	 	(ii) 	
      bring upon and erect upon the Property such Assets as
      Strathmore may consider advisable; and

	 	 	 
	 	(iii) 	
      remove from the Property and sell or otherwise dispose of
      Minerals, but limited to the purposes of bulk testing and pilot plant
      operations.

     3.2 Failure to Make Initial
Contribution. Yellowcake’s failure to make its Initial Contribution in
accordance with the provisions of this Article III, if not cured within twenty
(20) days after notice by Strathmore of such default, shall be deemed to be a
resignation of Yellowcake from the Company and the termination of its membership
in the Company. Yellowcake’s resignation shall be effective upon such failure
and lack of cure. Upon the occurrence of a resignation and termination of
membership under this Section 3.2, and except as otherwise provided herein,
Yellowcake shall have no further right, title or interest in the Company or the
Assets and it shall take such actions as are necessary to ensure that all Assets
are free and clear of any Encumbrances arising by, through or under it, except
for such Encumbrances to which the Members may have agreed.

     3.3 Termination Prior to
Operative Date. At any time prior to the Operative Date, Yellowcake may
terminate its participation in the Company, so long as it is not in default of
any of its obligations under this Agreement, by giving thirty (30) days written
notice to that effect to Strathmore and on receipt of such notice by Strathmore,
or if termination occurs pursuant to Section 3.2, Yellowcake shall cease to be a
member with no right, title, or interest in the Company or the Assets, however,
Yellowcake will:

	 	(a) 	
      have the right and obligation to remove from the Property
      within six (6) months of the effective date of termination, all equipment
      erected, installed or brought upon the Property by or at the instance of
      Yellowcake, unless such equipment was erected, installed or brought upon
      the Property in satisfaction of Yellowcake’s obligations to contribute
      Exploration Costs as set out in Subsection 3.1(b)(iii);

	 	 	 
	 	(b) 	
      pay for any Environmental Compliance, clean-up or
      remediation costs or Environmental Liabilities which have been incurred or
      arise from Mining Operations after December 31, 2007 up to the effective
      date of termination;

	 	 	 
	 	(c) 	
      quit claim any interest in the Property to Strathmore;
      and

	 	 	 
	 	(d) 	
      deliver to Strathmore all Business Information, technical
      information, surveys, data, reports, and other documents relating to the
      Property.

4

     3.4 Record Title. Title to
the Assets shall be held by the Company. Each Member has the right to receive,
forthwith upon making demand to the Manager, such documents as the Member may
reasonably require to confirm the Assets and the Ownership Interests.

ARTICLE IV 
CAPITAL ACCOUNTS.

     4.1 Establishment and Maintenance
of Capital Accounts.

	 	(a) 	
      A separate Capital Account shall be established for each
      Member on the books of the Company reflecting such Member’s capital
      contributions to the Company. Each Member’s Capital Account shall be: (i)
      increased by any additional capital contributions made by such Member to
      the Company pursuant to the terms of this Agreement and such Member’s
      share of Net Gain and other items of income and gain allocated to such
      Member pursuant to Section 4.2; (ii) decreased by such Member’s share of
      Net Loss and other items of loss, deduction and expense allocated to such
      Member pursuant to Section 4.2 and the aggregate amount of all
      Distributable Cash distributed to such Member; and (iii) maintained in all
      respects in accordance with section 704(b) of the Code and the Treasury
      Regulations issued thereunder. Any references in this Agreement to the
      Capital Account of a Member shall be deemed to refer to such Capital
      Account as the same may be increased or decreased from time to time as set
      forth above.

	 	 	 
	 	(b) 	
      Negative Capital Accounts. Except as may be
      required by the Act or any other applicable Law, no Member shall be
      required to pay to the Company or the other Member any deficit or negative
      balance which may exist from time to time in such Member’s capital
      account.

	 	 	 
	 	(c) 	
      Company Capital. No Member shall be paid interest
      on any capital contribution to the Company or on such Member’s Capital
      Account, and no Member shall have any right (i) to demand the return of
      such Member’s capital contribution or any other distribution from the
      Company (whether upon resignation, withdrawal or otherwise), except upon
      dissolution of the Company pursuant to Article XXI hereof, or (ii) to
      cause a partition of the Company’s Assets.

	 	 	 
	 	(d) 	
      Capital Account Adjustment. If the Members so
      agree, upon the occurrence of an event described in Treas. Reg. §
      1.704-1(b)(2)(iv)(f)(5), the Capital Accounts shall be restated in
      accordance with Treas. Reg. § 1.704-1(b)(2)(iv)(f) to reflect the manner
      in which unrealized income, gain, loss or deduction inherent in the assets
      of the Company (that has not been reflected in the Capital Accounts
      previously) would be allocated between the Members if there were a taxable
      disposition of such assets for their fair market values, as determined in
      accordance with Section 4.1(a). For purposes of Section 4.1(a), a Member
      shall be treated as contributing

5

	 		
      the portion of the book value of any property that is
      credited to the Member’s Capital Account pursuant to the preceding
      sentence.

	 	 	 
	 	(e) 	
      Accounting for Distribution in Kind. For purposes
      of maintaining Capital Accounts when Company property is distributed in
      kind: (a) the Company shall treat such property as if it had been sold for
      its fair market value on the date of distribution; (b) any difference
      between such fair market value and the Company’s prior book value in such
      property for Capital Account purposes shall constitute Net Gain or Net
      Loss, as the case may be, for the Allocation Period ending on and
      including the date of such distribution and shall be allocated to the
      Capital Accounts of the Members pursuant to Section 4.2; and (c) each
      Member’s Capital Account shall be reduced by the fair market value of the
      property distributed to such Member (net of any liabilities secured by
      such distributed property that such Member is considered to assume or take
      subject to under section 752 of the Code).

     4.2 Allocations of Net Gains and
Net Losses. 

	 	(a) 	
      Except as otherwise provided in Section 4.2(b), Net Gains
      and Net Losses for each Fiscal Year (or other Allocation Period) shall be
      allocated in a manner such that the Capital Account of each Member,
      immediately after making such allocation, and after taking into account
      actual distributions made during, or with respect to, such Fiscal Year (or
      Allocation Period) is, as nearly as possible, equal (proportionately) to
      the distributions that would be made to such Member pursuant to Section
      23.4(b) if the Company were dissolved, its affairs wound up and its assets
      sold for cash equal to their book value, all Company liabilities were
      satisfied (limited with respect to each nonrecourse liability to the book
      value of the assets securing such liability) and the net assets of the
      Company were distributed in accordance with Section 23.4(b) to the Members
      immediately after making such allocation. Subject to the other provisions
      of this Article IV, an allocation to a Member of a share of Net Gain or
      Net Loss shall be treated as an allocation of the same share of each item
      of income, gain, loss or deduction that is taken into account in computing
      Net Gain or Net Loss. As used herein, references to “book value” are
      references to, in the case of Book Property, the value of such Book
      Property as set forth in the books of the Company, in accordance with the
      principles of Treasury Regulations section 1.704-1(b)(2)(iv)(g) and, in
      the case of property other than Book Property, the adjusted tax basis of
      such property.

	 	 	 	 
	 	(b) 	
      Special Allocations. Notwithstanding anything to the
      contrary in this agreement:

	 	 	 	 
	 		(i) 	
      Exploration Costs. Except to the extent otherwise
      restricted by Section 617 of the Code and the Treasury Regulations
      promulgated thereunder, Yellowcake shall be allocated tax deductions
      arising

6

	 		
      from Exploration Costs up to Eight Million Dollars
      ($8,000,000.00), but limited by the capital contributions made by
      Yellowcake and as expended for qualifying exploration
activities.

	 	 	 
	 	(ii) 	
      Depletion Deductions. Deductions for depletion shall be
      allocated to the Members in accordance with the criteria set forth in the
      Internal Revenue Code and Treasury Regulations. The method for calculating
      depletion deductions shall be determined under one of the two methods set
      forth in Treasury Regulation section 1.611-1. Once the amount of the
      depletion deduction has been determined at the Company level, Yellowcake
      shall be allocated depletion deductions in an amount not less than which
      would have been allocable to Yellowcake under any of the permissible
      depletion methods if it held a direct ownership interest in the
      Property.

	 	 	 
	 	(iii) 	
      Any non-recourse deduction (within the meaning of
      Treasury Regulation section 1.704-2(b)(1)) for an Allocation Period of the
      Company shall be allocated to the Members in accordance with their
      respective Capital Accounts at the beginning of such period. If there is a
      net decrease in the Company’s minimum gain (as defined in Treasury
      Regulations section 1.704-2(d)) during a Fiscal Year of the Company, then
      items of income and gain for such Fiscal Year (and, if necessary, for
      subsequent periods) shall be allocated to the Members in the manner and to
      the extent required by Treasury Regulations section 1.704-2(f). This
      clause is intended to constitute a “minimum gain chargeback” as provided
      by Treasury Regulations section 1.704-2(f), and this clause shall be
      construed accordingly.

	 	 	 
	 	(iv) 	
      Any partner nonrecourse deduction (within the meaning of
      Treasury Regulations section 1.704-2(i)(2)) shall be allocated in the
      manner specified in Treasury Regulations section 1.704-2(i)(1), and,
      subject to the exceptions set forth in Treasury Regulations section
      1.704-2(i)(4), if there is a net decrease in partner nonrecourse debt
      minimum gain (within the meaning of Treasury Regulations sections
      1.704-2(i)(2) and 1.704-2(i)(3)) during a Fiscal Year attributable to a
      partner nonrecourse debt (within the meaning of Treasury Regulations
      section 1.704-2(b)(4)), then each Member with a share of partner
      nonrecourse debt minimum gain attributable to such partner nonrecourse
      debt, determined in accordance with Treasury Regulations section
      1.704-2(i)(5), shall be specially allocated items of income and gain for
      such Fiscal Year (and, if necessary, for subsequent periods) in an amount
      equal to such Member’s share of the net decrease in partner nonrecourse
      debt minimum gain for such period attributable to such partner nonrecourse
      debt (which share of such net decrease shall be determined under Treasury
      Regulations sections 1.704-2(i)(4) and

7

	 		
      1.704-2(g)(2)). This clause is intended to constitute a
      “chargeback of partner nonrecourse debt minimum gain” as provided by
      Treasury Regulations section 1.704-2(i)(4), and this clause shall be
      construed accordingly.

	 	 	 
	 	(v) 	
      In the event that a Member unexpectedly receives any
      adjustment, allocation or distribution described in Treasury Regulations
      sections 1.704-1(b)(2)(ii)(d)(4), (5) or (6), items of Company income and
      gain (consisting of a pro rata portion of each item of Company income,
      including gross income, and gain) shall be specially allocated to such
      Member in the manner required by Treasury Regulations section
      1.704-1(b)(2)(ii)(d) to eliminate, to the extent required by such
      regulation, the deficit in the Adjusted Capital Account of such Member as
      quickly as possible. This clause is intended to constitute a “qualified
      income offset” as provided by Treasury Regulations section
      1.704-1(b)(2)(ii)(d), and this clause shall be construed
    accordingly.

	 	 	 
	 	(vi) 	
      If the allocation of any item of income, gain, deduction
      or loss under this Agreement (A) does not have substantial economic effect
      under Treasury Regulations section 1.704-1(b)(2) and (B) is not in
      accordance with the Members’ interests in the Company within the meaning
      of Treasury Regulations section 1.704-1(b)(3), then such item shall be
      reallocated in such manner as (1) either to have substantial economic
      effect or to be in accordance with the Members’ interests in the Company
      and (2) to result as nearly as possible in the respective balances of the
      Capital Accounts that would have been obtained if such item had instead
      been allocated under the provisions of this Agreement without giving
      effect to the provisions of this clause (iv).

	 	 	 
	 	(vii) 	
      If any amount is allocated pursuant to clause (iii),
      (iv), (v) or (vi), of this Section 4.2(b), then, notwithstanding anything
      to the contrary in this Agreement (but subject to the provisions of
      clauses (iii), (iv), (v) or (vi) of this Section 4.2(b)), income, gain,
      deduction and loss, or items thereof, thereafter shall be allocated in
      such manner and to such extent as may be necessary so that, after such
      allocation, the respective balances of the Capital Accounts as nearly as
      possible shall equal the balances that would have been obtained if the
      amount allocated pursuant to such clause (iii), (iv), (v) or (vi) and the
      amount allocated pursuant to this clause (vii) instead had been allocated
      under the provisions of this Agreement without giving effect to the
      provisions of such clause (iii), (iv), (v) or (vi) or this clause
      (vii).

8

     4.3 Allocation of Taxable Income
and Loss.

	 	(a) 	
      Except as otherwise provided in this Section 4.3, the
      taxable income or loss of the Company (and items thereof) for any
      Allocation Period shall be allocated among the Members in proportion to
      and in the same manner as Net Gain, Net Loss and separate items of income,
      gain, loss and deduction are allocated among the Members for Capital
      Account purposes pursuant to the provisions of Section 4.2. Except as
      otherwise provided in this Section 4.3, the allocable share of a Member
      for tax purposes in each specified item of income, gain, deduction and
      loss of the Company comprising Net Gain, Net Loss or an item allocated
      pursuant to Section 4.2 shall be the same as such Member’s allocable share
      of Net Gain, Net Loss or the corresponding item for such Fiscal
    Period.

	 	 	 
	 	(b) 	
      In accordance with sections 704(b) and 704(c) of the Code
      and applicable Treasury Regulations, including Treasury Regulations
      section 1.704- 1(b)(4)(i), items of income, gain, deduction and loss with
      respect to any Book Property of the Company shall, solely for tax
      purposes, be allocated among the Members so as to take account of any
      variation between the adjusted basis of the Book Property to the Company
      for federal income tax purposes and its book value. In making allocations
      pursuant to this Section 4.3(b), Company shall apply the “remedial” method
      provided by Treasury Regulations section 1.704-3(d).

	 	 	 
	 	(c) 	
      To the extent of any recapture income resulting from the
      sale or other taxable disposition of assets of the Company, the amount of
      any gain from such disposition allocated to a Member (or a successor in
      interest) for federal income tax purposes pursuant to the above provisions
      shall be deemed to be recapture income to the extent that such Member has
      been allocated or has claimed any deduction directly or indirectly giving
      rise to the treatment of such gain as recapture income.

	 	 	 
	 	(d) 	
      The items of income, gain, deduction and loss for tax
      purposes allocated to the Members pursuant to this Section 4.3 shall not
      be reflected in the Members’ Capital Accounts.

	 	 	 
	 	(e) 	
      Pursuant to Treasury Regulations section 1.752-3(a)(3),
      the Members hereby agree to allocate excess nonrecourse liabilities of the
      Company in accordance with their respective Ownership
  Interests.

     4.4 Allocations to Transferred
Interests. Income, gains, losses, deductions and expenditures allocated to
an Ownership Interest that is Transferred during a Fiscal Year shall be
allocated to each Person who was the holder of such Ownership Interest during
such Fiscal Year in a manner which takes into account the varying interests of
the Members in the Company during such Fiscal Year, including by an allocation
in proportion to the number of days that each such holder was recognized as the
owner of such Ownership Interest during such Fiscal Year or by an interim
closing of the books, or in any other manner permitted by section 706 of the
Code, 

9

as determined by the transferee and the transferor in their
sole discretion; provided that any expenses incurred by the Company in
allocating such items shall be borne by the transferee and the transferor.

ARTICLE V 
DISTRIBUTIONS

     5.1 General. The Company
shall make distributions to its Members as provided in this Article V;
provided that the Company shall not make a distribution to any Member on
account of such Member’s Ownership Interest if such distribution would violate
Section 18 607 of the Act or other Law.

     5.2 Distributions. Unless
the Members agree otherwise, the Yellowcake Shares shall be distributed to
Strathmore within twenty-four months of the Effective Date. Further, up to One
Hundred Thousand Dollars ($100,000) per year, but no more than Five Hundred
Thousand Dollars ($500,000) over five (5) years may be distributed to
Strathmore, with the first One Hundred Thousand Dollars ($100,000) being
distributable on the first anniversary of the Effective Date; the second One
Hundred Thousand Dollars ($100,000) being distributable on the second year
anniversary of the Effective Date; the third One Hundred Thousand Dollars
($100,000) being distributable on the third anniversary of the Effective Date;
the fourth One Hundred Thousand Dollars ($100,000) being distributable on the
fourth anniversary of the Effective Date; and the fifth One Hundred Thousand
Dollars ($100,000) being distributable on the fifth anniversary of the Effective
Date; however, up to the Operative Date, no additional distributions shall be
made to Members. After the Operative Date, distributions shall be made in
accordance with Article XX.

     5.3 Distributions Upon
Dissolution. Distributions upon dissolution of the Company shall be as
provided in Article XXIII.

ARTICLE VI 
INTERESTS OF MEMBERS

     6.1 Initial Ownership
Interests. Provided that Yellowcake is not in default of obligations under
Section 3.1, when Yellowcake has contributed to the Company the sum of Four
Million Dollars ($4,000,000) of the Eight Million Dollars ($8,000,000) in
Exploration Costs referred to in Section 3.1(b)(iii), Yellowcake shall possess a
forty percent (40%) Ownership Interest in the Company. When Yellowcake has
contributed to the Company, the additional Four Million Dollars ($4,000,000) in
Exploration Costs referred to in Section 3.1(b)(iii), for a total of Eight
Million Dollars ($8,000,000) in Exploration Costs, Yellowcake shall possess an
additional forty percent (40%) Ownership Interest, for a total of an eighty
percent (80%) Ownership Interest in the Company. No Ownership Interest in the
Company shall vest in Yellowcake until the first Four Million Dollars
($4,000,000) of Exploration Costs have been contributed by Yellowcake.

     After the contribution of the
Exploration Costs, the Members shall have the following Ownership Interests:

10

	 	Member: 	Ownership Interest 
	 	Yellowcake 	80% 
	 	Strathmore 	20% 

During the Option Period, the Manager will keep the Property in
good standing, free and clear of all Encumbrances resulting from its activities.

     6.2 Changes in Ownership
Interests. The Ownership Interests shall be eliminated or changed as
follows: (a) upon Transfer by a Member of all, or any portion thereof, of the
Member’s Ownership Interest in accordance with this Agreement; or (b) upon
acquisition by either Strathmore or Yellowcake of part or all of the Ownership
Interest of the other, however arising.

     6.3 Documentation of
Adjustments to Ownership Interests. Each Member’s Ownership Interest and
related Capital Account balance shall be shown in the accounting records of the
Company and any adjustments thereto shall be made monthly. The Schedule of
Members attached hereto shall be amended from time-to-time to reflect such
changes. 

ARTICLE VII
OBLIGATIONS OF STRATHMORE DURING THE
OPTION PERIOD

     7.1 Act as Manager. During
the Option Period Strathmore shall be the Manager of the Company and will be
responsible for all administration, exploration, development and field
operations with respect to the exploration and development of the Property.

     7.2 Obligations of Strathmore.
During the Option Period Strathmore shall:

	 	(a) 	
      maintain in good standing those mineral claims comprising
      the Property by the doing and filing of assessment work or the making of
      payments in lieu thereof, by the payment of taxes and rentals, and the
      performance of all other actions which may be necessary in that regard and
      in order to keep such mineral claims free and clear of all liens and other
      charges arising from Strathmore’s activities thereon except those at the
      time contested in good faith by Strathmore;

	 	 	 
	 	(b) 	
      permit Yellowcake, or its representative duly authorized
      in writing, to visit and inspect the Property at all reasonable times and
      intervals and Business Information obtained by Strathmore as a result of
      its operations thereon, provided always that Yellowcake or its
      representative will abide by the rules and regulations laid down by
      Strathmore relating to matters of safety and efficiency in its
      operations;

	 	 	 
	 	(c) 	
      furnish Yellowcake with monthly progress reports and with
      a final report within sixty (60) days following the conclusion of each
      Program. The final report will show the Mining Operations performed and
      the results obtained and will be accompanied by a statement of Costs and
      copies of

11

	 		
      pertinent plans, assay maps, diamond drill records and
      other factual engineering data;

	 	 	 
	 	(d) 	
      do all work, and ensure that all work performed by
      Strathmore’s contractors on the Property is done in a good and workmanlike
      fashion and in accordance with all applicable laws, regulations, orders
      and ordinances of any governmental authority;

	 	 	 
	 	(e) 	
      indemnify and save Yellowcake harmless in respect of any
      and all costs, claims, liabilities and expenses arising out of the
      negligent performance by Strathmore of its activities on the
    Property;

	 	 	 
	 	(f) 	
      indemnify and save Yellowcake harmless in respect of any
      and all costs, claims, liabilities and expenses arising out of Mining
      Operations which were not approved by the Management Committee in
      accordance with the terms of this Agreement;

	 	 	 
	 	(g) 	
      permit Yellowcake, at its own expense, reasonable access
      to the results of the work done on the Property; and

	 	 	 
	 	(h) 	
      deliver to Yellowcake, forthwith upon receipt thereof,
      copies of all reports, maps, assay results and other technical data
      compiled by or prepared at the direction of Strathmore with respect to the
      Property, as well as regular reports as to the expenditures of the
      Exploration Costs made by Strathmore.

12

ARTICLE VIII 
RELATIONSHIP OF THE MEMBERS

     8.1 Limitation on Authority of
Members. No Member is an agent of the Company solely by virtue of being a
Member, and no Member has authority to act for the Company solely by virtue of
being a Member. This Section 8.1 supersedes any authority granted to the Members
pursuant to the Act. Any Member that takes any action or binds the Company in
violation of this Section 8.1 shall be solely responsible for any loss and
expense incurred by the Company as a result of the unauthorized action and shall
indemnify and hold the Company harmless with respect to the loss or expense.

     8.2 Accounting Principles.
The Company’s accounting principles are set forth in attached Exhibit
B.

     8.3 Federal Tax Elections and
Allocations. The Company shall be treated as a partnership for federal
income tax purposes, and no Member shall take any action to alter such
treatment. The Company shall make the following elections for purposes of all
partnership income tax returns: (i) to use the accrual method of accounting;
(ii) pursuant to the provisions of section 706(b)(1) of the Code, to use as its
taxable year the year ending December 31, and in connection therewith,
Strathmore represents that its taxable year is the year ending December 31 and
Yellowcake represents that its taxable year is the year ending July 31; (iii)
unless the Members unanimously agree otherwise, to deduct currently all
development expenses to the extent possible under section 616 of the Code; (iv)
unless the Members unanimously agree otherwise, to compute the allowance for
depreciation in respect of all depreciable Assets using the maximum accelerated
tax depreciation method and the shortest life permissible or, at the election of
the Manager, using the units of production method of depreciation; (v) to treat
advance royalties as deductions from gross income for the year paid or accrued
to the extent permitted by law; (vi) to adjust the basis of property of the
Company under section 754 of the Code at the request of either Member; (vii) to
amortize over the shortest permissible period all organizational expenditures
and business start-up expenses under sections 195 and 709 of the Code; (viii)
any other election required or permitted to be made by the Company under the
Code or any state tax law shall be made as determined by the Management
Committee; and (ix) each Member shall elect under section 617(a) of the Code to
deduct currently all exploration expenses. Each Member reserves the right to
capitalize its share of development and/or exploration expenses of the Company
in accordance with section 59(e) of the Code, provided that a Member’s election
to capitalize all or any portion of such expenses shall not affect the Member’s
Capital Account.

     8.4 State Income Tax. To
the extent permissible under applicable law, the relationship of the Members
shall be treated for state income tax purposes in the same manner as it is for
federal income tax purposes.

     8.5 Tax Returns. An
accounting firm mutually agreed upon by the Members shall be selected to prepare
and file the tax returns required to be filed by or with respect to the
Company.

     8.6 Other Business
Opportunities. Except as expressly provided in this Agreement, and except
for any activities involving the Area of Common Interest, each Member shall have

13

the right independently to engage in and receive full benefits
from any independent business activities or operations, whether or not
competitive with the Company, without consulting with, or obligation to, the
other Member or the Company. The doctrines of “corporate opportunity” or
“business opportunity” shall not be applied to the Business nor to any other
activity or operation of any Member. No Member shall have any obligation to the
Company or any other Member with respect to any opportunity to acquire any
property outside the Property or the Area of Interest at any time, or within the
Property or Area of Interest after the termination of the Company. Unless
otherwise agreed in writing, neither the Manager nor any Member shall have any
obligation to mill, beneficiate or otherwise treat any Products in any facility
owned or controlled by the Manager or such Member.

     8.7 Royalty. The Members
agree to enter into the Royalty Agreement attached hereto at Exhibit C,
whereby Yellowcake shall pay Strathmore the Royalty, as defined in
Exhibit C.

     8.8 Conoco Files.

	 	(a) 	
      Other than as set forth in this Section 8.8, any and all
      rights of Yellowcake in the Conoco Files, and all obligations of
      Strathmore to provide the Conoco Files to Yellowcake, are hereby
      terminated.

	 	 	 
	 	(b) 	
      In addition to any other amounts paid by Yellowcake in
      respect of the Conoco Files, Yellowcake shall pay Strathmore an aggregate
      amount of $88,881.41 in respect of fees incurred by Strathmore arising
      from the evaluation by qualified mining and geological consultants of the
      Conoco Files. Yellowcake shall have no further payment obligation to
      Strathmore with respect to the Conoco files other than the amount referred
      to in this Section 8.8(b).

	 	 	 
	 	(c) 	
      Yellowcake agrees not to disclose any information
      relating to the Conoco Files to any third party or use any of the
      information relating to the Conoco Files for Yellowcake’s
  benefit.

	 	 	 
	 	(d) 	
      Yellowcake agrees to promptly return to Strathmore the
      Conoco Files, including any information received or generated in
      connection with the Conoco Files, without retaining copies
  thereof.

     8.9 Insurance. The Company
shall obtain insurance as described in the attached Exhibit D.

     8.10 Waiver of Rights to
Partition or Other Division of Assets. The Members hereby waive and release
all rights of partition, or of sale in lieu thereof, or other division of
Assets, including any such rights provided by Law.

     8.11 Bankruptcy of a
Member. If a Member is not a debtor-in-possession, such Member shall cease
to have any power as a Member or Manager or any voting rights or rights of
approval hereunder upon bankruptcy, insolvency, dissolution or assignment for
the benefit of creditors of such Member, and its successor upon the occurrence
of any such event shall have 

14

only the rights, powers and privileges of a transferee
enumerated in Section 10.2 and shall be liable for all obligations of the Member
under this Agreement. In no event, however, shall a personal representative or
successor become a substitute Member unless the requirements of Section 10.2 are
satisfied. Any bankruptcy, insolvency, dissolution or assignment for the benefit
of creditors with respect to any direct or indirect parent company of the
Manager shall not affect the Manager’s rights hereunder; provided that if such
parent becomes subject to a bankruptcy, insolvency, dissolution or assignment
for the benefit of creditors which materially impairs the ability of the Manager
to perform its obligations hereunder or results in withdrawal of any material
Permit or any additional condition being placed on any Permit which materially
adversely affects the ability of the Company to conduct Mining Operations at the
Property, the non-Manager Members shall have the right to replace the Manager in
accordance with Section 12.3.

     8.12 No Certificate. The
Company shall not issue certificates representing Ownership Interests in the
Company.

     8.13 Disposition of
Production. Neither Member shall have any obligation to account to the other
Member for, nor have any interest or right of participation in any profits or
proceeds nor have any obligation to share in any losses from, futures contracts,
forward sales, trading in puts, calls, options or any similar hedging, price
protection or marketing mechanism employed by a Member with respect to its
proportionate share of any Products produced or to be produced from the
Properties.

     8.14 Limitation of
Liability. The Members shall not be required to make any contribution to the
capital of the Company except as otherwise provided in this Agreement, nor shall
the Members in their capacity as Members or Manager be bound by, or liable for,
any debt, liability or obligation of the Company whether arising in contract,
tort, or otherwise, except as expressly provided by this Agreement. The Members
shall be under no obligation to restore a deficit Capital Account upon the
dissolution of the Company or the liquidation of any of their Ownership
Interests.

     8.15 Indemnities. The
Company may, and shall have the power to, indemnify and hold harmless any Member
or Manager or other person from and against any and all claims and demands
whatsoever arising from or related to the Business, the Company or a Member’s
membership in the Company. 

     8.16 No Third Party
Beneficiary Rights. This Agreement shall be construed to benefit the Members
and their respective successors and permitted assigns only, and shall not be
construed to create third party beneficiary rights in any other party or in any
governmental organization or agency.

     8.17 Costs. Except as
otherwise provided in this Agreement, the Parties will bear all Costs and all
liabilities, including Environmental Liabilities, arising under this Agreement
(related to the Property only) in proportion to their respective Ownership
Interests.

     8.18 Use of Member’s Name.
No Member will, except when required by this Agreement or by any Law, by-law,
ordinance, rule, order or regulation, use, suffer or permit to 

15

be used, directly or indirectly, the name of any other Member
for any purpose related to the Property or this Agreement. 

     8.19 Public Filing of this
Agreement. This Agreement, or a memorandum of this Agreement, will, upon the
written request of any Member, be recorded in the office of any governmental
agency so requested, in order to give notice to third Parties of the respective
interests of the Members in the Company and this Agreement and the Company’s
interest in the Property. Each Member hereby covenants and agrees with the
requesting Member to execute such documents as may be necessary to perfect such
recording.

ARTICLE IX
 REPRESENTATIONS AND WARRANTIES

     9.1 Representations of
Parties. Each Party represents and warrants to the other Party hereto
that:

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

	 	 	 
	 	(b) 	
      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;

	 	 	 
	 	(c) 	
      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, result
      in the breach of or accelerate the performance required by, any agreement
      to which it is a Party;

	 	 	 
	 	(d) 	
      the execution and delivery of this Agreement and the
      Agreements contemplated hereby will not violate or result in the breach of
      the laws of any jurisdiction applicable or pertaining thereto or of its
      organizational documents.

     9.2 Additional Representations
of Strathmore. Strathmore represents and warrants to Yellowcake that:

	 	(a) 	
      Prior to the transfer of the Property to the Company,
      Strathmore was the legal and beneficial holder of one hundred percent
      (100%) of the undivided interest in the Property;

	 	 	 
	 	(b) 	
      the Property is free and clear of Encumbrances, and is in
      good standing under the mining laws of the State of Wyoming and the United
      States of America;

	 	 	 
	 	(c) 	
      to the best of the knowledge of Strathmore, all of the
      mineral claims comprising the Property have been located in accordance
      with the mining

16

	 		
      laws of the State of Wyoming and the United States of
      America, and in accordance with local customs, rules and regulations;
      and

	 	 	 
	 	(d) 	
      there is no litigation, proceeding or investigation
      pending or threatened against Strathmore with respect to the Property, nor
      does Strathmore know, or have any grounds to know after due enquiry, of
      any basis for any litigation, proceeding or investigation which would
      affect the Property.

     9.3 Additional Representation of
Yellowcake.

	 	(a) 	
      William Tafuri has cancelled fifty-six million
      (56,000,000) restricted affiliate shares in the capital stock of
      Yellowcake.

     9.4 The representations,
warranties and covenants hereinbefore set out are conditions on which the
Parties have relied in entering into this Agreement and will survive the
acquisition of any interest in the Property by Yellowcake and each Party will
indemnify and save the other harmless from all loss, damage, cause, actions and
suits arising out of or in connection with any breach of any representation,
warranty, covenant, agreement or condition made by them and contained in this
Agreement.

ARTICLE X
TRANSFER OF INTEREST; PREEMPTIVE
RIGHT

     10.1 General. A Member
shall not have the right to Transfer to a third party its Ownership Interest, or
any beneficial interest therein, except as provided in this Article X. Any
purported or attempted Transfer not complying with this Article X shall be void.

     10.2 Limitations on Free
Transferability. Any Transfer by either Member under Section 10.1 shall be
subject to the following limitations:

	 	(a) 	
      Neither Member shall Transfer any beneficial interest in
      the Company (including, but not limited to, any royalty, profits, or other
      interest in the Products) except in conjunction with the Transfer of part
      or all of its Ownership Interest;

	 	 	 
	 	(b) 	
      No transferee of all or any part of a Member’s Ownership
      Interest shall have the rights of a Member unless and until the
      transferring Member has provided to the other Member notice of the
      Transfer, and, except as provided in Subsection 10.2(f), the transferee,
      as of the effective date of the Transfer, has committed in writing to
      assume and be bound by this Agreement to the same extent as the
      transferring Member;

	 	 	 
	 	(c) 	
      Neither Member, without the consent of the other Member,
      shall make a Transfer that shall violate any Law, or result in the
      cancellation of any permits, licenses, or other similar
    authorization;

17

	 	(d) 	
      No Transfer permitted by this Article shall relieve the
      transferring Member of any liability of such transferring Member under
      this Agreement, whether accruing before or after such Transfer;

	 	 	 
	 	(e) 	
      Any Member that makes a Transfer that shall cause
      termination of the tax partnership established by Section 8.3 shall
      indemnify the other Member for, from and against any and all loss, cost,
      expense, damage, liability or claim therefore arising from the Transfer,
      including without limitation any increase in taxes, interest and penalties
      or decrease in credits caused by such termination and any tax on
      indemnification proceeds received by the indemnified Member.

	 	 	 
	 	(f) 	
      If the Transfer is the grant of an Encumbrance on an
      Ownership Interest to secure a loan or other indebtedness of either Member
      in a bona fide transaction, other than a transaction approved unanimously
      by the Management Committee or Project Financing approved by the
      Management Committee, such Encumbrance shall be granted only in connection
      with such Member’s financing payment or performance of that Member’s
      obligations under this Agreement and shall be subject to the terms of this
      Agreement and the rights and interests of the other Member hereunder. Any
      such Encumbrance shall be further subject to the condition that the holder
      of such Encumbrance (“Chargee”) first enters into a written agreement with
      the other Member in form satisfactory to the other Member, acting
      reasonably, binding upon the Chargee, to the effect that: (i) the Chargee
      shall not enter into possession or institute any proceedings for
      foreclosure or partition of the encumbering Member’s Ownership Interest
      and that such Encumbrance shall be subject to the provisions of this
      Agreement; (ii) the Chargee’s remedies under the Encumbrance shall be
      limited to the sale of the whole (but only of the whole) of the
      encumbering Member’s Ownership Interest to the other Member, or, failing
      such a sale, at a public auction to be held at least sixty (60) days after
      prior notice to the other Member, such sale to be subject to the purchaser
      entering into a written agreement with the other Member whereby such
      purchaser assumes all obligations of the encumbering Member under the
      terms of this Agreement. The price of any preemptive sale to the other
      Member shall be the remaining principal amount of the loan plus accrued
      interest and related expenses, and such preemptive sale shall occur within
      sixty (60) days of the Chargee’s notice to the other Member of its intent
      to sell the encumbering Member’s Ownership Interest. Failure of a sale to
      the other Member to close by the end of such period, unless failure is
      caused by the encumbering Member or by the Chargee, shall permit the
      Chargee to sell the encumbering Member’s Ownership Interest at a public
      sale; and (iii) the charge shall be subordinate to any then-existing debt,
      including Project Financing previously approved by the Management
      Committee, encumbering the transferring Member’s Ownership
  Interest.

18

     10.3 Preemptive Right. Any
Transfer by either Member under Section 10.1 and any Transfer by an Affiliate in
Control of either Member shall be subject to a preemptive right of the other
Member. The preemptive rights shall be exercised as follows:

	 	(a) 	
      If a Member wishes to transfer its Ownership Interest, or
      any portion thereof, the transferring Member (hereinafter in this
      paragraph referred to as the “Transferor Member”) shall first offer
      (“Offer”) such interest in writing to the non-transferring Member
      (hereinafter in this paragraph referred to as the “Transferee
    Member”).

	 	 	 
	 	(b) 	
      If within ninety (90) days of the receipt of the Offer,
      the Transferee Member notifies the Transferor Member in writing that it
      will accept the same, the Transferor Member will be bound to sell such
      interest to the Transferee Member (subject as hereinafter provided with
      respect to price) on the terms and conditions of the Offer. The Transferee
      Member will in such case pay to the Transferor Member, against receipt of
      an absolute transfer of clear and unencumbered title to the interest of
      the Transferor Member being sold, the total purchase price which it
      specified in its notice to the Transferor Member and such amount will be
      credited to the amount determined following arbitration of the cash
      equivalent or any non-cash consideration.

	 	 	 
	 	(c) 	
      If the Transferee Member fails to notify the Transferor
      Member before expiration of the time limited therefor that it will
      purchase the interest offered, the Transferor Member may sell and transfer
      such interest to a third party purchaser provided that the transfer price
      and terms and conditions of the sale will be the same as the
  Offer.

Failure of a Member’s Affiliate to comply with this Section
shall be a breach by such Member of this Agreement. The preemptive right does
not apply to Strathmore’s Royalty described in Section 8.7 and Exhibit C.

     10.4 Surrender of
Interest. Any Member not in default under this Agreement may, at any time
upon notice, surrender its entire Ownership Interest and Capital Account to the
other Member(s) by giving those Members notice of surrender. The notice of
surrender will:

	 	(a) 	
      indicate a date for surrender not less than three (3)
      months after the date on which the notice is given; and

	 	 	 	 
	 	(b) 	
      contain an undertaking that the surrendering Member
      will:

	 	 	 	 
	 		(i) 	
      satisfy its Proportionate Share, based on its then
      Ownership Interest, of all obligations and liabilities which arose at any
      time prior to the date of surrender;

	 	 	 	 
	 		(ii) 	
      if the Manager has not included in Mine Costs the costs
      of continuing obligations as set out in Section 18.4, pay on the date of
      surrender its reasonably estimated Proportionate Share, based
  on

19

	 		
      the surrendering Member’s then Ownership Interest, of the
      Costs of rehabilitating the Mine site and of reclamation based on the
      Mining Operations completed as at the date of surrender; and

	 	 	 
	 	(iii) 	
      will hold in confidence, for a period of two years from
      the date of surrender, all information and data which it acquired pursuant
      to this Agreement.

     Upon the surrender of its entire
Ownership Interest as contemplated in this Section 10.4 and upon delivery of a
release in writing, in form acceptable to counsel for the Manager, releasing the
other Member from all claims and demands hereunder, the surrendering Member will
be relieved of all obligations or liabilities hereunder except for those which
arose or accrued or were accruing due on or before the date of the surrender. A
Member to whom a notice of surrender has been given as contemplated in this
Section 10.4 may elect, by notice within ninety (90) days to the Member which
first gave the notice to accept the surrender, in which case paragraph 10.4 will
apply and that Member shall join in the surrender. If all of the Members join in
the surrender the Company will be terminated in accordance with Article
XXIII.

ARTICLE XI 
MANAGEMENT COMMITTEE

     11.1 Organization and
Composition. The Members hereby establish a Management Committee to
determine overall policies, objectives, procedures, methods and actions under
this Agreement and to make all decisions in respect of Mining Operations. The
Management Committee shall consist of one representative appointed by Yellowcake
and one representative appointed by Strathmore. Each Member may appoint one
alternate to act in the absence of a regular representative. Any alternate so
acting shall be deemed a representative. Appointments by a Member shall be made
or changed by notice to the other Members. 

     11.2 Meetings. The Manager
will call a Management Committee meeting at least once every three months, and,
in any event within fourteen (14) days of being requested to do so by any
representative.

     11.3 Notice. The Manager
will give notice, specifying the time and place of, and the agenda for, the
meeting to all representatives at least seven (7) days before the time appointed
for the meeting. The Management Committee will determine the location of the
meetings of the Management Committee having regard to balance of convenience of
all representative. Each agenda for a meeting will include the consideration and
approval of the minutes of the immediately preceding meeting of the Management
Committee.

     11.4 Waiver of Notice.
Notice of a meeting will not be required if representatives of all of the
Parties are present and unanimously agree upon the agenda.

     11.5 Quorum. A quorum for
any Management Committee meeting will be present if a representative of each of
the Members holding an Ownership Interest is present. If a quorum is present at
the meeting, the Management Committee will be competent to exercise all of the
authorities, powers and discretions herein bestowed upon it hereunder. If a
Management Committee meeting is terminated and rescheduled because of a lack of
quorum, the Management 

20

Committee will be able to transact any business at the
re-scheduled meeting even if a quorum is not present at the commencement of the
rescheduled meeting, A representative may attend and vote at a meeting of the
Management Committee by telephone conference call in which each representative
may hear, and be heard by, the other representatives.

     11.6 Decisions. Subject to
Section 11.7 the Management Committee will decide every question submitted to it
by consensus, however in the event consensus is not possible, the question will
be determined by a vote with each representative being entitled to cast that
number of votes which is equal to its Member’s Proportionate Share. Other than
as is expressly set out herein to the contrary, the Management Committee will
make decisions by Simple Majority.

     11.7 Decisions Requiring
Unanimous Consent. Notwithstanding anything else in this Agreement, the
following decisions of the Management Committee shall require approval of one
hundred percent (100%) of the votes cast at a duly called meeting:

	 	(a) 	
      any cessation of operations of any Mine for a period
      exceeding ten (10) days;

	 	 	 
	 	(b) 	
      any recommencement of operations after a cessation of a
      Mine contemplated in (a) above;

	 	 	 
	 	(c) 	
      disposition of any Assets which have a value in excess of
      One million Dollars ($1,000,000);

	 	 	 
	 	(d) 	
      the disposition of the Yellowcake Shares, or any portion
      thereof, except that Strathmore may unilaterally demand distribution of
      the Yellowcake Shares to Strathmore at any time;

	 	 	 
	 	(e) 	
      incurring any liability or obligation not in the ordinary
      course and not approved in a Program and Budget that exceeds $500,000;
      or

	 	 	 
	 	(f) 	
      settling any law suit or insurance
  claim.

21

     11.8 Chair. The
representative and alternate representative of the Manager will be the chair and
secretary, respectively, of the Management Committee meeting.

     11.9 Duties of Secretary of
Management Committee. The secretary of the Management Committee meeting will
take minutes of Management Committee meetings and circulate copies thereof to
each representative within a reasonable time following the termination of the
meeting, and in any event no later than the time of delivery of the notice of
the next following meeting of the Management Committee.

     11.10 Action Without
Meeting. Whenever the vote of representatives is required to be taken in
connection with any Company action, the meeting and vote may be dispensed with
if all of the representatives who would be entitled to vote if such meeting were
held, shall consent in writing to such action being taken. When the written
consent has been signed by all representatives, the written consent shall have
the same effect as a unanimous vote. 

     11.11 Binding Effect.
Management Committee decisions made in accordance with this Agreement will be
binding upon all of the Parties.

     11.12 Expenses. Each Party
will bear the expenses incurred by its representative and alternate
representative in attending meetings of the Management Committee.

     11.13 Amendments. The
Management Committee may, by agreement of the representatives of all the
Members, establish such other rules of procedure, not inconsistent with this
Agreement, as the Management Committee deems fit.

ARTICLE XII 
MANAGER

     12.1 Appointment.
Strathmore shall act as the Manager until Yellowcake’s vested Ownership Interest
is equal to eighty percent (80%). Once Yellowcake’s vested Ownership Interest
equals eighty percent (80%), the Manager will be selected by the Management
Committee as set forth in Section 11.6.

     12.2 Rights, Duties and Status
of Manager. Subject to the terms and provisions of this Agreement, the
Manager shall have the following status, rights and duties.

	 	(a) 	
      The Manager in its operations hereunder will be deemed to
      be an independent contractor. The Manager will not act or hold itself out
      as agent for any of the Members nor make any commitments on behalf of any
      of the Members unless specifically permitted by this Agreement or directed
      in writing by a Member.

	 	 	 
	 	(b) 	
      Subject to any specific provision of this Agreement and
      subject to it having the right to reject any direction on reasonable
      grounds by virtue of its status as an independent contractor, the Manager
      will perform its duties hereunder in accordance with the directions of the
      Management Committee and in accordance with this
  Agreement.

22

	 	(c) 	
      The Manager will manage and carry out Mining Operations
      substantially in accordance with Programs, Feasibility Reports, Operating
      Plans, Mine Maintenance Plans and Mine Closure Plans adopted by the
      Management Committee and in connection therewith will, in advance if
      reasonably possible, notify the Management Committee of any change in
      Mining Operations which the Manager considers material and if it is not
      reasonably possible, the Manager will notify the Management Committee so
      soon thereafter as is reasonably possible.

	 	 	 	 
	 	(d) 	
      The Manager will have the sole and exclusive right and
      authority to manage and carry out all Mining Operations in accordance
      herewith and to incur the Costs required for that purpose. In so doing the
      Manager will:

	 	 	 	 
	 		(i) 	
      comply with the provisions of all agreements or
      instruments of title under which the Property or Assets are
held;

	 	 	 	 
	 		(ii) 	
      obtain all work permits, environmental approvals,
      insurances required to carry out exploration and development
    programs,

	 	 	 	 
	 		(iii) 	
      maintain the Property’s mineral leases and rights in good
      standing,

	 	 	 	 
	 		(iv) 	
      pay all Costs properly incurred promptly as and when
      due;

	 	 	 	 
	 		(v) 	
      keep the Property, Assets and Yellowcake Shares free of
      all liens and encumbrances (other than those, if any, in effect on the
      Effective Date, those the creation of which is permitted pursuant to this
      Agreement, or builder’s or mechanic’s liens) arising out of the Mining
      Operations and, in the event of any lien being filed as aforesaid, proceed
      with diligence to contest or discharge the same;

	 	 	 	 
	 		(vi) 	
      with the approval of the Management Committee prosecute
      claims and, where a defense is available, defend litigation arising out of
      the Mining Operations, provided that any Participant may join in the
      prosecution or defense at its own expense;

	 	 	 	 
	 		(vii) 	
      subject to Section 19.5, perform such assessment work or
      make payments in lieu thereof and pay such rentals, taxes or other
      payments and do all such other things as may be necessary to maintain the
      Property in good standing, including, without limiting generality, staking
      and re-staking mining claims, and applying for licenses, leases, grants,
      concessions, permits, patents and other rights to and interests in the
      Minerals;

	 	 	 	 
	 		(viii) 	
      maintain books of account in accordance with the
      Accounting Procedure, provided that the judgment of the Manager as to
      matters related to the accounting, for which provision is not made in the
      Accounting Procedure, will govern if the Manager’s

23

	 		
      accounting practices are in accordance with accounting
      principles generally accepted in the mining industry in Canada;

	 	 	 
	 	(ix) 	
      perform its duties and obligations hereunder in a sound
      and workmanlike manner, in accordance with sound mining and engineering
      practices and other practices customary in the United States mining
      industry, and in substantial compliance with all applicable federal,
      state, county and municipal laws, by-laws, ordinances, rules and
      regulations and this Agreement;

	 	 	 
	 	(x) 	
      In addition to the reports prepared and delivered during
      the Exploration Period in accordance with Section 7.2(c), during the
      Construction Period and during the implementation of an Operating Plan the
      Manager will provide monthly progress reports to the Participants, which
      report will include information on any changes or developments affecting
      the Mine that the Manager considers are material; and

	 	 	 
	 	(xi) 	
      have such additional duties and obligations as the
      Management Committee may from time to time
determine.

     12.3 Resignation and Removal of
Manager.

	 	(a) 	
      Resignation. The Member acting as Manager may
      resign as Manager on at least ninety (90) days’ notice to all
    Members.

	 	 	 	 	 
	 	(b) 	
      Removal. The Management Committee may, by Special
      Majority remove the Manager, effective the date designated by the
      Management Committee if:

	 	 	 	 	 
	 		(i) 	
      The Member acting as Manager makes an assignment for the
      benefit of its creditors, or consents to the appointment of a receiver for
      all or substantially all of its property, or files a petition in
      bankruptcy or is adjudicated bankrupt or insolvent; or

	 	 	 	 	 
	 		(ii) 	
      a court order is entered without that Member’s
      consent:

	 	 	 	 	 
	 			(A) 	
      appointing a receiver or trustee for all or substantially
      all of its property; or

	 	 	 	 	 
	 			(B) 	
      approving a petition in bankruptcy or for a
      reorganization pursuant to the applicable bankruptcy legislation or for
      any other judicial modification or alteration of the rights of creditors;
      or

	 	 	 	 	 
	 		(iii) 	
      the Manager is in default under this Agreement and fails
      to cure such default, or to commence bona fide curative measures,
      within

24

	 		
       
	thirty (30) days of receiving notice of the default from
      a non- Manager;
	 	 	 	 
	 		(iv) 	
      the Manager fails to meet any of its obligations pursuant
      to Section 12.2; or

	 	 	 	 
	 		(v) 	
      the Manager undergoes a change in Control.

	 	 	 	 
	 	(c) 	
      Effect of Resignation or Removal. If the Manager
      resigns or is removed, the Management Committee will thereupon select
      another Member to become the Manager effective the date established by the
      Management Committee. The new Manager will assume all of the rights,
      duties, liabilities and status of the previous Manager as provided in this
      Agreement. The new Manager will have no obligation to hire any employees
      of the former Manager resulting from this change of Manager. Upon ceasing
      to be Manager, the former Manager will forthwith deliver to the new
      Manager books, records, and other property both real and personal which it
      prepared or maintained in its capacity as Manager. If the Manager resigns
      or is removed and no other Member consents to act as Manager, the Company
      will be terminated and the Member which was the Manager may, if it
      consents to act, continue to act as Manager to effect the termination and
      the other Members will be obligated to fund their respective Proportionate
      Shares of the Costs incurred.

12.4 Liability and Indemnification of the Manager

	 	(a) 	
      Subject to Subsection 12.4(b), the Company will indemnify
      and save the Manager harmless from and against any loss, liability, claim,
      demand, damage, expense, injury or death(including, without limiting the
      generality of the foregoing, legal fees) resulting from any acts or
      omissions of the Manager or its officers, employees or agents.

	 	 	 	 
	 	(b) 	
      Notwithstanding Subsection 12.4(a), the Manager will not
      be indemnified nor held harmless by any of the Members for any loss,
      liability, claim, damage, expense, injury or death, (including, without
      limiting the generality of the foregoing, legal fees) resulting from the
      negligence or willful misconduct of the Manager or its officers, employees
      or agents. An act or omission of the Manager or its officers, employees or
      agents done or omitted to be done:

	 	 	 	 
	 		(i) 	
      at the direction of, or with the concurrence of, the
      Management Committee; or

	 	 	 	 
	 		(ii) 	
      unilaterally and in good faith by the Manager to protect
      life or property

	 	 	 	 
	 		
      will be deemed not to be negligence or willful
      misconduct.

25

	 	(c) 	
      The obligation of each Member to indemnify and save the
      Manager harmless pursuant to Subsection 12.4(a) will be in accordance with
      its Proportionate Share at the date that the loss, liability, claim,
      demand, damage, expense, injury or death occurred or arose.

	 	 	 
	 	(d) 	
      The Manager will not be liable to any other Member nor
      will any Member be liable to the Manager in contract, tort or otherwise
      for special or consequential damages, including, without limiting the
      generality of the foregoing, loss of profits or
revenues.

     12.5 Payments to Manager.
The Manager may charge the Company ten percent (10%) of Costs in return for its
overhead functions which are not charged directly. The Manager’s fee charged on
Exploration Costs paid by Yellowcake, will also be considered part of
Yellowcake’s expenditure commitments referred to in Subsection 3.1(b) .

     12.6 Transactions with
Affiliates. If the Manager engages Affiliates to provide services hereunder,
it shall do so on terms generally no less favorable than would be the case in
arm’s-length transactions with unrelated parties.

ARTICLE XIII 
EXPLORATION PROGRAMS

     13.1 Programs. The Manager
will prepare draft Programs for consideration by the Management Committee, and
approval by Yellowcake. Unless otherwise agreed to by the Management Committee,
each Program will cover a calendar quarter. The draft Program will contain a
statement in reasonable detail of the proposed Mining Operations, estimates of
all Exploration Costs to be incurred and an estimate of the time when they will
be incurred, and will be delivered to Yellowcake by no later than sixty (60)
days prior to the period to which the draft Program relates. Each draft Program
will be accompanied by such reports and data as are reasonably necessary for
each Party to evaluate and assess the results from the Program for the then
current year and, to the extent not previously delivered, from earlier
Programs.

     13.2 Approval of Program.
Yellowcake will review the draft Program prepared by the Manager, and no later
than thirty (30) days after receiving a draft Program, either reject the Program
or approve the Program. In the event the Program is rejected the Manager will
prepare an alternate Program mutually acceptable to the Manager and
Yellowcake.

     13.3 Program Funding. Once
the Program is adopted by Yellowcake, Yellowcake will fund the Program with the
Exploration Costs Yellowcake is obligated to make pursuant to Subsection 3.1(b)
.. The Manager will be entitled to an allowance for a Cost overrun of twenty-five
percent (25%) in addition to any budgeted Exploration Costs and any Costs so
incurred will be deemed to be included in the Program, as adopted.

     13.4 Invoices. The Manager
shall invoice Yellowcake:

	 	(a) 	
      no more frequently than monthly, the Exploration Costs
      incurred and paid by the Manager in carrying out a Program;
  or

26

	 	(b) 	
      sixty (60) days in advance of requirements, estimated to
      be incurred and paid by the Manager in carrying out a
  Program.

Each invoice will be signed by a financial officer of the
Manager. Yellowcake shall pay to the Manager the amount invoiced within thirty
(30) days of receipt of the invoice.

     13.5 Suspension of
Program. Unless otherwise directed by the Management Committee, the Manager
may suspend or terminate prematurely any Program when the Manager, in good
faith, considers that conditions are not suitable for the proper continuation or
completion of the Program or the results obtained to that time eliminate or
substantially impair the technical rationale on which the Program was based. If
the Manager suspends or prematurely terminates a Program pursuant to this
Section, any funds advanced by Yellowcake for that Program in excess of the
Exploration Costs incurred prior to the suspension or premature termination, and
such funds will be refunded within sixty (60) days of the suspension or
premature termination. Unless approved by Yellowcake, the Manager will be
exclusively liable for the payment of all Costs incurred in excess of one
hundred and twenty-five percent (125%) of any budgeted Exploration Costs.

     13.6 Excess Exploration
Costs. In the event Exploration Costs in excess of those required to be
contributed by Yellowcake, are required to bring the Property to the stage of
the Feasibility Report (i.e. after the Operative Date), Exploration Costs will
be shared pro-rata in proportion to each Member’s respective interests in the
Company, and approval, funding and other decisions relating to such Programs,
will be in accordance with the provisions of Article XIII. 

ARTICLE XIV 
FEASIBILITY REPORT

     14.1 Preparation of
Feasibility Report. Except as provided in Section 14.3, a Feasibility Report
will only be prepared with the approval of:

	 	(a) 	
      Yellowcake if it will be funding the Feasibility Report
      as part of the Exploration Costs, before the Operative Date, or

	 	 	 
	 	(b) 	
      the Management Committee, after the Operative Date. After
      the Operative Date, the costs for the Feasibility Report will be shared in
      accordance with each Members Proportionate Share.

     14.2 Duty to Provide
Information. The Manager shall provide copies of the completed Feasibility
Report to each of the Members forthwith upon receipt, together with copies of
all of the latest Business Information, including technical data and information
generated or received by the Manager from any Programs which is not contained in
the Feasibility Report.

     14.3 Independent Preparation
of Feasibility Report. Notwithstanding the provisions of Section 14.1, if a
Member (the “Proponent”) is of the view that a Feasibility Report should be
prepared, such Member will give notice thereof to the Manager and the Manager
will call a Management Committee meeting to consider the matter. If the
Management Committee 

27

fails to approve the preparation of the Feasibility Report
supported by the Proponent, the Proponent may, either alone or with other
parties, at its or their sole cost, prepare a Feasibility Report. If such
Feasibility Report indicates that production from the Property would be
profitable to the Proponent, the Proponent will deliver the Feasibility Report
to the Manager who will then call a Management Committee meeting to consider the
Proponent’s Feasibility Report. If the Management Committee adopts the
Feasibility Report it will become a Feasibility Report for all purposes, and the
non-contributing Member may either pay the Proponent an amount equal to one
hundred and fifty percent (150%) of their respective proportionate costs of the
preparation of the Feasibility Report, or will suffer reduction of their
respective Ownership Interests pursuant to Section 15.4.

ARTICLE XV
ELECTION TO PARTICIPATE AND
CONTRIBUTIONS TO CONSTRUCTION COSTS

     15.1 Payment of Construction
Costs. Each Member with an Ownership Interest may, within six (6) months of
the receipt of the Feasibility Report together with an estimate of Construction
Costs, give the Manager notice committing to contribute its Proportionate Share
of Construction Costs to the Company. If after six (6) months from the delivery
of the Feasibility Report, a Member has either provided the Manager with notice
that it will not contribute Construction Costs to the Company, or has not
provided any notice at all (hereinafter referred to as the “Departing
Participant”), the other Member (the “Remaining Participant”) shall be entitled
to commence construction and development, in which case it shall be obligated to
purchase, and the Departing Participant shall be obligated to sell, the
Departing Participant’s Ownership Interest, for fair market value, as determined
by the procedure set forth in Section 15.3.

     15.2 Operative Date Ownership
Interest. On the Operative Date, the Members’ respective Ownership Interests
and Costs contributed will be deemed to be as follows:

	  	Deemed Costs up to Operative Date 	Interest 
	  	  	  
	Yellowcake 	$9,000,000 	80% 
	Strathmore 	$2,250,000 	20% 

     15.3 Fair Market Value of
Departing Participant’s Ownership Interest. The fair market value of the
Ownership Interest of the Departing Participant shall be determined by a panel
of two qualified independent investment banking firms one of which shall be
retained by the Departing Participant and one of which shall be retained by the
Remaining Participant. Each independent investment banking firm shall submit
their determination of fair market value within ninety (90) days from their date
of retention. If the higher determination is not more than one hundred and ten
percent (110%) of the lower determination, the Fair Market Value shall be the
average of the two determinations. If the higher determination is greater than
one hundred and ten percent (110%) of the lower determination, the two
independent investment banking firms shall appoint a third independent banking
firm whose determination of the fair market value of the Departing Participant’s
Ownership Interest shall be the fair market value. The Remaining Participant
shall pay the Departing Participant the fair market value for the Departing
Participant’s Ownership Interest within ninety (90) days from the date the
evaluation, or such other date as agreed to between the parties, and the
Departing Participant will transfer all of its 

28

legal and beneficial title to the Property and Assets upon such
payment. For purposes of determining the amount to be paid to the Departing
Participant, if the Departing Participant is Yellowcake, the value of the
Yellowcake Shares, plus the amount up to Five Hundred Thousand Dollars
($500,000) that has not been distributed to Strathmore pursuant to Section 5.2,
shall be deducted from the Fair Market Value of Yellowcake’s Ownership Interest.
If the Departing Participant is Strathmore, the amount up to Five Hundred
Thousand Dollars ($500,000) that has not been distributed to Strathmore pursuant
to Section 5.2, shall be added to the Fair Market Value of Strathmore’s
Ownership Interest and the Company shall distribute to Strathmore the Yellowcake
Shares.

     15.4 Adjustment of Ownership
Interest. If after the Members elect to contribute their Proportionate Share
of the Construction Costs, a Member fails to do so for any reason, the Ownership
Interest of each Participant will be increased and that of each non-Participant
will be decreased as Construction Costs are incurred so that the Ownership
Interest of each Member at all times is that percentage which is equivalent
to

	 	(a) 	
      the sum of (i) its Deemed Costs up to the Operative Date
      and (ii) its contribution to Construction Costs;

	 	 	 
	 		
      divided by

	 	 	 
	 	(b) 	
      the sum of (i) the Deemed Costs of Yellowcake and
      Strathmore, and (ii) the total Construction Costs of all
Members;

	 	 	 
	 		
      multiplied by

	 	 	 
	 	(c) 	
      One Hundred (100).

Then, at the Completion Date, each non-Participant will be
deemed to have assigned and conveyed its Ownership Interest to the remaining
Participants, if more than one then in proportion to their respective Ownership
Interests.

     15.5 Minimum Ownership
Interest Requirement. If the effect of the application of Section 15.4
reduces any Member’s Ownership Interest to ten percent (10%) or less, that
Member will forfeit its entire Ownership Interest to the remaining Participants
and will instead be granted a three percent (3%) Royalty calculated in
accordance with Exhibit C.

     15.6 Implementation of
Feasibility Report. Once the Members elect to contribute their Proportionate
Share of the Construction Costs, the Participants will diligently proceed with
bringing a Mine into production in substantial conformity with the Feasibility
Report. If the Participants fail to commence the implementation of the
Feasibility Report within twelve (12) months of Construction Costs being fully
committed,(for reasons other than general economic conditions in the mining
industry), any Member which forfeited the right to contribute to Construction
Costs pursuant to Section 15.1 will have the right, exercisable in the thirty
(30) days following the expiration of such twelve (12) month period, to
reacquire from the remaining Participants not less than all of its Ownership
Interest as last held, by paying its Proportionate Share of Construction Costs
incurred to the end of such twelve (12) month period (together with 

29

interest at the Prime Rate, plus two percent (2%)) to the
remaining Participants in proportion to their respective Ownership
Interests.

     15.7 During the twelve
(12) month period referred to in Section 15.6, neither the Manager nor any
Participant will be obliged to provide any non-Participant with the results of
any work carried out on the Property, the Participants’ sole obligation during
such period being to provide any non-Participant, on the written request of such
non-Participant made only once during the said twelve (12) months, with a
summary of the nature of the work carried out and the total Costs thereof.

ARTICLE XVI 
CONSTRUCTION PERIOD

     16.1 Construction. Subject
to Section 16.5, the Management Committee will cause the Manager to, and the
Manager will, proceed with Construction with all reasonable dispatch after a
Notice of Election to Contribute has been given. Construction will be
substantially in the accordance with the Feasibility Report, subject to the
right of the Management Committee to cause such other reasonable variations in
Construction to be made as the Management Committee, deems necessary and
advisable.

     16.2 Programs. The Manager
will prepare draft Programs for consideration by the Management Committee, and
approval by Yellowcake. Unless otherwise agreed to by the Management Committee,
each Program will cover a calendar year. The draft Program will contain a
statement in reasonable detail of the proposed Mining Operations, estimates of
all Construction Costs to be incurred and an estimate of the time when they will
be incurred, and will be delivered to each Participant by no later than sixty
(60) days prior to the period to which the draft Program relates. Each draft
Program will be accompanied by such reports and data as are reasonably necessary
for each Member to evaluate and assess the results from the Program for the then
current year and, to the extent not previously delivered, from earlier
Programs.

	 	(a) 	
      The Management Committee will review the draft Program
      prepared and, if it agrees, adopt the Program with such modifications, if
      any, as the Management Committee deems necessary. The Manager will be
      entitled to an allowance for a Cost overrun of twenty five percent (25%)
      in addition to any budgeted Construction Costs and any Costs so incurred
      will be deemed to be included in the Program, as
adopted.

     16.3 Funding of
Construction. Once the Program is adopted by the Members, the Members will
fund the Program in accordance with their pro-rata interests in the Company. If
any Member elects not to contribute to a Program, it will have its Ownership
Interest diluted in the manner contemplated in Sections 15.4 and 15.5.

     16.4 Invoices. The Manager will
be entitled to invoice the Parties:

	 	(a) 	
      no more frequently than monthly, the Exploration Costs
      incurred and paid by the Manager in carrying out a Program;
  or

30

	 	(b) 	
      not more than sixty (60) days in advance of requirements,
      estimated to be incurred and paid by the Manager in carrying out a
      Program.

Each invoice will be signed by a financial officer of the
Manager. The Parties will pay to the Manager the amount invoiced within thirty
(30) days of receipt of the invoice.

     16.5 Suspension or Termination
for Unfavorable Conditions. Unless otherwise directed by the Management
Committee, the Manager may suspend or terminate prematurely any Program when the
Manager, in good faith, considers that conditions are not suitable for the
proper continuation or completion of the Program or the results obtained to that
time eliminate or substantially impair the technical rationale on which the
Program was based.

	 	(a) 	
      If the Manager suspends or prematurely terminates a
      Program pursuant to Section 16.6, any funds advanced by Yellowcake for
      that Program in excess of the Construction Costs incurred prior to the
      suspension or premature termination, and such funds will be refunded
      within sixty (60) days of the suspension or premature termination. Unless
      approved by Yellowcake, the Manager will be exclusively liable for the
      payment of all Costs incurred in excess of one hundred and twenty-five
      (125%) of any budgeted Construction Costs.

     16.6 Failure to Pay
Invoice. If any Member, after having committed to contribute pursuant to
Section 16.3, fails to pay an invoice within the thirty (30) day period referred
to in Section 16.4 the Manager may by notice demand payment. If no payment is
made within the period of thirty (30) days next succeeding the receipt of the
demand notice, that Member shall be deemed to have forfeited its right to
contribute to any further Costs under this Agreement and it shall be deemed to
have elected not to contribute to each Program subsequently conducted and
accordingly, shall have its Ownership Interest reduced in the manner
contemplated in Sections 15.4.

     16.7 Refund. The Manager
shall expend all monies advanced by a Member rateably with the advances of the
other Members. If the Manager suspends or prematurely terminates a Program, any
funds advanced by a Member in excess of that Member’s Proportionate Share of
Construction Costs incurred prior to the suspension or premature termination
shall be refunded within sixty (60) days of the suspension or premature
termination. Unless approved unanimously by the Management Committee, the
Manager shall be exclusively liable for the payment of all Costs incurred in
excess of one hundred and twenty-five percent (125%) of any budgeted
Construction Costs.

     16.8 Right to
Re-contribute. If any Program is altered, suspended or terminated
prematurely so that the Construction Costs incurred on that Program as altered,
suspended or terminated are less than eighty percent (80%) of the Construction
Costs set out in the adopted Program, any Member which elected not to contribute
to that Program shall be given notice of the alteration, suspension or
termination by the Manager and shall be entitled to contribute its Proportionate
Share of the Construction Costs incurred on that Program by payment thereof to
the Manager within thirty (30) days after receipt of the notice, but shall not
be entitled to review the results of the Program until it has made full payment.
If payment is not made by that 

31

Member within the thirty (30) days aforesaid it shall forfeit
its right to contribute to that Program without a demand for payment being
required to be made thereafter by the Management Committee. If payment is made
by that Member within the thirty (30) days as aforesaid, the Manager shall
distribute the payment to the original participating Members pro rata according
to their respective contributions to the Program, and shall deliver to the new
participating Member copies, of all data previously delivered to the other
Participants with respect to that Program

     16.9 Failure to Submit
Program. If the Manager fails to submit a draft Program or a revised Program
for a period of six (6) months from the date the last Program expired, the
following shall apply:

	 	(a) 	
      the Manager shall not be entitled to submit a draft
      Program or revised Program for the subject period;

	 	 	 
	 	(b) 	
      any participating Member other than the Manager, whose
      Interest is not less than twenty percent (20%) may, within fifteen (15)
      days following the date by which the Manager’s draft Program or revised
      Program was due, submit a draft Program (the “Non-Manager’s Program”) for
      the subject period for consideration by the Management
Committee;

	 	 	 
	 	(c) 	
      the Management Committee shall review the Non-Manager’s
      Program and, if it deems fit, adopt the Non-Manager’s Program with such
      modifications, if any, as the Management Committee deems necessary; the
      adopted Program shall then be submitted to the Members pursuant to Section
      16.2;

	 	 	 
	 	(d) 	
      if the Manager is a Member and elects to contribute to
      the Non-Manager’s Program, it shall remain as the Manager for the duration
      of the Non- Manager’s Program;

	 	 	 
	 	(e) 	
      if the Manager is a Member and elects not to contribute
      to the Non- Manager’s Program, it shall cease to be the Manager for the
      duration of the Non-Manager’s Program, and the Management Committee shall
      appoint another Member as Manager; and

	 	 	 
	 	(f) 	
      following the completion of the Non-Manager’s Program the
      former Manager shall, subject to the provisions of Sections 12.1,
      automatically become the Manager.

ARTICLE XVII 
FINANCING OF MINE COSTS

     17.1 Contribution of Mine
Costs. The contributions of the Members toward the Mine Costs will be
individually and separately provided.

     17.2 Financing Mine Costs.
Any Member may pledge, mortgage, charge or otherwise encumber its Ownership
Interest in order to secure and borrow funds to be used by that Member for the
sole purpose of enabling it to finance its participation under this Agreement or
in order to 

32

secure by way of floating charge as a part of the general
corporate assets of that Member’s borrowings for its general corporate purposes,
provided that the pledgee, mortgagee, holder of the charge or encumbrance (in
this Section 17.2 called the “Chargee”) will hold the same subject to the
provisions of this Agreement and that if the Chargee realizes upon any of its
security it will comply with this Agreement. The Agreement between the Member
hereto, as borrower, and the Chargee will contain specific provisions to the
same effect as the provisions of this Section.

ARTICLE XVIII 
OPERATION OF THE MINE

     18.1 Mining Operations on
Calendar Year. Commencing on the Completion Date, all Mining Operations will
be planned and conducted and all estimates, reports and statements will be
prepared and made on the basis of a calendar year.

     18.2 Operating Plan. With
the exception of the year in which the Completion Date occurs, an Operating Plan
for each calendar year will be submitted by the Manager to the Members not later
than November 1st in the year immediately preceding the calendar year to which
the Operating Plan relates. Each Operating Plan will contain the following:

	 	(a) 	
      a description of the proposed Mining
Operations;

	 	 	 
	 	(b) 	
      a detailed estimate of all Mine Costs plus a reasonable
      allowance for contingencies;

	 	 	 
	 	(c) 	
      an estimate of the quantity and quality of the ore to be
      mined and the concentrates or metals or other products and by-products to
      be produced; and

	 	 	 
	 	(d) 	
      such other facts as may be necessary to reasonably
      illustrate the results intended to be achieved by the Operating
    Plan.

Upon request of any participating Member participating in the
operation of the Mine (in this Article called “Participant”), the Manager will
meet with that Participant to discuss the Operating Plan and will provide such
additional or supplemental information as that Participant may reasonably
require with respect thereto.

     18.3 Adoption of Operating
Plan. The Management Committee will adopt each Operating Plan, with such
changes as it deems necessary, by November 30 in the year immediately preceding
the calendar year to which the Operating Plan relates; provided, however, that
the Management Committee, by Special Majority, may from time to time and any
time amend any Operating Plan.

     18.4 Satisfaction of
Continuing obligations. The Manager will include in the estimate of Mine
Costs referred to in Subsection 18.2(b) hereof the establishment of a trust or
escrow fund providing for the reasonably estimated costs of satisfying
continuing obligations that may remain after the permanent termination of Mining
Operations, in excess of amounts actually expended. Such continuing obligations
are or will be incurred as a result of the operation of the Company and will
include such things as monitoring, stabilization, reclamation 

33

or restoration obligations, severance and other employee
benefit costs and all other obligations incurred or imposed as a result the
operation of the Company which continue or arise after the permanent termination
of Mining Operations, this Agreement and the Company and settlement of all
accounts. The payment of such continuing obligations will be made on the basis
of units of production, and will be in amounts reasonably estimated to provide
over the lifetime of proven and probable reserves funds adequate to pay for such
reclamation and long term care and monitoring. The Participants will contribute
to the trust or escrow fund cash (or provide letters of credit or other forms of
security readily convertible to cash in form approved by the Management
Committee). The amount contributed from time to time for the satisfaction of
such continuing obligations will be classified as Costs hereunder but will be
segregated into a separate account.

     18.5 Invoices. The Manager
may invoice each Participant, from time to time, for that Participant’s
Proportionate Share of Operating Costs incurred to the date of the invoice, or
at the beginning of each month for an advance equal to that Participant’s
Proportionate Share of the estimated cash disbursements to be made during the
month. Each Participant will pay its Proportionate Share of the Operating Costs
or the estimated cash disbursements aforesaid to the Manager within thirty (30)
days after receipt of the invoice. If the payment or advance requested is not so
made, the amount of the payment or advance will bear interest calculated monthly
not in advance from the thirtieth (30th) day after the date of receipt of the
invoice thereof by that Participant at a rate equivalent to the weighted average
Prime Rate for the month plus 2% until paid. The Manager will have a lien on
each Participant’s Interest in order to secure that payment or advance together
with interest which has accrued thereon.

     18.6 Failure to Pay
Invoice. If any Participant fails to pay an invoice contemplated in Section
18.5 within the thirty (30) day period aforesaid, the Manager may, by notice,
demand payment. If no payment is made within thirty (30) days of the Manager’s
demand notice, the Manager may, without limiting its other rights at law,
enforce the lien created by Section 18.5 by taking possession of all or any part
of that Participant’s Ownership Interest. The Manager may sell and dispose of
the Ownership Interest which it has so taken into its possession by:

	 	(a) 	
      first offering that Ownership Interest to the other
      Participants, if more than one then in proportion to the respective
      Ownership Interests of the Participants who wish to accept that offer, for
      that price which is the fair market value stated in the lower of two
      appraisals obtained by the Manager from independent, well recognized
      appraisers competent in the appraisal of mining properties; and

	 	 	 
	 	(b) 	
      if the Participants have not purchased all or part of
      that Ownership Interest as aforesaid, then by selling the balance, if any,
      either in whole or in part or in separate parcels at public auction or by
      private tender (the Participants being entitled to bid) at a time and on
      whatever terms the Manager will arrange, having first given notice to the
      defaulting Participant of the time and place of the
sale.

As a condition of the sale as contemplated in Subsection
18.6(b), the purchaser will agree to be bound by this Agreement and, prior to
acquiring the Ownership Interest, will deliver notice to 

34

that effect to the Members, in form acceptable to the Manager.
The proceeds of the sale will be applied by the Manager in payment of the amount
due from the defaulting Participant and interest as aforesaid, and the balance
remaining, if any, will be paid to the defaulting Participant after deducting
reasonable costs of the sale. Any sale or disposal made as aforesaid will be a
perpetual bar both at law and in equity by the defaulting Participant and its
successors and assigns against all other Participants.

ARTICLE XIX
AREA OF COMMON INTEREST

     19.1 Requirement to Provide
Notice of Acquisition. If at any time during the term of the Company any
Member or the Affiliate of any Member (in this Section only called in each case
the “Acquiring Party”) stakes or otherwise acquires, directly or indirectly, any
right to or interest in any mining claim, license, lease, grant, concession,
permit, patent, or other mineral property located wholly or partly within the
Area of Common Interest, the Acquiring Party will forthwith give notice to the
other Member of that staking or acquisition, the total cost thereof and all
details in the possession of that Member with respect to the details of the
acquisition, the nature of the property and the known mineralization.

     19.2 Election Relating to Area
of Common Interest. The Management Committee (the representative of the
Acquiring Party not being entitled to vote with respect thereto) may, within
thirty (30) days of receipt of the Acquiring Party’s notice, elect, by notice to
the Acquiring Party, to require that the mineral properties and the right or
interest acquired be included in and thereafter form part of the Property for
all purposes of this Agreement.

     19.3 Reimbursement of
Costs. If the election aforesaid is made, all the other Members will
reimburse the Acquiring Party for that portion of the cost of acquisition which
is equivalent to their respective Ownership Interests.

35

     19.4 Failure to Make
Election. If the Management Committee does not make the election aforesaid
within that period of thirty (30) days, the right or interest acquired will not
form part of the Property and the Acquiring Party will be solely entitled
thereto.

     19.5 Surrender.
Notwithstanding Subsection 12.2(d)(vii), the Manager will be entitled, at any
time and from time to time to surrender all or any part of the Property or to
permit the same to lapse, but only upon first either obtaining the unanimous
consent of the Management Committee, or giving sixty (60) days notice of its
intention to do so to the other Members. In this latter event, the Members,
other than the Manager, will be entitled to receive from the Manager, on request
prior to the date of the surrender or lapse, pro rata in accordance with their
respective Ownership Interests, a conveyance of that portion of the Property
intended for surrender or lapse, together with copies of any plans, assay maps,
all drill records and factual engineering data in the Manager’s possession and
relevant thereto. Any part of the Property so acquired will cease to be subject
to this Agreement and will not be subject to Section 19.2. Any part of the
Property which has not been so acquired by any of the Members will remain
subject to Section 19.2.

ARTICLE XX 
DISTRIBUTION IN KIND

     20.1 Distributions. It is
expressly intended that, the business of the Company hereto will be limited to
the efficient production of Minerals from the Property and related activities,
and that each of the Members will be entitled to use, dispose of or otherwise
deal with its Proportionate Share of Minerals as it sees fit. Each Participant
will take in kind, f.o.b. truck or railcar on the Property, and separately
dispose of its Proportionate Share of the Minerals produced from the Mine. From
the time of delivery, each Participant will have ownership of and title to its
Proportionate Share of Minerals separate from, and not as tenant in common with,
the other Participants, and will bear all risk of loss of Minerals. Extra costs
and expenses incurred by reason of the Participants taking in kind and making
separate dispositions will be paid by each Participant directly and not through
the Manager or Management Committee.

     20.2 Facilities Maintained by
Members. Each Participant will construct, operate and maintain, all at its
own cost and expense, any and all facilities which may be necessary to receive
and store and dispose of its Proportionate Share of the Minerals at the rate the
same are produced.

     20.3 Duty of Manager with
Respect to Minerals. If a Participant has not made the necessary
arrangements to take in kind and store its share of production as aforesaid the
Manager will, at the sole cost and risk of that Participant store, in any
location where it will not interfere with Mining Operations, the production
owned by that Participant. The Manager and the other Members will be under no
responsibility with respect thereto. All of the Costs involved in arranging and
providing storage will be billed directly to, and be the sole responsibility of
the Participant whose share of production is so stored. The Manager’s charges
for such assistance and any other related matters will be billed directly to and
be the sole responsibility of the Participant. All such billings will be subject
to the provisions of Sections 18.5 and 18.6 hereof.

36

     20.4 If the Yellowcake
Shares are to be distributed, they shall be distributed in-kind to
Strathmore.

ARTICLE XXI 
PROPERTIES

     21.1 Production Royalties,
Taxes and Other Payments Based on Production. All required payments of
production royalties, taxes based on production of Products, and other payments
out of production to private parties and governmental entities, shall be
determined and made by the Company in a timely manner and otherwise in
accordance with applicable laws and agreements. The Manager shall furnish to the
Members evidence of timely payment for all such required payments. In the event
the Company fails to make any such required payment, any Member shall have the
right to make such payment and shall thereby become subrogated to the rights of
such third party; provided, however, that the making of any such payment on
behalf of the Company shall not constitute acceptance by the paying Member of
any liability to such third party for the underlying obligation.

     21.2 Surrender of
Properties. Notwithstanding Subsection 12.2(d)(vii) the Manager will be
entitled, at any time and from time to time to surrender all or any part of the
Property or to permit the same to lapse, but only upon first either obtaining
the unanimous consent of the Management Committee, or giving sixty (60) days
notice of its intention to do so to the other Member. In this latter event, the
Member, other than the Manager, will be entitled to receive from the Manager, on
request prior to the date of the surrender or lapse, pro rata in accordance with
their respective Ownership Interests, a conveyance of that portion of the
Property intended for surrender or lapse, together with and Business
Information, including copies of any plans, assay maps, all drill records and
factual engineering data in the Manager’s possession and relevant thereto. Any
part of the Property so acquired will cease to be subject to this Agreement and
will not be subject to Section 21.2. Any part of the Property which has not been
so acquired by any of the Members will remain subject to Section 21.2.

ARTICLE XXII 
TERMINATION OF MINING OPERATIONS

     22.1 Suspension of Mining
Operations. The Manager may, at any time subsequent to the Completion Date,
on at least thirty (30) days notice to all Participants, recommend that the
Management Committee approve that the Mining Operations be suspended. The
Manager’s recommendation will include a plan and budget (in this Article XXII
called the “Mine Maintenance Plan”), in reasonable detail, of the activities to
be performed to maintain the Assets and Property during the period of suspension
and the Costs to be incurred. The Management Committee may, by Special Majority,
at any time subsequent to the Completion Date, cause the Manager to suspend
Mining Operations in accordance with the Manager’s recommendation with such
changes to the Mine Maintenance Plan as the Management Committee deems
necessary. The Participants will be committed to contribute their Proportionate
Share of the Costs incurred in connection with the Mine Maintenance Plan. The
Management Committee, by Special Majority, may cause Mining Operations to be
resumed at any time.

37

     22.2 Termination of
Mining. The Manager may, at any time following a period of at least ninety
(90) days during which Mining Operations have been suspended, upon at least
thirty (30) days notice to all Participants, or in the events described in
Section 22.1, recommend that the Management Committee approve the permanent
termination of Mining Operations. The Manager’s recommendation will include a
plan and budget (in this Article XXII called the “Mine Closure Plan”), in
reasonable detail, of the activities to be performed to close the Mine and
reclaim and rehabilitate the Property, as required by applicable law, regulation
or contract by reason of this Agreement. The Management Committee may, by
unanimous approval of the representatives of all Participants, approve the
Manager’s recommendation with such changes to the Mine Closure Plan as the
Management Committee deems necessary.

     22.3 Effect of Mine Closure
Plan. If the Management Committee approves the Manager’s recommendation as
aforesaid, it will cause the Manager to:

	 	(a) 	
      implement the Mine Closure Plan, whereupon the
      Participants will be committed to pay, in proportion to their respective
      Interests, such Costs as may be required to implement that Mine Closure
      Plan;

	 	 	 
	 	(b) 	
      remove and dispose of such Assets as may reasonably be
      removed and disposed of profitably and such other Assets as the Manager
      may be required to remove pursuant to applicable Environmental and mining
      laws;

	 	 	 
	 	(c) 	
      sell, abandon or otherwise dispose of the Assets and the
      Property for the best price reasonably obtainable; and

	 	 	 
	 	(d) 	
      dissolve the Company in accordance with Article
    XXIII.

     22.4 If the Management
Committee does not approve the Manager’s recommendation contemplated in Section
22.2, the Manager will maintain Mining Operations in accordance with the Mine
Maintenance Plan as pursuant to Section 22.1.

ARTICLE XXIII 
TERM AND DISSOLUTION

     23.1 Term. Unless earlier
terminated pursuant to this Agreement or by agreement of all Members, the term
of the Company shall be perpetual. Termination of this Agreement will not,
however, relieve any Party from any obligations theretofore accrued but
unsatisfied, nor from its obligations with respect to rehabilitation of the Mine
site and reclamation.

     23.2 Events of
Dissolution. The Company shall be dissolved upon the occurrence of any of
the following:

	 	(a) 	
      upon the unanimous written agreement of the
    Members;

	 	 	 
	 	(b) 	
      upon an event otherwise set forth in this Agreement;
      or

	 	 	 
	 	(c) 	
      as otherwise provided by the Act.

38

     23.3 Resignation. A Member
may elect to resign from the Company by giving Notice to the other Members of
the effective date of resignation, which shall be thirty (30) days after the
date of the Notice.

	 	(a) 	
      Except as provided in Subsection 23.3(b), upon
      resignation by a Member, the resigning Member shall be deemed to have
      transferred to the remaining Members, in proportion to their respective
      Ownership Interests, all of its Ownership Interest, including all of its
      interest in the Assets and its Capital Account, without cost and free and
      clear of all Encumbrances arising by, through or under such resigning
      Member, except those described in Appendix I, if any, and those to which
      the Members have unanimously agreed. The resigning Member shall execute
      and deliver all instruments as may be necessary in the reasonable judgment
      of the other Members to affect the transfer of its interests in the
      Company and the Assets to the other Members. If within a sixty (60) day
      period all Members elect to withdraw, then the Company shall instead be
      deemed to have been terminated by the written agreement of the Members
      pursuant to Section 23.3(b).

	 	 	 
	 	(b) 	
      If Strathmore elects to resign as a Member of the
      Company, the Yellowcake Shares and Five Hundred Thousand Dollars
      ($500,000), to the extent not previously distributed pursuant to Section
      5.2, shall be distributed to Strathmore prior to the events of Subsection
      23.3(a) taking place.

     23.4 Disposition of Assets on
Dissolution. Promptly after dissolution under Section 23.2(b) or Section
21.2, the Manager shall take all action necessary to wind up the activities of
the Company, in accordance with the following steps:

	 	(a) 	
      First, payment, or the making of reasonable provision for
      payment, of all of the debts, liabilities and obligations of the Company
      (including all expenses incurred in liquidation) including the
      establishment of such adequate reserves for the payment and discharge of
      all debts, liabilities and obligations of the Company, including
      contingent, conditional or unmatured liabilities, in such amount and for
      such term as the liquidator(s) may reasonably determine; and

	 	 	 
	 	(b) 	
      Second, any remaining proceeds of liquidation, and any
      assets that are to be distributed in kind, shall be distributed to the
      Members as promptly as practicable, but in any event within the time
      required by Treasury Regulations Section 1.704 1(b)(2)(ii)(b)(2), in
      accordance with their respective Ownership Interests; provided, that
      Strathmore shall receive up to Five Hundred Thousand Dollars ($500,000) to
      the extent not previously distributed to Strathmore pursuant to Section
      5.2 and the Yellowcake Shares before the remaining assets of the Company
      are distributed to the Members in accordance with their Ownership
      Interests.

39

	 	(c) 	
      Except for the distribution of the Yellowcake Shares to
      Strathmore which shall be in-kind, the distribution of cash, cash
      equivalents and other property to a Member in accordance with the
      provisions of this Section 23.6 shall constitute a complete return to the
      Member of its capital contributions to the Company and a complete
      distribution to the Member of its interest in the Company and all the
      Company’s property, and shall constitute a compromise to which all Members
      have consented within the meaning of the Act. All reasonable costs and
      expenses incurred in connection with the dissolution of the Company shall
      be expenses chargeable to the Business Account.

     23.5 Filing of Certificate of
Cancellation. Upon completion of the winding up of the affairs of the
Company, the Manager shall promptly file a Certificate of Cancellation with the
Office of the Secretary of State of the State of Delaware. If the Manager has
not caused the dissolution of the Company, whether voluntarily or involuntarily,
then a person selected by a majority vote of the remaining Members to wind up
the affairs of the Company shall file the Certificate of Cancellation.

     23.6 Right to Data After
Dissolution. After dissolution of the Company pursuant to Subsections
23.2(a), 23.2(b) or 23.2(c), each Member shall be entitled to make copies of all
applicable information owned by the Company and acquired hereunder before the
effective date of termination not previously furnished to it, but a bankrupt or
resigning Member causing a dissolution of the Company shall not be entitled to
any such copies.

     23.7 Continuing Authority.
On dissolution of the Company pursuant to this Agreement, the Member that was
the Manager prior to such dissolution (or the other Members in the event of a
resignation by the Manager) shall have the power and authority to do all things
on behalf of all Members that are reasonably necessary or convenient to: (a)
wind up Operations, (b) complete any transaction and satisfy any obligation,
unfinished or unsatisfied, at the time of such termination or resignation, if
the transaction or obligation arises out of Operations prior to such termination
or resignation, and (c) grant or receive extensions of time or change the method
of payment of an already existing liability or obligation, prosecute and defend
actions on behalf of the Company and any or all Members, encumber Assets, and
take any other reasonable action in any matter with respect to which the former
Members continue to have, or appear or are alleged to have, a common interest or
a common liability.

ARTICLE XXIV
TAX MATTERS PARTNER

     24.1 Designation of Tax
Matters Partner. The Manager is hereby designated the tax matters partner
(the “TMP”) as defined in section 6231(a)(7) of Code and shall be responsible
for, make elections for, and prepare and file any federal and state tax returns
or other required tax forms following approval of the Management Committee. In
the event of any change in Manager, the Member serving as Manager at the end of
a taxable year shall continue as TMP with respect to all matters concerning such
year unless the TMP for that year is required to be changed pursuant to
applicable Treasury Regulations. The TMP and the other Member shall use
reasonable best efforts to comply with the responsibilities outlined in this
Article XXIV and in 

40

sections 6221 through 6233 of the Code (including any Treasury
regulations promulgated thereunder) and in doing so shall incur no liability to
any other party.

     24.2 Expenses of Tax Matters
Partner; Indemnification. The Company shall indemnify and reimburse the TMP
for all reasonable expenses, including legal and accounting fees, claims,
liabilities, losses and damages incurred in connection with any administrative
or judicial proceeding with respect to the tax liability of the Members
attributable to the Company. The TMP shall be indemnified by the Company for all
losses incurred as a result of its acting as TMP. 

     24.3 Notice. Each Member
shall furnish the TMP with such information (including information specified in
section 6230(e) of the Code) as it may reasonably request to permit it to
provide the Internal Revenue Service with sufficient information to allow proper
notice to the Members in accordance with section 6223 of the Code. The TMP shall
keep each Member informed of all administrative and judicial proceedings for the
adjustment at the partnership level of partnership items in accordance with
section 6223(g) of the Code.

     24.4 Inconsistent Treatment of
Tax Item. If an administrative proceeding contemplated under section 6223 of
the Code has begun, and the TMP so requests, each Member shall notify the TMP of
its treatment of any partnership item on its federal income tax return that is
inconsistent with the treatment of that item on the partnership return.

     24.5 Extensions of Limitation
Periods. The TMP shall not enter into any extension of the period of
limitations as provided under section 6229 of the Code without first giving
reasonable advance notice to the other Member of such intended action.

     24.6 Requests for
Administrative Adjustments. Neither Member shall file, pursuant to section
6227 of the Code, a request for an administrative adjustment of partnership
items for any taxable year of the Company without first notifying the other
Member. If the other Member agrees with the requested adjustment, the TMP shall
file the request for administrative adjustment on behalf of the Company. If
consent is not obtained within thirty (30) days after notice from the proposing
Member, or within the period required to timely file the request for
administrative adjustment, if shorter, either Member, including the TMP, may
file that request for administrative adjustment on its own behalf.

     24.7 Judicial Proceedings.
Either Member intending to file a petition under section 6226, 6228 or other
sections of the Code with respect to any partnership item, or other tax matters
involving the Company, shall notify the other Member of such intention and the
nature of the contemplated proceeding. If the TMP is the Member intending to
file such petition, such notice shall be given within a reasonable time to allow
the other Member to participate in the choosing of the forum in which such
petition will be filed. If both Members do not agree on the appropriate forum,
then the appropriate forum shall be decided in accordance with Article XXVI of
this Agreement. If either Member intends to seek review of any court decision
rendered as a result of a proceeding instituted under the preceding part of this
Paragraph, such Member shall notify the other Member of such intended
action.

41

     24.8 Settlements. The TMP
shall not bind the other Member to a settlement agreement without first
obtaining the written consent of any such Member. Either Member who enters into
a settlement agreement for its own account with respect to any partnership
items, as defined by section 6231(a)(3) of the Code, shall notify the other
Member of such settlement agreement and its terms within ninety (90) days from
the date of settlement.

     24.9 Fees and Expenses.
The TMP shall not engage legal counsel, certified public accountants, or others
without the prior consent of the Management Committee. Either Member may engage
legal counsel, certified public accountants, or others in its own behalf and at
its sole cost and expense. Any reasonable item of expense, including but not
limited to fees and expenses for legal counsel, certified public accountants,
and others which the TMP incurs (after proper consent by the Management
Committee as provided above) in connection with any audit, assessment,
litigation, or other proceeding regarding any partnership item, shall constitute
proper charges to the Business Account and shall be borne by the Members as any
other item which constitutes a direct charge to the Business Account pursuant to
the Agreement.

     24.10 Survival. The
provisions of the foregoing paragraphs, including but not limited to the
obligation to pay fees and expenses contained in Section 24.2 above, shall
survive the termination of the Company or the termination of either Member’s
interest in the Company and shall remain binding on the Members for a period of
time necessary to resolve with the Internal Revenue Service or the Department of
the Treasury any and all matters regarding the federal income taxation of the
Company for the applicable tax year(s).

ARTICLE XXV
CONFIDENTIALITY, OWNERSHIP, USE AND
DISCLOSURE OF INFORMATION

     25.1 Business Information.
All Business Information shall be owned jointly by the Members as their
Ownership Interests are determined pursuant to this Agreement. Both before and
after the termination of the Company, all Business Information may be used by
either Member for any purpose, whether or not competitive with the Business,
without consulting with, or obligation to, the other Member. Except as provided
in Section 25.3, or with the prior written consent of the other Member, each
Member shall keep confidential and not disclose to any third party or the public
any portion of the Business Information that constitutes Confidential
Information.

     25.2 Member Information.
In performing its obligations under this Agreement, neither Member shall be
obligated to disclose any Member Information. If a Member elects to disclose
Member Information in performing its obligations under this Agreement, such
Member Information, together with all improvements, enhancements, refinements
and incremental additions to such Member Information that are developed,
conceived, originated or obtained by either Member in performing its obligation
under this Agreement (“Enhancements”), shall be owned exclusively by the Member
that originally developed, conceived, originated or obtained such Member
Information. Each Member may use and enjoy the benefits of such Member
Information and Enhancements in the conduct of the Business hereunder, but the
Member that did not originally develop, conceive, originate or obtain such
Member Information may not use such Member Information and Enhancements for any
other purpose. Except as provided in Section 25.3, or with the prior written
consent of the other Member, which consent may be 

42

withheld in such Member’s sole discretion, each Member shall
keep confidential and not disclose to any third party or the public any portion
of Member Information and Enhancements owned by the other Member that
constitutes Confidential Information.

     25.3 Permitted Disclosure of
Confidential Business Information. Either Member may disclose Business
Information that is Confidential Information:

	 	(a) 	
      To a Member’s officers, directors, partners, members,
      employees, Affiliates, shareholders, agents, attorneys, accountants,
      consultants, contractors, subcontractors or advisors, for the sole purpose
      of such Member’s performance of its obligations under this
    Agreement;

	 	 	 
	 	(b) 	
      To any party to whom the disclosing Member contemplates a
      Transfer of all or any part of its Ownership Interest, for the sole
      purpose of evaluating the proposed Transfer;

	 	 	 
	 	(c) 	
      To any actual or potential lender, underwriter or
      investor for the sole purpose of evaluating whether to make a loan to or
      investment in the disclosing Member; or

	 	 	 
	 	(d) 	
      to a third party with whom the disclosing Member
      contemplates any independent business activity or
  operation.

The Member disclosing Confidential Information pursuant to this
Section 25.3, shall disclose such Confidential Information to only those parties
that have a bona fide need to have access to such Confidential Information for
the purpose for which disclosure to such parties is permitted under this Section
25.3 and that have agreed in writing supplied to, and enforceable by, the other
Member to protect the Confidential Information from further disclosure, to use
such Confidential Information solely for such purpose and to otherwise be bound
by the provisions of this Article XXII. Such writing shall not preclude parties
described in Subsection 25.3(b) from discussing and completing a Transfer with
the other Member. The Member disclosing Confidential Information shall be
responsible and liable for any use or disclosure of the Confidential Information
by such parties in violation of this Agreement and such other writing.

43

     25.4 Disclosure Required by
Law. Notwithstanding anything contained in this Article, a Member may
disclose any Confidential Information if, in the opinion of the disclosing
Member’s legal counsel: (a) such disclosure is legally required to be made in a
judicial, administrative or governmental proceeding pursuant to a valid subpoena
or other applicable order; or (b) such disclosure is legally required to be made
pursuant to the rules or regulations of a stock exchange or similar trading
market applicable to the disclosing Member. Prior to any disclosure of
Confidential Information under this Section 25.4, the disclosing Member shall
give the other Member at least ten (10) days prior written notice (unless less
time is permitted by such rules, regulations or proceeding) and, in making such
disclosure, the disclosing Member shall disclose only that portion of
Confidential Information required to be disclosed and shall take all reasonable
efforts to preserve the confidentiality thereof, including, without limitation,
obtaining protective orders and supporting the other Member in intervention in
any such proceeding.

ARTICLE XXVI 
DISPUTES

     26.1 Governing Law. Except
for matters of title to the Properties or their Transfer, which shall be
governed by the law of their situs, this Agreement shall be governed by and
interpreted in accordance with the laws of the State of Delaware, without regard
for any conflict of laws or choice of laws principles that would permit or
require the application of the laws of any other jurisdiction.

     26.2 Arbitration. All
disputes arising from or relating to this Agreement, including any dispute
concerning the enforcement or construction of this Agreement, shall be decided
and determined by arbitration in accordance with the provision of Chapter 57 of
the Delaware Code and, as applicable, the Commercial Arbitration Rules of the
American Arbitration Association. The arbitration shall be administered by and
conducted be a single arbitrator who must be an independent attorney licensed to
practice law or an independent geologist or mining engineer who is recognized as
having experience and knowledge of mining contract law and mining industry
customs and practices. No person having a prior or existing attorney-client,
business or family relationship with any of the parties or their principals
shall be qualified to act as an arbitrator. The arbitration shall be held in
Vancouver, British Columbia. If any arbitration or other legal action or
proceeding is brought for the enforcement of this Agreement, or because of an
alleged dispute, breach, default, or misrepresentation in connection with any of
the provisions of this Agreement, the successful or substantially prevailing
Member shall be entitled to recover reasonable attorneys’ fees and other costs
incurred in that action or proceeding, in addition to any other relief to which
it or they may be entitled.

ARTICLE XXVII 
GENERAL PROVISIONS

     27.1 Notices. All notices,
payments and other required or permitted communications (“Notices”) to either
Member shall be in writing, and shall be addressed respectively as follows:

44

 

	 	
      If to Yellowcake: 
	
       
	 
	 	 	 	 
	 	
      Attention: 
	
      Bill Tafuri 
	 
	 	 	
      Mailing Address : 
	
      598 - 999 Canada Place 

	 	 	
       
	
      Vancouver, BC V6C 3E1 

	 	 	
       
	Canada  
	 	 	
      Telephone : 
	
      Tel 778-856-8080 

	 	 	
      E-Mail : 
	
      email billtafuri@live.com 

	 	 	
       
	
       

	 	 	
      With a Copy to: 
	
      Nicole Byres 

	 	 	
      Mailing Address : 
	
      800 - 885 W Georgia Street 

	 	 	
       
	
      Vancouver, BC V6C 3H1 Canada
      

	 	 	
      E-Mail : 
	
      nmb@cwilson.com 

	 	 	
       
	
       

	 	
      If to Strathmore: 
	 	
       

	 	 	
       
	
       

	 	 	
      Attention: 
	
      Steven Kahn 

	 	 	
      Mailing Address : 
	
      2420 Watt Court 

	 	 	
       
	
      Riverton, WY 82501 

	 	 	
      Telephone : 
	
      (250) 868-8140 

	 	 	
      Facsimile: 
	
      (250) 868-8493 

	 	 	
      E-Mail : 
	
      kahn1750@shaw.ca
      

	 	 	
       
	
       

	 	 	
       
	
       

	 	 	
      With a Copy to: 
	
      Bob Wooder 

	 	 	
      Mailing Address : 
	
      595 Burrard Street 

	 	 	
       
	
      P.O. Box 49314 

	 	 	
       
	
      Suite 2600, Three Bentall Centre
      

	 	 	
       
	
      Vancouver BC V7X 1L3 

	 	 	
       
	
      Canada 

	 	 	
      E-Mail : 
	
      bob.wooder@blakes.com

All Notices shall be given (a) by personal delivery to the
Member, (b) by electronic communication, capable of producing a printed
transmission, (c) by registered or certified mail return receipt requested, or
(d) by overnight or other express courier service. All Notices shall be
effective and shall be deemed given on the date of receipt at the principal
address if received during normal business hours, and, if not received during
normal business hours, on the next business day following receipt, or if by
electronic communication, on the date of such communication. Either Member may
change its address by Notice to the other Member.

45

     27.2 Gender. The singular
shall include the plural, and the plural the singular wherever the context so
requires, and the masculine, the feminine, and the neuter genders shall be
mutually inclusive.

     27.3 Headings. The subject
headings of the Sections and Subsections of this Agreement and the Paragraphs
and Subparagraphs of the Exhibits to this Agreement are included for purposes of
convenience only, and shall not affect the construction or interpretation of any
of its provisions.

     27.4 Waiver. The failure
of either Member to insist on the strict performance of any provision of this
Agreement or to exercise any right, power or remedy upon a breach hereof shall
not constitute a waiver of any provision of this Agreement or limit such
Member’s right thereafter to enforce any provision or exercise any right.

     27.5 Modification. No
modification of this Agreement shall be valid unless made in writing and duly
executed by both Members.

     27.6 Force Majeure. 

	 	(a) 	
      Notwithstanding anything herein contained to the
      contrary, if any Participant is prevented from or delayed in performing
      any obligation under this Agreement, and such failure is occasioned by any
      cause beyond its reasonable control, excluding only lack of finances,
      then, subject to paragraph 27.6(b), the time for the observance of the
      condition or performance of the obligation in question will be extended
      for a period equivalent to the total period the cause of the prevention or
      delay persists or remains in effect regardless of the length of such total
      period.

	 	 	 
	 	(b) 	
      Any Party hereto claiming suspension of its obligations
      as aforesaid will promptly notify the other Parties to that effect and
      will take all reasonable steps to remove or remedy the cause and effect of
      the force majeure described in the said notice insofar as it is reasonably
      able so to do and as soon as possible; provided that the terms of
      settlement of any labour disturbance or dispute, strike or lockout will be
      wholly in the discretion of the Party claiming suspension of its
      obligations by reason thereof, and that Party will not be required to
      accede to the demands of its opponents in any such labour disturbance or
      dispute, strike, or lockout solely to remedy or remove the force majeure
      thereby constituted. The Party claiming suspension of its obligations will
      promptly notify the other Parties when the cause of the Force Majeure has
      been removed.

	 	 	 
	 	(c) 	
      The extension of time for the observance of conditions or
      performance of obligations as a result of force majeure will not relieve
      the Operator from its obligations to keep the Property in good standing
      pursuant to sub- paragraphs 12.2(d)(i) and
12.2(d)(viii).

     27.7 Rule Against
Perpetuities. The Members do not intend that there shall be any violation of
the Rule Against Perpetuities, the Rule Against Unreasonable Restraints on the

46

Alienation of Property, or any similar rule. Accordingly, if
any right or option to acquire any interest in the Properties, in an Ownership
Interest, in the Assets, or in any real property exists under this Agreement,
such right or option must be exercised, if at all, so as to vest such interest
within time periods permitted by applicable rules. If, however, any such
violation should inadvertently occur, the Members hereby agree that a court
shall reform that provision in such a way as to approximate most closely the
intent of the Members within the limits permissible under such rules.

     27.8 Further Assurances.
Each of the Members shall take, from time to time and without additional
consideration, such further actions and execute such additional instruments as
may be reasonably necessary or convenient to implement and carry out the intent
and purpose of this Agreement or as may be reasonably required by lenders in
connection with Project Financing.

     27.9 Entire Agreement;
Successors and Assigns. This Agreement constitutes the entire agreement
between the Members with respect to the subject matter hereof and replaces and
supersedes all prior agreements including the LOI. This Agreement shall be
binding upon and inure to the benefit of the respective successors and permitted
assigns of the Members.

     27.10 Counterparts. This
Agreement may be executed in any number of counterparts, and it shall not be
necessary that the signatures of both Members be contained on any counterpart.
Each counterpart shall be deemed an original, but all counterparts together
shall constitute one and the same instrument.

27.11 Time is of the Essence. Time is of the essence of
this Agreement.

     27.12 Savings Clause. The
parties agree that should any economic difference between this LLC Agreement and
the Option and Joint Venture Agreement arise, the parties will make such
adjustments necessary to place the parties in the desired economic position that
would have occurred solely under the Option and Joint Venture Agreement, as the
parties agree acting reasonably and in good faith.

     27.13 Indemnification.
Strathmore agrees to indemnify and hold harmless Yellowcake, its officers,
directors, stockholders, employees, agents and representatives from any and all
U.S. federal tax obligations, interest or penalties related to the conversion
event of the joint venture between Strathmore and Yellowcake into a limited
liability company. 

The remainder of this page in intentionally left blank.
Signatures appear on the following page.

47

     IN WITNESS WHEREOF, the parties
hereto have executed this Agreement as of the Effective Date.

	YELLOWCAKE MINING INC., 	 	STRATHMORE RESOURCES (U.S.)
      LTD, 
	a Nevada corporation 	 	a Nevada corporation 
	  	  	 	  	  
	  	  	 	  	  
	  	  	 	  	  
	By 	/s/ William Tafuri 	 	By 	/s/
      David Miller 
	Its 	President, Secretary and Treasurer 	 	Its 	Chief
      Executive Officer 

48

APPENDIX I 
THE PROPERTY

49

Execution Copy

EXHIBIT A 
DEFINITIONS

     “Act” means the Delaware Limited
Liability Company Act, 6 Del. C. 18-101 et seq.

     “Accounting Procedures” means the
procedure attached to this Agreement as Exhibit B.

     “Affiliate” means any person,
partnership, limited liability company, joint venture, corporation, or other
form of enterprise which Controls, is Controlled by, or is under common Control
with a Member.

     “Agreement” means this
Exploration, Development and Mining Limited Liability Company Operating
Agreement, including all amendments and modifications, and all schedules and
exhibits, all of which are incorporated by this reference.

     “Approved Alternative” means a
Development and Mining alternative selected by the Management Committee from
various Development and Mining alternatives analyzed in the Pre-Feasibility
Studies.

     “Area of Common Interest” means
that areas which is included within a five (5) mile perimeter around the
outermost boundary of the mineral properties which constitute the Property as of
the Operative Date.

     “Assets” means the Properties,
Products, Business Information, and all other real and personal property,
tangible and intangible, including existing or after-acquired properties and all
contract rights held for the benefit of the Members hereunder, but excluding the
9,000,000 common shares in the capital stock of Yellowcake.

     “Budget” means a detailed
estimate of all costs to be incurred and a schedule of cash advances to be made
by the Members with respect to a Program.

     “Business” means the conduct of
the business of the Company in furtherance of the purposes set forth in Section
2.3 and in accordance with this Agreement.

     “Business Account” means the
account maintained by the Manager for the Business in accordance with Exhibit
B.

     “Business Information” means the
terms of this Agreement, and any other agreement relating to the Business, the
Existing Data, and all information and data, in whatever form and however
communicated (including, without limitation, Confidential Information),
developed, conceived, originated or obtained by either Member in performing its
obligations under this Agreement. The term “Business Information” shall not
include any improvements, enhancements, refinements or incremental additions to
Member Information that are developed, conceived, originated or obtained by
either Member in performing its obligations under this Agreement.

     “Capital Account” means the
account maintained for each Member in accordance with Article III.

     “Code” means the Internal Revenue Code
of 1986, as amended. 

     “Company” means Juniper Ridge
LLC, a Delaware limited liability company formed in accordance with, and
governed by, this Agreement.

     “Completion Date” means the date
determined by the Management Committee on which it is demonstrated to the
satisfaction of the Management Committee that the preparing and equipping of the
Mine is complete and is the date on which commercial production commences.

     “Confidential Information” means
all information, data, knowledge and know-how (including, but not limited to,
formulas, patterns, compilations, programs, devices, methods, techniques and
processes) that derives independent economic value, actual or potential, as a
result of not being generally known to, or readily ascertainable by, third
parties and which is the subject of efforts that are reasonable under the
circumstances to maintain its secrecy, including without limitation all
analyses, interpretations, compilations, studies and evaluations of such
information, data, knowledge and know-how generated or prepared by or on behalf
of either Member.

     “Conoco Files” means Strathmore’s
database relating directly or indirectly to potential uranium bearing properties
located in the state of Texas.

     “Construction” means every kind
of work carried out during the Construction Period by the Manager in accordance
with the Feasibility Report and as approved by the Management Committee.

     “Construction Period” means, the
date on which one or more Parties elect to contribute its Proportionate Share of
Construction Costs, and ending on the Completion Date.

     “Continuing Obligations” mean
obligations or responsibilities that are reasonably expected to continue or
arise after Mining Operations on a particular area of the Properties have ceased
or are suspended, such as future monitoring, stabilization, or Environmental
Compliance.

     “Control” used as a verb means,
when used with respect to an entity, the ability, directly or indirectly through
one or more intermediaries, to direct or cause the direction of the management
and policies of such entity through (i) the legal or beneficial ownership of
voting securities or membership interests; (ii) the right to appoint managers,
directors or corporate management; (iii) contract; (iv) operating agreement; (v)
voting trust; or otherwise; and, when used with respect to a person, means the
actual or legal ability to control the actions of another, through family
relationship, agency, contract or otherwise; and “Control” used as a noun means
an interest which gives the holder the ability to exercise any of the foregoing
powers.

     “Costs” means, except as to Prior
Exploration Costs referred to in Section 13.5, all items of outlay and expense
whatsoever, direct or indirect, with respect to Mining Operations, recorded by
the Manager in accordance with this Agreement and will include all obligations
and liabilities incurred or to be incurred with respect to the protection of the
environment such as future decommissioning, reclamation and long-term care and
monitoring, even if not then due and payable so long as the amounts can be
estimated with reasonable accuracy, and whether or not a 

2

mine reclamation trust fund has been established. Without
limiting generality, the following categories of Costs will have the following
meanings:

	 	(i) 	
      “Construction Costs” means those Costs recorded by the
      Manager during the Construction Period, including, without limitation,
      permitting costs, development costs, financing costs and the Manager’s fee
      contemplated in Article XVI.

	 	 	 
	 	(ii) 	
      “Exploration Costs” means those Costs recorded by the
      Manager during the Exploration Period, including, without limitation,
      costs incurred for the Feasibility Report, permitting costs, development
      costs, and the Manager’s fee contemplated in Article XIII.

	 	 	 
	 	(iii) 	
      “Mine Costs” includes any Exploration Costs incurred
      after the Operative Date, and all Construction Costs and Operating Costs;
      and

	 	 	 
	 	(iv) 	
      “Operating Costs” means those Costs recorded by the
      Manager subsequent to the Completion Date to fund the Mining
      Operations.

     “Development” means all
preparation (other than Exploration) for the removal and recovery of Products,
including any improvements to be used for the mining, handling, milling,
processing, or other beneficiation of Products, and all related Environmental
Compliance.

     “Effective Date” means December 31,
2007.

     “Encumbrance” or “Encumbrances”
means mortgages, deeds of trust, security interests, pledges, liens, net profits
interests, royalties or overriding royalty interests, other payments out of
production, or other burdens of any nature.

     “Environmental Compliance” means
actions performed during or after Mining Operations to comply with the
requirements of all Environmental Laws or contractual commitments related to
reclamation of the Properties or other compliance with Environmental Laws.

     “Environmental Laws” means Laws
aimed at reclamation or restoration of the Properties; abatement of pollution;
protection of the environment; protection of wildlife, including endangered
species; ensuring public safety from environmental hazards; protection of
cultural or historic resources; management, storage or control of hazardous
materials and substances; releases or threatened releases of pollutants,
contaminants, chemicals or industrial, toxic or hazardous substances as wastes
into the environment, including without limitation, ambient air, surface water
and groundwater; and all other Laws relating to the manufacturing, processing,
distribution, use, treatment, storage, disposal, handling or transport of
pollutants, contaminants, chemicals or industrial, toxic or hazardous substances
or wastes.

     “Environmental Liabilities” means
any and all claims, actions, causes of action, damages, losses, liabilities,
obligations, penalties, judgments, amounts paid in settlement, assessments,
costs, disbursements, or expenses (including, without limitation, attorneys’
fees and costs, experts’ fees and costs, and consultants’ fees and costs) of any
kind or of any nature whatsoever that are asserted against either Member, by any
person or entity other than the other Member, 

3

alleging liability (including, without limitation, liability
for studies, testing or investigatory costs, cleanup costs, response costs,
removal costs, remediation costs, containment costs, restoration costs,
corrective action costs, closure costs, reclamation costs, natural resource
damages, property damages, business losses, personal injuries, penalties or
fines) arising out of, based on or resulting from (i) the presence, release,
threatened release, discharge or emission into the environment of any hazardous
materials or substances existing or arising on, beneath or above the Properties
and/or emanating or migrating and/or threatening to emanate or migrate from the
Properties to off-site properties; (ii) physical disturbance of the environment;
or (iii) the violation or alleged violation of any Environmental Laws.

     “Expansion” or “Modification”
means (i) a material increase in mining or production capacity; (ii) a material
change in the recovery process; or (iii) a material change in waste or tailings
disposal methods. An increase or change shall be deemed “material” if it is
anticipated to cost more than one hundred fifteen percent (115%) of original
capital costs attributable to the Development of the mining or production
capacity, recovery process or waste or tailings disposal facility to be expanded
or modified.

     “Exploration” means all
activities directed toward ascertaining the existence, location, quantity,
quality or commercial value of deposits of Products, including but not limited
to additional drilling required after discovery of potentially commercial
mineralization, and including related Environmental Compliance.

     “Exploration Period” means the
period beginning on the Effective Date and ending on the Operative Date.

     “Feasibility Report” means a
detailed report, in form and substance sufficient for presentation to arm’s
length institutional lenders considering project financing, showing the
feasibility of placing any part of the Property into commercial production as a
Mine and will include a reasonable assessment of the various categories of ore
reserves and their amenability to metallurgical treatment, a complete
description of the work, equipment and supplies required to bring such part of
the Property into commercial production and the estimated cost thereof, a
description of the mining methods to be employed and a financial appraisal of
the proposed operations and including at least the following:

	 	(i) 	
      a description of that part of the Property to be covered
      by the proposed Mine;

	 	 	 
	 	(ii) 	
      the estimated recoverable reserves of Minerals and the
      estimated composition and content thereof;

	 	 	 
	 	(iii) 	
      the proposed procedure for development, mining and
      production;

	 	 	 
	 	(iv) 	
      results of ore amenability treatment tests (if
    any);

	 	 	 
	 	(v) 	
      the nature and extent of the facilities proposed to be
      acquired, which may include mill facilities if the size, extent and
      location of the ore body makes such mill facilities feasible, in which
      event the study will also include a preliminary design for such
    mill;

4

	 	(vi) 	
      the total costs, including capital budget, which are
      reasonably required to purchase, construct and install all structures,
      machinery and equipment required for the proposed Mine, including a
      schedule of timing of such requirements;

	 	 	 
	 	(vii) 	
      all environmental impact studies and costs of
      implementation;

	 	 	 
	 	(viii) 	
      the period in which it is proposed the Property will be
      brought to commercial production; and

	 	 	 
	 	(ix) 	
      such other data and information as are reasonably
      necessary to substantiate the existence of an ore deposit of sufficient
      size and grade to justify development of a mine, taking into account all
      relevant business, tax and other economic considerations including a cost
      comparison between purchasing or leasing and renting of facilities and
      equipment required for the operation of the Property as a
  Mine.

     “Governmental Fees” means all
location fees, mining claim rental fees, mining claim maintenance payments and
similar payments required by Law to locate and hold unpatented mining
claims.

     “Initial Capital Contribution”
means that contribution each Member has made or agrees to make pursuant to
Section 3.1 of the Agreement.

     “Law” or “Laws” means all
applicable federal, state and local laws (statutory or common), rules,
ordinances, regulations, grants, concessions, franchises, licenses, orders,
directives, judgments, decrees, and other governmental restrictions, including
permits and other similar requirements, whether legislative, municipal,
administrative or judicial in nature.

     “Management Committee” means the
committee established under Article XI of the Agreement.

     “Manager” means the party
appointed under Article XII of the Agreement to manage Operations, or any
successor Manager.

     “Member” means Yellowcake or
Strathmore, any permitted successor or assign of Yellowcake or Strathmore, or
any other person admitted as a Member of the Company under this Agreement.

     “Member Information” means all
information, data, knowledge and know-how, in whatever form and however
communicated (including, without limitation, Confidential Information), which,
as shown by written records, was developed, conceived, originated or obtained by
a Member: (a) prior to entering into this Agreement, or (b) independent of its
performance under the terms of this Agreement.

     “Mine” means the workings
established and Assets acquired, including, without limiting generality, plant,
mill, and concentrator installations, utilities, infrastructure, housing, and
other facilities in order to bring the Property into commercial production. 

5

     “Minerals” means any and all ores
(and all concentrates derived therefrom) and minerals, precious and base,
metallic and nonmetallic, in, on or under the Property which may lawfully be
explored for, mined and sold.

     “Mining” means the mining,
extracting, producing, beneficiating, handling, milling or other processing of
Products.

     “Mining Operations” means every kind
of work done by the Manager:

	 	(i) 	
      on or in respect of the Property in accordance with a
      Program or Operating Plan; or

	 	 	 
	 	(ii) 	
      if not provided for in a Program or Operating Plan,
      unilaterally and in good faith to maintain the Property in good standing,
      to prevent waste or to otherwise discharge any obligation which is imposed
      upon it pursuant to this Agreement and in respect of which the Management
      Committee has not given it directions;

including, without limiting generality, investigating,
prospecting, exploring, developing, property maintenance, preparing reports,
estimates and studies, designing, equipping, improving, surveying, construction
and mining, milling, concentrating, rehabilitation, reclamation, and
environmental protection.

     “Mining Operation Program” means
a description in reasonable detail of Mining Operations to be conducted and
objectives to be accomplished by the Manager for a period determined by the
Management Committee as set forth in Article XIV.

     “Net Gain” and Net Loss” means,
except as except as specified below, for each Fiscal Year or other period, the
income or loss of the Company for “book” or “capital account” purposes under
Treas. Reg. §1.704 -1(b)(2)(iv). In particular, but without limitation, for each
Allocation Period, “Net Gain” or “Net Loss” shall mean the Company’s taxable
income or loss for such Allocation Period, determined in accordance with Section
703(a) of the Code (it being understood that for this purpose, all items of
income, gain, loss or deduction required to be stated separately pursuant to
Section 703(a)(1) of the Code shall be included in such taxable income or loss),
with the following modifications:

	 	(i) 	
      income, gain or loss from, and cost recovery,
      amortization or depreciation deductions with respect to, any Book Property
      shall be computed by reference to the value of such Book Property as set
      forth in the books of the Company, all in accordance with the principles
      of Treas. Reg. §1.704-1(b)(2)(iv)(g), notwithstanding that the adjusted
      tax basis of such Book Property differs from such value;

	 	 	 
	 	(ii) 	
      any income of the Company that is exempt from federal
      income tax and not otherwise taken into account in computing Net Gain or
      Net Loss pursuant to this definition shall be included in computing such
      Net Gain or Net Loss;

	 	 	 
	 	(iii) 	
      any expenditures of the Company described in Section
      705(a)(2)(B) of the Code or treated as Section 705(a)(2)(f) expenditures
      pursuant to Treas. Reg. §1.704-

6

	 		
      1(b)(2)(iv)(i) and that are not otherwise taken into
      account in computing Net Gain or Net Loss pursuant to this definition
      shall be treated as items of expense in computing such Net Gain or Net
      Loss;

	 	 	 
	 	(iv) 	
      in the event that the value of any Company property is
      adjusted pursuant to Treas. Reg. §1.704-1(b)(2)(iv)(f), the amount of such
      adjustment shall be taken into account as gain or loss (as the case may
      be) from the disposition of such property for purposes of computing Net
      Gain and Net Loss;

	 	 	 
	 	(v) 	
      to the extent (and only to the extent) that an adjustment
      made to the adjusted tax basis of any Company asset pursuant to Section
      732, Section 734 or Section 743 of the Code is required to be taken into
      account in determining Capital Accounts pursuant to Treas. Reg.
      §1.704-1(b)(2)(iv)(m), the amount of such adjustment shall be treated as
      an item of gain or loss (as the case may be) for purposes of computing Net
      Gain or Net Loss; and

	 	 	 
	 	(vi) 	
      all items of Company gross income, gain, loss, deduction
      or expense for such Allocation Period that are specially allocated
      pursuant to Section 4.2(b) shall be disregarded in computing such taxable
      income or loss (but the amount of such items available for allocation
      under Section 4.2(b) shall be determined by applying rules analogous to
      the modifications set forth in clauses (i) through (v)
  above).

     “Operating Plan” means the annual
plan of Mining Operations submitted pursuant to Section 18.2.

     “Operative Date” means the date
upon which Yellowcake becomes entitled to be vested in the entire eighty percent
(80%) Ownership Interest in the Company. 

     “Option Period” means a period of
time commencing on the Effective Date and terminating either upon the Operative
Date, or such earlier date as this Agreement is terminated prior to the
Operative Date, pursuant to Article III.

     “Ownership Interest” means the
percentage interest representing the ownership interest of a Member in the
Company, and all other rights and obligations arising under this Agreement, as
such interest may from time to time be adjusted hereunder. The initial Ownership
Interests of the Members are set forth in Section 6.1 of the Agreement.

     “Participant” means a Party that
is contributing to Exploration Costs or Mine Costs, as the case may be.

     “Party” or “Parties” means the
Parties to this Agreement and their respective successor and permitted assigns
which become Parties pursuant to this Agreement.

     “Payout” means the date on which
the Equity Account balance of each of the Members has become zero or a negative
number, regardless of whether the Equity Account balance of either or both
Members subsequently becomes a positive number. If one Member’s Equity Account
balance becomes zero or a negative number before the other Member’s, “Payout”
shall 

7

not occur until the date that the other Member’s Equity Account
balance first becomes zero or a negative number.

     “Permit” means any permit,
license, approval or other authorization from any federal, tribal, state or
local governmental or quasi governmental authority.

     “Prime Rate” means the rate of
interest per annum established from time to time by CitiBank as its reference of
interest for the determination of interest rates that the CitiBank will charge
to customers of varying degrees of credit worthiness in the United States for
American Dollar demand loans made by it in the United States and designated by
the CitiBank as its “prime rate”.

     “Products” means all ores, minerals
and mineral resources produced from the Properties.

     “Program” means a work plan and
budget of Mining Operations conducted during the Exploration Period and adopted
pursuant to Section 13.1.

     “Property” means the mineral
property that are subject to this Agreement on or after the Effective Date, any
additional mineral property that become part of the Property pursuant to this
Agreement, the Minerals thereon, all information obtained from Mining Operations
and those rights and benefits appurtenant to the Property that are acquired for
the purpose of conducting Mining Operations. The Property is more specifically
identified in Appendix I. 

     “Proportionate Share” means that
share which is equal to a Member’s Ownership Interest.

     “Royalty” means the royalty referred
to in 8.7 and Exhibit C.

     “Simple Majority” means a
decision made by the Management Committee by more than fifty percent (50%) of
the votes represented and entitled to be cast at a meeting thereof.

     “Special Majority” means a
decision made by the Management Committee by more than sixty-six and six-tenths
percent (66.6%) of the votes represented and entitled to be cast at a meeting
thereof. 

     “$” or Dollar means United States
Dollars.

     “Transfer” means, when used as a
verb, to sell, grant, assign or create an Encumbrance, pledge or otherwise
convey, or dispose of or commit to do any of the foregoing, or to arrange for
substitute performance by an Affiliate or third party, either directly or
indirectly; and, when used as a noun, means such a sale, grant, assignment,
Encumbrance, pledge or other conveyance or disposition, or such an
arrangement.

     “Yellowcake Shares” means nine
million (9,000,000) common shares in the capital stock of Yellowcake Mining
Inc.

8

Execution Copy

EXHIBIT B 
ACCOUNTING PROCEDURES

     The financing and accounting
procedures to be followed by the Manager and the Members under the Agreement are
set forth below. All capitalized terms in these Accounting Procedures shall have
the definition attributed to them in the Agreement, unless defined otherwise
herein.

     The purpose of these Accounting
Procedures is to establish equitable methods for determining charges and credits
applicable to Mining Operations. It is the intent of the Members that neither of
them shall lose or profit by reason of the designation of one of them to
exercise the duties and responsibilities of the Manager. The Members shall meet
and in good faith endeavor to agree upon changes deemed necessary to correct any
unfairness or inequity. In the event of a conflict between the provisions of
these Accounting Procedures and those of the Agreement, the provisions of the
Agreement shall control.

ARTICLE 1
 INTERPRETATION

     1.1 Terms defined in the
Agreement will, subject to any contrary intention, have the same meanings
herein. In this Exhibit the following words, phrases and expressions will have
the following meanings:

	 	(a) 	
      “Agreement” means the Agreement to which this Accounting
      Procedure is attached as Exhibit B.

	 	 	 
	 	(b) 	
      “Count” means a physical inventory count.

	 	 	 
	 	(c) 	
      “Employee” means those employees of the Manager who are
      assigned to and directly engaged in the conduct of Mining Operations,
      whether on a full-time or part-time basis.

	 	 	 
	 	(d) 	
      “Employee Benefits” means the Manager’s cost of holiday,
      vacation, sickness, disability benefits, field bonuses, amounts paid to
      and the Manager’s costs of established plans for employee’s group life
      insurance, hospitalization, pension, retirement and other customary plans
      maintained for the benefit of Employees and Personnel, as the case may be,
      which costs may be charged as a percentage assessment on the salaries and
      wages of Employees or Personnel, as the case may be, on a basis consistent
      with the Manager’s cost experience.

	 	 	 
	 	(e) 	
      “Field Offices” means the necessary sub-office or
      sub-offices in each place where a Program or Construction is being
      conducted or a Mine is being operated.

	 	 	 
	 	(f) 	
      “Government Contributions” means the cost or
      contributions made by the Manager pursuant to assessments imposed by
      governmental authority

	 		
      which are applicable to the salaries or wages of
      Employees or Personnel, as the case may be.

	 	 	 
	 	(g) 	
      “Joint Account” means the books of account maintained by
      the Manager to record all assets, liabilities, costs, expenses, credits
      and other transactions arising out of or in connection with the Mining
      Operations.

	 	 	 
	 	(h) 	
      “Material” means the personal property, equipment and
      supplies acquired or held, at the direction or with the approval of the
      Management Committee, for use in the Mining Operations and, without
      limiting the generality, more particularly “Controllable Material” means
      such Material which is ordinarily classified as Controllable Material, as
      that classification is determined or approved by the Management Committee,
      and controlled in mining operations.

	 	 	 
	 	(i) 	
      “Personnel” means those management, supervisory,
      administrative, clerical or other personnel of the Manager normally
      associated with the Supervision Offices whose salaries and wages are
      charged directly to the Supervision Office in question.

	 	 	 
	 	(j) 	
      “Reasonable Expenses” means the reasonable expenses of
      Employees or Personnel, as the case may be, for which those Employees or
      Personnel may be reimbursed under the Manager’s usual expense account
      practice, as accepted by the Management Committee; including without
      limiting generality, any relocation expenses necessarily incurred in order
      to properly staff the Mining Operations if the relocation is approved by
      the Management Committee.

	 	 	 
	 	(k) 	
      “Supervision Offices” means the Manager’s offices or
      department within the Manager’s offices from which the Mining Operations
      are generally supervised.

ARTICLE 2 
STATEMENTS AND BILLINGS

     2.1 The Manager will, by invoice,
charge each Participant with its Proportionate Share of Exploration Costs and
Mine Costs in the manner provided in the Agreement.

     2.2 The Manager will deliver,
with each invoice rendered for Costs incurred a statement indicating:

	 	(a) 	
      all charges or credits to the Joint Account relating to
      Controllable Material; and

	 	 	 
	 	(b) 	
      all other charges and credits to the Joint Account
      summarized by appropriate classification indicative of the nature of the
      charges and credits.

2

     2.3 The Manager will deliver with
each invoice for an advance of Costs a statement indicating:

	 	(a) 	
      the estimated Exploration Costs or, in the case of Mine
      Costs the estimated cash disbursements, to be made during the next
      succeeding month;

	 	 	 
	 	(b) 	
      the addition thereto or subtraction there from, as the
      case may be, made in respect of Exploration Costs or Mine Costs actually
      having been incurred in an amount greater or lesser than the advance which
      was made by each Participant for the penultimate month preceding the month
      of the invoice; and

	 	 	 
	 	(c) 	
      the advances made by each Participant to date and the
      Exploration Costs or Mine Costs incurred to the end of the penultimate
      month preceding the month of the invoice.

ARTICLE 3
 DIRECT CHARGES

     3.1 The Manager will charge the Joint
Account with the following items:

	 	(a) 	
      Contractor’s Charges: All costs directly relating to the
      Mining Operations incurred under contracts entered into by the Manager
      with third Parties.

	 	 	 	 
	 	(b) 	
      Labour Charges:

	 	 	 	 
	 		(i) 	
      The salaries and wages of Employees in an amount
      calculated by taking the full salary or wage of each Employee multiplied
      by that fraction which has as its numerator the total time for the month
      that the Employees were directly engaged in the conduct of Mining
      Operations and as its denominator the total normal working time for the
      month of the Employee;

	 	 	 	 
	 		(ii) 	
      the Reasonable Expenses of the Employees; and

	 	 	 	 
	 		(iii) 	
      Employee Benefits and Government Contributions in respect
      of the Employees in an amount proportionate to the charge made to the
      Joint Account in respect to their salaries and wages.

	 	 	 	 
	 	(c) 	
      Office Maintenance:

	 	 	 	 
	 		(i) 	
      The cost or a pro rata portion of the costs, as the case
      may be, of maintaining and operating the Field Offices and the Supervision
      Offices. The basis for charging the Joint Account for such maintenance
      costs will be as follows:

3

	 	(A) 	
      the expense of maintaining and operating Field Offices,
      less any revenue there from; and

	 	 	 	 
	 	(B) 	
      that portion of maintaining and operating the Supervision
      Offices which is equal to

	 	 	 	 
	 		(I) 	
      the anticipated total operating expenses of the
      Supervision Offices

	 	 	 	 
	 			
      divided by

	 	 	 	 
	 		(II) 	
      the anticipated total staff man days for the Employees
      whether in connection with the Mining Operations or not;

	 	 	 	 
	 			
      multiplied by

	 	 	 	 
	 		(III) 	
      the actual total time spent on the Mining Operations by
      the Employee expressed in man days.

	 	(ii) 	
      Without limiting the generality, the anticipated total
      operating expenses of the Supervision Offices will include:

	 	 	 	 
	 		(A) 	
      the salaries and wages of the Manager’s Personnel which
      have been directly charged to the Supervision Offices;

	 	 	 	 
	 		(B) 	
      the Reasonable Expense of the Personnel; and

	 	 	 	 
	 		(C) 	
      Employee Benefits.

	 	 	 	 
	 	(iii) 	
      The Manager will make an adjustment in respect of the
      Office Maintenance cost forthwith after the end of each Operating Year
      upon having determined the actual operating expenses and actual total
      staff man days referred to in clause 3.1(c)(i)(B) of this Exhibit
      B.

	 	(d) 	
      Material: Material purchased or furnished by the
      Manager for use on the Property as provided under Section 4 of this
      Exhibit B

	 	 	 	 
	 	(e) 	
      Transportation Charges: The cost of transporting
      Employees and Material necessary for the Mining Operations.

	 	 	 	 
	 	(f) 	
      Service Charges:

	 	 	 	 
	 		(i) 	
      The cost of services and utilities procured from outside
      sources other than services covered by paragraph 3.1(h). The cost of
      consultant services will not be charged to the Joint
  Account

4

	 			unless the retaining of the consultant is approved in
      advance by the Management Committee; and
	 	 	 	 
	 		(ii) 	
      Use and service of equipment and facilities furnished by
      the Manager as provided in Subsection 4.4 of this Exhibit
  B.

	 	 	 	 
	 	(g) 	
      Damages and Losses to Joint Property: All costs
      necessary for the repair or replacement of Assets made necessary because
      of damages or losses by fire, flood, storms, theft, accident or other
      cause. If the damage or loss is estimated by the Manager to exceed
      $10,000, the Manager will furnish each Participant with written
      particulars of the damages or losses incurred as soon as practicable after
      the damage or loss has been discovered. The proceeds, if any, received on
      claims against any policies of insurance in respect of those damages or
      losses will be credited to the Joint Account.

	 	 	 	 
	 	(h) 	
      Legal Expense: All costs of handling,
      investigating and settling litigation or recovering the Assets, including,
      without limiting generality, attorney’s fees, court costs, costs of
      investigation or procuring evidence and amounts paid in settlement or
      satisfaction of any litigation or claims; provided, however, that, unless
      otherwise approved in advance by the Management Committee, no charge will
      be made for the services of the Manager’s legal staff or the fees and
      expenses of outside solicitors.

	 	 	 	 
	 	(i) 	
      Taxes: All taxes, duties or assessments of every
      kind and nature(except income taxes) assessed or levied upon or in
      connection with the Property, the Mining Operations thereon, or the
      production there from, which have been paid by the Manager for the benefit
      of the Parties.

	 	 	 	 
	 	(j) 	
      Insurance: Net premiums paid for

	 	 	 	 
	 		(i) 	
      such policies of insurance on or in connection with
      Mining Operations as may be required to be carried by law; and

	 	 	 	 
	 		(ii) 	
      such other policies of insurance as the Manager may carry
      for the protection of the Parties in accordance with the Agreement;
    and

	 	 	 	 
	 		
      the applicable deductibles in event of an insured
      loss.

	 	 	 	 
	 	(k) 	
      Rentals: Fees, rentals and other similar charges
      required to be paid for acquiring, recording and maintaining permits,
      mineral claims and mining leases and rentals and royalties which are paid
      as a consequence of the Mining Operations.

	 	 	 	 
	 	(l) 	
      Permits: Permit costs, fees and other similar
      charges which are assessed by various governmental agencies.

	 	 	 	 
	 	(m) 	
      Other Expenditures: Such other costs and expenses
      which are not covered or dealt with in the foregoing provisions of this
      Subsection 3.1 of this

5

Exhibit B as are incurred with
the approval of the Management Committee for Mining Operations or as may be
contemplated in the Agreement.

ARTICLE 4 
PURCHASE OF MATERIAL

     4.1 Subject to Subsection 4.4 of
this Exhibit B the Manager will purchase all Materials and procure all services
required in the Mining Operations.

     4.2 Materials purchased and
services procured by the Manager directly for the Mining Operations will be
charged to the Joint Account at the price paid by the Manager less all discounts
actually received.

     4.3 Any Participant may sell
Material or services required in the Mining Operations to the Manager for such
price and upon such terms and conditions as the Management Committee may
approve.

     4.4 Notwithstanding the foregoing
provisions of this Section 4, the Manager, after having obtained the prior
approval of the Management Committee, will be entitled to supply for use in
connection with the Mining Operations equipment and facilities which are owned
by the Manager and to charge the Joint Account with such reasonable costs as are
commensurate with the ownership and use thereof.

ARTICLE 5 
DISPOSAL OF MATERIAL

     5.1 The Manager, with the
approval of the Management Committee may, from time to time, sell any Material
which has become surplus to the foreseeable needs of the Mining Operations for
the best price and upon the most favourable terms and conditions available.

     5.2 Any Participant may purchase
from the Manager any Material which may from time to time become surplus to the
foreseeable need of the Mining Operations for such price and upon such terms and
conditions as the Management Committee may approve.

     5.3 Upon termination of the
Agreement, the Management Committee may approve the division of any Material
held by the Manager at that date, which Material may be taken by the
Participants in kind or be taken by a Participant in lieu of a portion of its
Proportionate Share of the net revenues received from the disposal of the Assets
and Property. If the division to a Participant be in lieu, it will be for such
price and on such terms and conditions as the Management Committee may
approve.

     5.4 The net revenues received
from the sale of any Material to third Parties or to a Participant will be
credited to the Joint Account.

6

ARTICLE 6 
INVENTORIES

     6.1 The Manager will maintain
records of Material in reasonable detail and records of Controllable Material in
detail.

     6.2 The Manager will perform
Counts from time to time at reasonable intervals, and in any event at the end of
each calendar year. The independent external auditor of the Manager will be
given reasonable notice of each Count, and will be given the opportunity to
attend the Count.

     6.3 Forthwith after performing a
Count, the Manager will reconcile the inventory with the Joint Account. The
Manager will not be held accountable for any shortages of inventory except such
shortages as may have arisen due to a lack of diligence on the part of the
Manager.

ARTICLE 7 
ADJUSTMENTS

     7.1 Payment of any invoice by a
Participant will not prejudice the right of that Participant to protest the
correctness of the statement supporting the payment; provided, however, that all
invoices and statements presented to each Participant by the Manager during any
calendar year will conclusively be presumed to be true and correct upon the
expiration of 12 months following the end of the calendar year to which the
invoice or statement relates, unless within that 12 month period that
Participant gives notice to the Manager making claim on the Manager for an
adjustment to the invoice or statement.

     7.2 The Manager will not adjust
any invoice or statement in favour of itself after the expiration of twelve (12)
months following the end of the calendar year to which the invoice or statement
relates,

     7.3 Notwithstanding Subsections
7.1 and 7.2 of this Exhibit B, the Manager may make adjustments to an
invoice or statement which arises out of a Count of Material or Assets within
sixty (60) days of the completion of the Count.

     7.4 A Participant will be
entitled upon notice to the Manager to request that the independent external
auditor of the Manager provide that Participant with its opinion that any
invoice or statement delivered pursuant to the Agreement in respect of the
period referred to in Subsection 7.1 of this Exhibit B has been prepared in
accordance with this Agreement.

     7.5 The time for giving the audit
opinion contemplated in Subsection 7.4 of this Exhibit B will not extend the
time for the taking of exception to and making claims on the Manager for
adjustment as provided in Subsection 7.1 of this Exhibit B.

     7.6 The cost of the auditor’s
opinion referred to in Subsection 7.4 of this Exhibit B will be solely
for the account of the Participant requesting the auditor’s opinion, unless the
audit disclosed a material error adverse to that Participant, in which case the
cost will be solely for the account of the Manager.

7

     7.7 Upon not less than ten (10)
business days’ notice to the Manager, and no more frequently than twice during
the currency of each Operating Plan, a Participant will be entitled to inspect
the Joint Account, at the location(s) where such records are normally kept. All
costs incurred in carrying out such inspection will be borne by the Participant.
All disagreements or discrepancies identified by the Participant will be
referred to the independent external auditor for final resolution.

8

EXHIBIT C
 ROYALTY

	1. 	
      OBLIGATION

	 	 	 	 
		1.1 	
      In accordance with Section 8.7, Yellowcake will pay
      Strathmore, a three percent (3%) Royalty on Yellowcake’s share of uranium
      extracted from the Property after the Completion Date, which Royalty will
      be calculated in accordance with this Exhibit C.

	 	 	 	 
		1.2 	
      In the event any Ownership Interest has been diluted to a
      three percent (3%) Royalty pursuant to Section 15.5, that Royalty will be
      calculated in accordance with this Exhibit C.

	 	 	 	 
		1.3 	
      Yellowcake will within sixty (60) days of the end of each
      calendar quarter, as and when any Royalty is available for
      distribution:

	 	 	 	 
			(a) 	
      pay or cause to be paid to Strathmore the Royalty;
    and

	 	 	 	 
			(b) 	
      deliver to Strathmore a statement indicating the amount
      of the Royalty to which that Strathmore is entitled;

	 	 	 	 
		1.4 	
      The Parties agree that on the request of Strathmore, they
      will execute and deliver such documents as may be necessary to permit
      Strathmore to record its Royalty right against the Property.

	 	 	 	 
	2. 	
      ROYALTY

	 	 	 	 
		2.1 	
      “Royalty” means the net amount of money received by
      Yellowcake for its own account from the sale of uranium ore from the
      Property to a smelter or other ore buyer after deduction of the total of
      the following:

	 	 	 	 
			(a) 	
      any smelter and/or refining charges;

	 	 	 	 
			(b) 	
      government imposed production and ad valorem taxes
      (excluding taxes on income);

	 	 	 	 
			(c) 	
      ore treatment charges, penalties and any and all charges
      made by the purchaser of ore or concentrates;

	 	 	 	 
			(d) 	
      any and all transportation and insurance costs which may
      be incurred in connection with the transportation of ore or concentrates;
      and

	 	 	 	 
			(e) 	
      all umpire charges which Yellowcake may be required to
      pay.

	 	 	 	 
		2.2 	
      Payment of Royalty will be made quarterly within
      forty-five (45) days after the end of each fiscal quarter of the Mine and
      will be accompanied by unaudited financial statements pertaining to the
      Mining Operations carried out on the

	 		
      Property. Within ninety (90) days after the end of each
      fiscal year the records relating to the calculation of Royalty for such
      year will be audited by the Manager’s external independent auditor and any
      resulting adjustments in the payment of Royally payable to Strathmore will
      be made forthwith. A copy of the said auditor’s report and accompanying
      financial information will be delivered to Strathmore within thirty (30)
      days of the end of such ninety (90) day period.

	 	 	 
	 	2.3 	
      Each annual audit will be final and not subject to
      adjustment unless Strathmore delivers to the Participant written
      exceptions in reasonable detail within six months after Strathmore
      receives the report. Strathmore, or its representative duly authorized in
      writing, at its expense, will have the right to audit the books and
      records of Yellowcake related to Royalty to determine the accuracy of the
      report, but will not have access to any other books and records of
      Yellowcake. The audit will be conducted by a chartered or certified public
      accountant of recognized standing. Yellowcake will have the right to
      condition access to its books and records on execution of a written
      agreement by the auditor that all information will be held in confidence
      and used solely for purposes of audit and resolution of any disputes
      related to the report. A copy of Strathmore’s report will be delivered to
      Yellowcake upon completion, and any discrepancy between the amount
      actually paid by Yellowcake and the amount which should have been paid
      according to Strathmore’s report will be paid forthwith, one Party to the
      other. In the event that the said discrepancy is to the detriment of
      Strathmore and exceeds five percent (5%) of the amount actually paid by
      Yellowcake, then Yellowcake will pay the entire cost of the
  audit.

	 	 	 
	 	2.4 	
      No error in accounting or calculation of the Royalty will
      be the basis for a claim of breach of fiduciary duty, or the like, or give
      rise to a claim for exemplary or punitive damages or for termination or
      rescission of the Agreement or the estate and rights in the Property and
      Assets acquired and held by the Parties under the terms of the
      Agreement.

	YELLOWCAKE MINING
      INC., 	 	STRATHMORE RESOURCES
      (U.S.) LTD, 
	a Nevada corporation
    	 	a Nevada corporation
  
	 	  	 	 	  
	 	  	 	 	  
	 	  	 	 	  
	By 		 	By 	
	Its 		 	Its 	

2

EXHIBIT D
 INSURANCE

Commencing on the Effective Date, the Management Committee will
cause the Manager to place and maintain with a reputable insurer or insurers
such insurance, if any, as the Management Committee in its discretion deems
advisable in order to protect the Parties together with such other insurance as
any Participant may by notice reasonably request. The Manager will, upon the
written request of any Participant, provide it with evidence of that insurance.
This requirement will not preclude any Party from placing, for its own account
insurance for greater or other coverage than that placed by the Manager.Filed by Automated Filing Services Inc. (604) 609-0244 - Yellowcake Mining Inc. - Exhibit 10.2

JEEP PROJECT TERMINATION AGREEMENT

THIS AGREEMENT (the “Agreement”) is made as of April 21,
2008.

BETWEEN:

STRATHMORE RESOURCES (US) LTD.,
a Nevada corporation, with an 
address at 2420 Watt Court Riverton, Wyoming,
82501

(“Strathmore”)

AND:

YELLOWCAKE MINING INC., a
Nevada corporation, with an address at 200-
8275 South Eastern Avenue, Las
Vegas, NV 89123

(“Yellowcake”)

WHEREAS:

	A. 	
      Strathmore and Yellowcake entered into an option and
      joint venture agreement regarding the Jeep Project, dated July 31, 2007
      (the “JV Agreement”); and

	 	 
	B. 	
      the parties wish to terminate the JV Agreement on the
      terms and subject to the conditions of this
Agreement;

NOW, THEREFORE, in consideration of the mutual covenants
and agreements contained herein, and other good and valuable consideration the
parties agree as follows:

	1. 	
      The JV Agreement and the obligations of the parties
      thereunder are hereby terminated effective as of the date of this
      Agreement and neither of the parties thereunder shall have any further
      obligation under the JV Agreement with respect to the properties referred
      to thereunder or otherwise to the other party thereto.

	 	 
	2. 	
      Each party shall execute and deliver all such further and
      other agreements, assurances, undertakings, acknowledgments and documents,
      cause such meetings to be held, resolutions passed and to do or cause to
      be done and perform all acts or things necessary or desirable to give full
      effect to the provisions of this Agreement.

	 	 
	3. 	
      This Agreement shall enure to the benefit of and be
      binding upon the parties and their respective heirs, successors, personal
      representatives and permitted assigns.

	 	 
	4. 	
      This Agreement may be executed in counterparts and
      delivered via facsimile or other electronic
means.

- 2 -

	5. 	
      This Agreement will be governed by and construed in
      accordance with the laws of the Province of British Columbia and the laws
      of Canada applicable in that Province and will be treated, in all
      respects, as a British Columbia contract.

[Remainder of page left intentionally blank]

- 3 -

	7. 	
      This Agreement may only be modified or amended by a
      written document signed by each party to this
Agreement.

EXECUTED as of the date first written above.

STRATHMORE RESOURCES (US) LTD.

	By: 	/s/ David Miller	 
	Name:	David Miller 	 
	Title: 	Chief Executive Officer 	 

YELLOWCAKE MINING INC

	By: 	/s/ William Tafuri	 
	Name: 	William Tafuri 	 
	Title: 	President, Secretary and
      Treasurer

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