Document:

ex4-25.htm

    
      

      

    

    EXHIBIT 4.25

    

    URANIUM
LEASE and

    SURFACE
AND DAMAGE AGREEMENT

    

    This
Uranium Lease and Surface and Damage Agreement (this “Agreement”) is made
and entered into between M J Ranches, a Wyoming Corporation, (“Lessor” and “Owner”) whose address
is 550 Garrett Road, Garrett, Wyoming, 82058, and 448018 Exploration Inc., a
Nevada Corporation, (“Lessee”) with offices
at Suite 1240-1140 West Pender Street, Vancouver, British Columbia, Canada, V6E
4G1.

     

    RECITALS

     

    A.           Owner
owns certain mineral interests in Albany County, Wyoming, more particularly
described on the attached Exhibit A
(hereinafter the “Mineral
Estate”).

     

    B.           Owner
owns the surface estate in Albany County, Wyoming, more particularly described
on the attached Exhibit B
(hereinafter the “Fee
Lands”).

     

    C.           Owner
holds certain rights in the surface estate of the federal lands in Albany
County, Wyoming, more particularly described on the attached Exhibit C
(hereinafter the “Federal Grazing
Lands”).

     

    D.           Owner
holds certain rights in the surface estate of certain adjacent lands owned by
the State of Wyoming (hereinafter the “State Grazing Lands”)
and Lessee holds a mining lease for the mineral estate under the State Grazing
Lands.  Owner and Lessee have entered into a Surface Impact Agreement
of even date herewith providing for access and other considerations for the
State Grazing Lands.

     

    E.           Lessee
desires to lease from Owner, and Owner desires to lease to Lessee, a portion of
the Mineral Estate as described herein under the terms and conditions set forth
herein.

     

    F.           Lessee
desires to utilize portions of the Fee Lands to access the Leased Minerals (as
hereinafter defined) and to access Lessee’s federal unpatented mining claims
under a portion of the Fee Lands and the Federal Grazing Lands, and certain
other lands in the vicinity of the Fee Lands and Federal Grazing Lands
(hereinafter, “Area
Lands”), and Owner desires to grant such right to Lessee under the terms
and conditions set forth herein.

     

    G.           Owner
and Lessee desire to set forth their agreements and understandings regarding
Lessee’s exploration and development of the Leased Minerals and Lessee’s mining
claims, mining leases and other mineral interests in the Federal Grazing Lands,
State Grazing Lands and other Area Lands, use of the Fee Lands and compensation
for certain impacts, damages and inconveniences to Owner resulting from such
exploration and development.

     

    AGREEMENT

     

    In
consideration of the terms, conditions, covenants, consideration and agreement
contained herein, it is agreed as follows:

     

    1.           
Uranium Lease.
  For and in consideration of Five Dollars ($5) multiplied by
five years,

     

    

    
      
        
           

        

        
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    and
multiplied by the number of acres described in Exhibit A, (to be
considered “Advance
Royalty”), as full payment in advance for the first five year term; plus
Fifty Thousand Dollars ($50,000) lump sum bonus payment (“Bonus Payment”) and
other good and valuable consideration, the receipt of which is hereby
acknowledged, and the mutual covenants contained herein, Lessor hereby grants
and leases (this “Lease”) exclusively
unto Lessee all uranium, molybdenum, vanadium, and other fissionable source
materials (“Leased
Minerals”) on or under the Mineral Estate now owned by Lessor as
described on attached Exhibit
A.   The Advance Royalty shall be paid on execution of
this Agreement in advance for each year of the first five year
term.

     

    a.           Term -  This Lease
is granted for an initial term of five (5) years from and after the date hereof,
with two (2) optional extensions of five (5) years each available, for a total
of fifteen (15) years maximum lease term.  On or before the sixth (6)
anniversary date thereof, Lessee may extend this Lease for five (5) years by
paying to Lessor payments in the same amount as the original Advance Royalty and
Bonus Payment, adjusted for inflation as outlined in Paragraph 7e.

     

    Upon the
expiration of the initial & first five (5) year term extension, Lessee shall
have the right to extend the Lease for an additional five (5) year term, by
paying to Lessor rentals in the same amount as the original Advance Royalty and
Bonus Payment, adjusted for inflation as outlined in Paragraph
7­­e.

     

    This Lease is also granted for a
continuing term as long after the initial or secondary term as any mining,
development or processing or restoration is being conducted hereunder on a
continuous basis.  Such operations shall be deemed conducted on a
continuous basis unless and until, after the end of the initial or secondary
term, a period of three hundred sixty-five (365) consecutive days elapses in
which no such operations are conducted, excluding periods of force
majeure.

     

    b.           Royalty -  If
solutions mined by Lessee from the Leased Minerals are processed by or for
Lessee for the recovery of uranium, Lessor reserves a royalty based upon the
Sales Price (as defined below) for the contained U308 or uranium in any other
form recovered in a milling or processing facility from minerals mined or
removed from the Leased Minerals. Lessor will receive Five Percent (5%) of the
Sales Price of the uranium in the form of yellowcake (U308) recovered from
solutions removed from the premises by Lessee, if the Sales Price of the
yellowcake is less than fifty dollars per pound ($50/lb).  Lessor will
receive Six Percent (6%) of the Sales Price of the uranium in the form of
yellowcake (U308) recovered from solutions removed from the premises by Lessee,
if the Sales Price of the yellowcake is equal to or greater than fifty dollars
per pound ($50/lb).  The amount of yellowcake recovered from solutions
mined and removed from the Leased Minerals shall be determined on the basis of
assays of samples of such solutions, volume of such solutions, and the average
recovery percentage of the mill during the month in which the solution is
processed.  The “Sales Price” for the
yellowcake shall be determined by the actual sales price received by Lessee in
an arms-length transaction from the smelter or other purchaser.

     

    If solutions mined by Lessee from the
premises are not processed for the recovery of uranium but are processed by or
for Lessee for the recovery, in concentrate form, of a Leased

     

    

    
      
        
           

        

        
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    Mineral
other than uranium, Lessor reserves the royalty of five percent (5%) of the
purchase price received by Lessee through an arms-length transaction from the
smelter or other purchaser.

     

    Payment of royalties shall be made by
Lessee’s check mailed or delivered within twenty-five (25) days after the end of
the month in which Lessee receives payment of the purchase price for yellowcake
or concentrates of other subject minerals sold by it and for which royalty is
payable hereunder.

     

    Each payment shall be accompanied by a
statement showing weights and values of yellowcake or concentrates of other
subject minerals sold or deemed to be sold during the period for which payment
is made.

     

    c.           Advance Royalty – Ten years
from the date hereof, Lessee shall have the right to withhold all royalty
payments due on production until such time as Lessee has fully recovered any
Advance Royalty payments that Lessee has made to Lessor.

     

    d.           Uranium Resource Data – At
termination of this Lease, Lessee will provide Lessor with a complete copy of
all data available to Lessee related to the potential uranium resources on the
Fee Lands.

     

    e.           Sampling, Assay, and
Analysis.  Any determination of weight, volume, moisture
content, amenability, or pay metal or mineral content of materials containing
Leased Minerals, and any sampling and analysis of materials containing Leased
Minerals by Lessee, shall be binding upon Owner if made in accordance with sound
mining and metallurgical practices and standard sampling and analysis procedures
prevailing in the mining and milling industry.

     

    f.           Ore Processing.  All
determinations with respect to:  (a) whether ore will be
beneficiated, processed or milled by Lessee or sold in a raw state, (b) the
methods of beneficiating, processing or milling any such ore, (c) the
constituents to be recovered therefrom, and (d) the purchasers to whom any
ore, minerals or mineral substances may be sold, shall be made by Lessee in its
commercially reasonable discretion.

     

    g.           Waste Rock, Spoil and
Tailings.  The ore, mine waters, leachates, pregnant liquors,
pregnant slurries, and other products or compounds of metals or minerals derived
from the Leased Minerals shall be the property of Lessee subject to applicable
royalties.  Lessee shall not be liable for mineral values lost in
mining or processing if such mining or processing is consistent with sound
mining and metallurgical engineering practices.  The royalty provided
for in Paragraph 1b shall be payable only on metals, ores, or minerals recovered
prior to the time spoil, or other mine waste and residue are first disposed of
as such, and such waste and residue shall be the sole property of
Lessee.  Lessee shall have the sole right to dump, deposit, sell,
dispose of, reinject, or reprocess such spoil, or other mine wastes and
residues, and except for applicable royalties, Owner shall have no claim or
interest therein or in or to proceeds or mineral values recovered
therefrom.

     

    2.           Right of Way. Owner grants
Lessee, its employees and designated agents, a private, limited right of way to
enter upon and use the Fee Lands described to survey, explore, prospect, drill,
develop, mine by in-situ leaching methods only, not underground or open pit
methods,

     

    

    
      
        
           

        

        
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    store,
process, remove, ship and market any subject minerals; the right to construct
and use buildings, lined solution ponds, leach pads and leachate collection
facilities, pipelines, exploration, injection and production wells, workings,
roads, power lines, communication lines and any other improvements; and the
right to conduct all other operations necessary, convenient or incidental to the
rights of Lessee hereunder. Notwithstanding any other provisions of this
agreement, the rights granted to Lessee shall be limited to operations relating
to the exploration, drilling and in-situ production of the Leased Minerals. No
exploration, drilling, or production operation for any other mineral shall be
conducted by Lessee on the Fee Lands unless Lessee and Owner enter into a
separate agreement for such operations.

     

    3.           Rights to Benefit Other
Property.  The rights granted to Lessee in this Agreement to
use the Fee Lands, and to construct and use buildings, roads, power and
communication lines, lined solution ponds, leach pads and leachate collection
facilities, pipelines, injection and production wells, workings and other
improvements located in, on or under the Fee Lands, including water rights and
other appurtenances thereto, may be exercised by Lessee in connection with
mineral rights in Area Lands, Federal Grazing Lands and State Grazing Lands
which are acquired by or leased to Lessee from third parties, or which are
otherwise controlled by Lessee, as well as in connection with the Fee Lands and
Leased Minerals leased by Owner to Lessee hereunder.  This Agreement
shall also confer upon Lessee and any person conducting the exploitation of a
mineral estate in Area Lands with, for or on behalf of Lessee, the right to use
any portion of the Fee Lands and the right to access across the Fee Lands in
connection with the exploitation of the mineral estate in Area
Lands.

     

    4.            Plan of
Development.   At least six (6) weeks prior to the
commencement of exploration activity, and no less than annually thereafter,
Lessee and Owner shall meet at a mutually agreeable time and place and discuss
Lessee’s plan of exploration or plan of development (each, a “Plan”) for the coming
twelve (12) month period.  Owner shall provide to Lessee the location
of any sensitive areas or anticipated operations as soon as reasonably possible
in order for Lessee to prepare a reasonable Plan.  The Plan shall
contain reasonable detail regarding drilling targets, facility and road
construction locations and areas for stockpiling materials and equipment so that
Lessee and Owner can consult with one another to make any necessary
modifications to such Plan or Owner’s operations so that the activities of each
party may proceed without undue interference from one another.  It is
the intent of Lessee and Owner to utilize these meetings to work together, in a
spirit of cooperation, to minimize disruptions to each party’s activities on the
Fee Lands.

     

    a.           Roads.  To the
extent possible, Lessee will use existing roads or two-track, unimproved roads
on the surface of the Fee Lands for its operations. New all weather roads will
be constructed only when necessary, and any new roads on Owner’s lands shall be
limited to twenty (20) feet in width for the actually traveled road bed,
together with a reasonable width, not to exceed fifteen (15) feet from the
centerline of the actually traveled road bed, for fills, shoulders and
crosses.  If a new all weather road is constructed on the Fee Lands,
only gravel and not scoria shall be utilized, the entry to that road will be
locked if requested by Owner, and access controlled for use only by Lessee and
Owner. Lessee shall keep all all-weather roads used by Lessee in good order and
repair and immediately repair any road damaged by Lessee’s
operations.  Lessee will not fence any access roads without the prior
written consent of Owner.

     

    

    
      
        
           

        

        
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    b.           Pipeline and
Powerlines.  Lessee shall provide Owner with an as built survey
plat or CAD drawings showing the location of all pipelines, power lines and
gathering systems twice each year. All pipelines and gathering systems located
by Lessee on the Fee Lands, but outside of designated production units set forth
in a Plan, or as otherwise agreed by Owner and Lessee, shall be buried to the
depth of at least four (4) feet below the surface.  Owner shall have
the right to connect to and use, providing such use is separately metered, the
power lines constructed by Lessee on the Fee Lands.  Upon termination
of this Agreement and after any reclamation period hereunder, pipelines not
removed by Lessee shall revert to the Owner. If a pipeline, power line or
gathering system is to be installed by Lessee, Lessee will locate the pipeline,
power line and gathering system in a manner so as to not unreasonably interfere
with Owner’s operations or cause undue damage to the Fee Lands.  The
annual discussion of a Plan should include Lessee’s planned use of roads on the
Fee Lands.  All pipelines not already removed from the Fee Land shall
be purged within one year after abandonment.

     

    c.           Equipment and Materials
Storage.  During consultation on a Plan, Lessee and Owner shall
confer and agree on locations for Lessee to store equipment, materials and
supplies on the Fee Lands, with the intent to minimize interference with Owner’s
activities on the Fee Lands.  During lambing and calving seasons,
Lessee and Owner will maintain close contact in an effort to determine the
locations where lambing and/or calving is expected to occur and to minimize
disruption of these birthing events.

     

    d.           Locations.  During
consultation on a Plan, Lessee and Owner shall confer, and if possible agree, on
reasonable well locations on the Fee Lands, in order to place such wells as far
as reasonably possible from any currently used residence, house, barn, corral,
feedlot, windmill, water well, or spring on the Fee Lands.  Unless
otherwise agreed by Owner, no housing, or dwelling unit shall be constructed or
placed by Lessee on the Fee Lands.  When discussing exploration well
locations, Owner and Lessee shall confer to determine if Owner desires new water
sources in the area scheduled for exploration drilling under a
Plan.  At Owner’s request, and if water is found, Lessee shall cement
one well that Lessee deems unsuitable for mineral production or mining
operations (if any and if water bearing) in such area up to a water producing
level and turn such well over to Owner.

     

    e.           Maintenance and Condition of
Property.   Lessee shall at all times keep the mine sites,
road rights-of-way, and other areas used or disturbed by Lessee safe and in good
order, free of weeds, litter, equipment, supplies and debris. Lessee shall not
permit the unlawful release or discharge of any products or toxic or hazardous
chemicals or wastes on the Fee Lands. Lessee shall maintain existing and newly
constructed all weather roads used by Lessee to the reasonable satisfaction of
Owner, which maintenance shall include when necessary graveling, blading,
spraying for weeds and dust control.  Except for temporary facilities,
all visible facilities placed on the property by Lessee shall be painted in
earth tones consistent with the surrounding area.

     

    f.           Consolidation.   Whenever
possible, Lessee will consolidate its facilities for as many wells as practical,
locating in-coming power at a central point and constructing all low-voltage
power lines underground and as reasonably practicable, placing all roads, power
lines, and pipelines in the same corridor.

     

    

    
      
        
           

        

        
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    g.           Dry Hole.    If
an exploration or development well is determined by Lessee to not be useful for
production or development purposes, or upon cessation of production, Lessee
shall reclaim, plug and abandon the well as required by applicable law and
regulations.

     

    h.           Livestock, Gates, Cattleguards and
Fences.   Lessee shall pay Owner the fair market value of
any livestock killed or injured as a result of operations. No fences,
cattleguards or other improvements shall be cut or damaged by Lessee without the
prior written consent of Owner and the payment of additional damages or the
institution of other safeguards to protect the rights and property of the
Owner.  Lessee shall keep all gates in the “as found” condition,
either opened or closed.  Lessee shall be responsible for all costs
associated with herding and recapturing livestock which may escape through
fences which are damaged by Lessee or which escape through openings in fences or
gates left open due to the actions of Lessee or its agents.  Any
livestock herding, recapturing, or sorting required as a result of Lessee’s
activities shall be compensated at the rate of $40.00 per person per hour for a
maximum of $2000.00 per incident.  If any pasture historically used
for livestock is substantially unusable because of Lessee’s activities, or
Owner’s livestock cannot access adequate food or water, then Lessee shall either
adjust its operations to enable livestock to have access to adequate food and
water or fairly and reasonably compensate Owner to temporarily locate Owner’s
livestock to the nearest adequate pasture.  Lessee shall construct
stock-tight fences around any dangerous area, including any drilling
pits.  All cattleguards, metal gates, and fences installed by Lessee
shall be kept clean and in good repair. On all roads used by Lessee, Lessee
shall install metal gates unless Owner requests cattleguards with metal
gates.  Lessee and Owner shall use consultation for a Plan to avoid or
minimize damages or interference with Owner’s livestock operations and
facilities.

     

    5.           Termination of Rights. Unless
sooner terminated due to a default by Lessee, the rights granted by Owner to
Lessee shall terminate when Lessee has ceased uranium mining operations on the
Leased Minerals, or from the Federal Grazing Lands, State Grazing Lands or any
lands pooled under Paragraph 9 for a period of time exceeding 12
months.  Uranium mining operations shall include the process of
reclamation under state or federal law and pursuant to Paragraph 3.

     

    6.           Non-exclusive
Rights.  The rights granted by Owner to Lessee are
non-exclusive, and Owner reserves the right to use all access roads and all
surface and subsurface uses of the Fee Lands. Owner reserve the right to grant
successive easements, rights of way thereon or across, and leases of minerals
other than those contained within this Agreement, on such terms and conditions
as Owner deems appropriate, provided that such rights shall be subordinate to
the rights granted hereunder, and Owner shall not grant any such rights that
would affect any facility or area for exploration or development identified and
agreed to in a Plan under Paragraph 3.  Owner shall consult with
Lessee regarding any threat of condemnation and Lessee shall cooperate with
Owner to help negotiate any easement or right-of-way that is under threat of
condemnation to locate such easement or right-of-way so as to not unreasonably
interfere with Lessee’s operations.

     

    
      	
              7.

            	
              Rental, Damage and
      Inconvenience Payments.  The following
      payments will be made by Lessee:

            

    

     

     a.           Five (5) Year
Rental:  Immediately upon the signing of this agreement,
Lessee

     

    

    
      
        
           

        

        
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    shall pay
to Owner the sum of Five Dollars ($5), multiplied by five years, multiplied by
the number of acres described in Exhibits B and C as full payment for
the first five year term.

     

    As
provided in Paragraph 1, Lessee’s payment of the Advance Royalty is required to
extend the Lease.  If the Lease granted in Paragraph 1 is renewed
pursuant to Paragraph 1, then on or before the date Advance Royalty is due to
extend the Lease, shall pay to Lessor payments in the same amount as the
original Five Year Rental for each extension term.

     

    b.           Surface Damage Payments:
Lessee shall pay Lessor an annual payment of Two Hundred Dollars ($200)
per acre for all new surface disturbance caused by Lessee on the Fee Lands from
Lessee’s activities.  Such annual payment shall continue for all
surface disturbance not reclaimed until such disturbed lands are reclaimed
pursuant to applicable federal or state reclamation standards.

     

    c.           Compensation for
Inconvenience.  Owner and Lessee acknowledge that the
exploration and development of Lessee’s unpatented mining claims on the Federal
Grazing Lands may from time to time cause inconvenience and disruptions of
Owner’s ranching operations on the Federal Grazing Lands.  Owner and
Lessee acknowledge and agree that the economic impact to Owner for such
inconvenience and disruption is difficult to measure.  Owner and
Lessee agree that it is reasonable that any economic impacts caused by any
inconvenience or disruption may be in relation to actual development of Lessee’s
mining claims under the Federal Grazing Lands.  To compensate Owner
for such economic impacts, Lessee shall also make payments to Lessor equal to
Two and Two-Tenths Percent (2.2%) of the Sales Price of the uranium removed from
Lessee’s mining claims described on Exhibit D (such
claims being under a portion of the Federal Grazing Lands).  While the
parties acknowledge that this payment is payment in the nature of liquidated
damages, and not a royalty payment, the amount of such payment shall be computed
in the same way as the royalty described in Paragraph 1b.

     

    d.           Camp Site
Rental.  Lessee shall pay Lessor One Thousand ($1,000) per
month for the use of the Camp Site and indicated on the map attached as Exhibit
E.  Lessee shall be permitted to drill a new water well at the
camp site.  This payment shall be the exclusive compensation for the
use of the Camp Site, so long as Lessee maintains and uses the camp site in a
reasonable manner.  The camp site shall not be subject to the payment
requirements outlined in Paragraph 7b.  Lessee agrees and warrants
that it will designate the well that it will drill as being for both domestic
and livestock watering uses and shall assign the well, and all rights therein,
to Lessor upon Lessee’s abandonment of the Camp Site, or termination of this
Agreement.

     

    e.           Payment
Adjustments.  Every three years, commencing with the third
anniversary of this agreement, all of the payments (except for the royalty in
Paragraph 1b and the Compensation for Inconvenience payment in Paragraph 7c) in
this Agreement shall be adjusted based on the Consumer Price
Index.  The adjustment shall be made by multiplying the payment by a
fraction the numerator of which is the Consumer Price

     

    

    
      
        
           

        

        
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    Index for
the month and year in which the adjustment is to be made and the denominator of
which is the Consumer Price Index for the month and year of this
agreement.  “Consumer Price Index” shall mean the Consumer Price Index
for All Urban Consumers (commonly known as CPI-U) for the U.S. City Average for
All Items, 1982-1984=100, as published by the United States Department of
Labor.  If the Consumer Price Index is no longer published, Owner
shall in good faith select a successor, comparable index to be used for making
these calculations.  However, at no time shall the payments be less
than those agreed to in this Agreement and payments shall never be increased
more than 12% from the base amount provided for in this Agreement.

     

    f.           Timing of Payments. Lessee
shall pay to Owner the annual Surface Damage Payments due in accordance with
Paragraph 7b. in arrears on the January 31 of each year for the amount acreage
remaining unreclaimed pursuant to Paragraph 7b.  Should any portion of
such payments apply to a period of less than 12 months, said payment will be
prorated based on 1/12 of the regular annual payment multiplied by the number of
months comprising said partial year.

    

    8.           Reclamation and
Rehabilitation.  Except for facilities and roads still used for
exploration, production and development operations, as soon as reasonably
practicable, and in any event within twelve (12) months after a facility is
determined by Lessee to no longer be needed, and weather permitting, and unless
Owner otherwise consents in writing, Lessee shall reclaim all disturbed areas on
the Fee Lands in accordance with applicable state or federal
standards.  Except to the extent that Lessee cannot comply with
applicable state and federal reclamation standards and the standards set forth
in this Paragraph 8, all reclamation on the Fee Lands shall be accomplished as
follows.

     

    a.           Areas disturbed
Topsoil.  Lessee shall separate and store the A soil horizon or
“topsoil” from any disturbed area and mark or document stockpile locations for
subsequent reclamation.  To Lessee’s reasonable ability, when
separating the topsoil, Lessee shall segregate the horizon based upon noted
changes in physical characteristics such as color, texture, density, consistency
and field chemical testing.  Stockpiled soils shall be protected from
degradation due to contamination, compaction and to the extent practicable from
erosion during drilling and production operations.

     

    b.           Interim
Reclamation.  Debris, equipment, supplies, including, but not
limited to, plastic, pipe, cable, and equipment or materials associated with
drilling, re-entry, or completion operations shall be removed after drilling is
complete.  All pits, cellars, rat holes, and other bore holes
unnecessary for further lease operations will be backfilled as soon as
possible.  No such materials will be buried or burned in lieu of
removal without the prior consent of the Owner.

     

    Lessee
shall take all reasonable precautions to prevent erosion on the Fee Lands
occurring as a result of its operations.  If settling occurs in any
excavation associated with Lessee’s operations, Lessee will promptly fill and
compact the area to eliminate the settling.

     

    c.           Compaction
alleviation.  Prior to reclamation efforts, all areas compacted
by drilling or subsequent operations shall be cross -ripped or tilled to
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    topsoil
is spread.

     

    d.           Restoration and
Revegetation.  All segregated soil horizons shall be placed to
their approximate original relative positions and contour to achieve erosion
control and long-term stability and shall be tilled adequately to establish a
proper seedbed.  All reseeding shall be done with a certified seed mix
either required by applicable state or federal authority or reasonably
designated by Owner, and Lessee shall conduct the reseeding during an
appropriate planting season.  Restoration and re-vegetation efforts
shall be undertaken no later than one (1) year following the completion of
drilling activities on those areas not necessary for operating, development or
production.  Complete restoration, re-contour and re-vegetation shall
be undertaken within one (1) year of the mine closure, weather
permitting.

     

    Lessee
shall establish an appropriate growing ground cover on all reclaimed areas, and
shall reseed, fertilize, use additional topsoil, or take other steps or measures
as necessary to achieve this goal.

     

    Owner
shall have the option to provide the reseeding services, and shall bill Lessee
at a similar rate for comparable work by independent contractors in the
area.  If Owner provides such services, Owner shall indemnify Lessee
for all liability resulting from Owner’s provision of such services, including
liability to state or federal agencies for noncompliance with federal or state
requirements.

     

    If
restoration has been performed by Lessee as provided herein, but has not been
accomplished in accordance with state or federal requirements, and if possible
to comply with such requirements and the requirements of this Paragraph 8, to
Owner’s reasonable approval, Lessee shall endeavor to accomplish such
restoration to such standards.  If, after notice to Lessee, Lessee
does not accomplish such restoration to such standards, Owner may undertake such
restoration and bill Lessee for the reasonable costs incurred by Owner for such
restoration.

     

    9.           Pooling/Unitization.  Lessee’s
operations on the Fee Lands and its operations on other lands owned or leased by
Lessee may be conducted upon the Fee Lands and upon any and all lands set forth
on the attached Exhibit F (the “Pooled Area”) as a
single mining operation, to the same extent as if all such properties
constituted a single tract of land.  Lessee shall have to right to
commingle the Leased Minerals with ores and solutions produced from the Pooled
Area.

     

    For the
purpose of determining royalties due hereunder, any uranium or other minerals
produced from the Pooled Area shall be allocated to the Leased Minerals or lands
subject to the Compensation for Inconvenience payments by multiplying the
quantity of uranium or other minerals produced from the Pooled Area from time to
time by a fraction which has as its numerator the acreage of that portion of
such Pooled Area which is Fee Lands (as to the Royalty) or the Exhibit D lands (as
to the Compensation for Inconvenience) and as its denominator the total acreage
of such Pooled Area.

     

    Owner
agrees that during production by in-situ or solution mining methods, Lessee
shall not be required to account to Owner for any minerals that migrate off the
Fee Lands or Leased

     

    

    
      
        
           

        

        
          9

          
            

          

        

        
           

        

      

    

    

    Minerals
or solutions that migrate on to the Fee Lands so long as Lessee is conducting
its operations in a reasonable and prudent manner.

     

    Owner
acknowledges that in-situ or solution mining methods may result in a lower
recovery of minerals than open pit or underground mining
methods.  Owner waives all claims that Lessee’s in-situ or solution
mining methods resulted in lower recovery (as compared to other mining methods,
whether such methods are by existing technology or by newly developed methods)
and for any royalty on the amounts of minerals not mined or otherwise extracted
from the Leased Minerals or other lands described in or subject to this
Agreement.

     

    10.           Consent of Owner of Surface
Rights.  Owner acknowledges that, under applicable laws
affecting the exploitation of or acquisition of an interest in the mineral
estate in a property, the consent or approval of Owner may be required and that
this Agreement shall constitute Owner’s consent or approval as may be
required.  So long as Lessee is not in default hereunder, Owner
further acknowledges that the payments and covenants to be made and performed by
Lessee, as set out herein, are sufficient consideration for the consent to be
given by Owner.

     

    11.           Covenant Running with
Land.  This Agreement shall constitute a covenant running with
the Fee Lands and Leased Minerals for the benefit of Lessee’s mineral estate
granted herein in the Leased Minerals and of Lessee’s mineral estate in Area
Lands and other lands subject to this Agreement, and for the benefit of the
owner of the surface estate in such lands.  This Agreement shall
constitute an encumbrance upon the title to the Fee Lands and upon the title of
Owner in the Leased Minerals.  As a covenant and encumbrance, the
provisions of this Agreement shall be binding upon, and inure to the benefit of
Lessee and Owner and all persons claiming any interest whatsoever in the Fee
lands or Leased Minerals by, through, or under Lessee or Owner.

     

    12.           Payments.   The
payments herein provided are acknowledged as sufficient and in full satisfaction
for damages caused or created by the reasonable and customary entry,
rights-of-way and operation and use of the roads and mine sites, but do not
include damage to livestock, buildings or improvements or injuries to persons or
to any damage or destruction caused to Owner's wells or water
supply.  Lessee shall be liable for damages if, as a result of its
operations hereunder, any water which had been potable is affected to the extent
that it is rendered non-potable for human, cattle or other ranch animals on
Owner's premises or any water supply, well or reservoir is destroyed or its
output diminished. This agreement does not relieve Lessee from liability for
damage caused by Lessee's negligence or by spills or discharges of any
hydrocarbon or toxic or hazardous chemicals or wastes due to Lessee’s operations
or by gas leakage or gas released due to Lessee’s operations or by leaks or
breaks in Lessee's pipelines.

     

    13.       No
Warranty.  Owner makes no warranty of title or otherwise in
entering into this agreement.

     

    14.       Non-Disturbance.   Lessee
and its employees and authorized agents shall not disturb, use or travel upon
any of the land of Owner not subject to this agreement.  Further,
Lessee shall disturb, use and/or travel upon the Fee Lands of Owner subject to
this agreement only to the extent necessary for Lessee’s pre-drilling, drilling,
production, and post-production operations.

     

    

    
      
        
           

        

        
          10

          
            

          

        

        
           

        

      

    

    

    

     

    15.       Fires,
Weapons and Explosives. Lessee shall permit no open fires on the Fee
Lands and shall assure that all persons conducting operations for Lessee have
with them adequate fire suppression equipment. Lessee shall compensate Owner for
all damages caused by fire resulting from Lessee’s operations. None of Lessee's
employees or authorized agents or any other person under the direction or
control of Lessee shall be permitted to carry firearms or any weapon while
crossing the property.   No dogs will be permitted on the
property at any time.  Lessee shall not use explosives on the Fee
Lands without the consent of Owner. Lessee will notify all of its contractors,
agents and employees that no dogs, firearms, or weapons are permitted on the Fee
Lands.

     

    16.           Produced
Water.   Except for reasonable amounts discharged for well
pump tests, no produced water will be discharged on the Owner’s surface without
the Owner’s prior written consent, which consent shall not be unreasonably
withheld.  Lessee shall give Owner one week’s notice of the scheduled
performance of any pump test.  If Owner desires to capture any water
from a pump test, Owner shall deliver to the site one or more portable stock or
water tanks.  In such case, Lessee shall discharge water from the pump
test into Owner’s portable tank.  If the amount of water exceeds the
capacity the tanks provided by Owner, Lessee shall be permitted to discharge any
excess pump test water on the Owner’s surface.

     

    17.           Owner’s Water
Sources.    Lessee shall not use any water from
existing water wells, reservoirs and springs on the Fee Lands, unless Owner has
consented to such use.  In the event that Lessee desires to purchase
water to use in operations on the Fee Lands,  Lessee shall give Owner
the right of first refusal provide such water, at competitive rates in the area,
from Owner’s existing water wells, reservoir and springs on the Fee
Lands.  Lessee shall not disturb, interfere with, fill, or block any
irrigation ditches or laterals, creek, reservoir, spring or other source of
water on the Fee Lands.

     

    Prior to
conducting any exploration drilling, Lessee at its sole cost and expense, will
measure the static water levels of the wells located on the Fee Lands and
Federal Grazing Lands and will test the wells for any hazardous chemicals and/or
elements associated with past exploration.  Within 30 days of
execution of this Agreement, Owner will provide Lessee with a list and location
of the wells located on the Fee Lands and Federal Grazing Lands.

     

    Before
conducting any mining operations, Lessee, at its sole cost and expense, will
measure the static water level and productive capacity of the wells located on
the Fee Lands and any wells owned by Owner within one half mile of any uranium
mine or mill site created by Lessee and will test the wells for any hazardous
chemicals and/or elements associated with uranium mining. Lessee shall also
establish a continuing water well monitoring program to identify changes in the
quality of Owner’s water wells.  The monitoring program shall include,
at a minimum, water quality tests on each water well immediately after initial
production, within the first 30 days after initial production, 3 months after
initial production, 6 months after initial production, and annually
thereafter.

     

    Lessee
shall promptly provide Owner with copies of all test results showing water
quality and the levels of the above described hazardous chemicals and elements
relative to three categories – the level that federal regulations declare as the
safe drinking water levels or livestock use, the level

     

    

    
      
        
           

        

        
          11

          
            

          

        

        
           

        

      

    

    

    prior to
any uranium mining, and the current level.  If the chemical levels in
any water well experiences an increase of ten percent (10%) or more above its
initial level, quarterly monitoring shall become mandatory for such well, until
such time as the well returns to its normal seasonal level, or the reason for
such increase is determined.  If any change results in a well not
meeting standards such that such well is not usable for its current permitted
use (e.g., dinking water well or stock watering well), then such well shall be
deemed an “Impaired
Water Well.”  Owner shall notify Lessee of the
impairment.  Within 30 days from receipt of the notice of impairment,
Lessee shall at its expense restore Owner’s access to water of comparable
quantity and quality and in reasonable proximity to the Impaired Water Well to
offset such impairment by reconfiguring or re-drilling the water well, drilling
a new water well, or by other means.   During the 30 days after
receipt of the notice of impairment, Lessee shall provide and make available
water for domestic livestock usage in quantity, quality, and location required
for the maintenance of normal and customary domestic livestock
operations.  If Lessee reconfigures or re-drills a well or drills an
existing water well of Owners, Lessee will obtain, except in cases of emergency
or when Owner is not reasonably available, Owner’s approval of the well design
and well location before commencing operations.  If the operational
costs of the reconfigured, re-drilled or new well exceed the operational costs
of the replaced Impaired Water Well, Lessee shall reimburse Owner for those
costs as they are incurred, through the term of this
Agreement.  Lessee shall develop emergency procedures for immediate
delivery of water to Owner within twenty-four (24) hours of notice of impairment,
unless a longer period of time is agreed to by the parties
hereto.  Lessee shall appoint a representative to handle such matters
and provide Owner a local contact and a twenty-four (24) hour emergency
contact.  If Lessee undertakes activities to restore any Impaired
Water Well’s capacity or to restore Owner’s access to water and if such
activities require permits from regulatory agencies, Owner shall cooperate with
Lessee in obtaining the permits and permission necessary to conduct such
operations.  All costs of operations, including without limitation
fees for obtaining permits and permission, shall be paid by Lessee.

     

    18.           Enforcement
Costs.   If a court of competent jurisdiction finds that
Lessee has defaulted under this Agreement, Lessee shall pay all costs and
expenses, including a reasonable attorney's fee, incurred by Owner in enforcing
this Agreement.

     

    19.           Time.  Time is of
the essence in this agreement.

     

    20.           Indemnification.   To
the maximum extent permitted by law, Lessee will indemnify, defend and hold
harmless Owner, and, if applicable, Owner's officers, directors, employees,
agents, successors and assigns from any and all claims, liabilities, demands,
suits, losses, damages and costs (including, without limitation, any attorney
fees) which may arise out of or be related to Lessee's activities on the Fee
Lands including, without limitation, any claims that Lessee's operations
hereunder are either illegal, unauthorized, or improper and any claims asserted
by any person or state or federal agency for environmental damage or flooding or
pollution resulting from Lessee’s activities.  To the maximum extent
permitted by law, Owner will indemnify, defend and hold harmless Lessee, and, if
applicable, Lessee’s officers, directors, employees, agents, successors and
assigns from any and all claims, liabilities, demands, suits, losses, damages
and costs (including, without limitation, any attorney fees) which may arise out
Owner’s gross negligence or willful misconduct.

     

    

    
      
        
           

        

        
          12

          
            

          

        

        
           

        

      

    

    

    

     

    21.           Compliance with
Law.  Lessee shall conduct operations and activities in
accordance with applicable local, state and federal laws, rules and
regulations.

     

    22.           
Release.   To
the maximum extent permitted by law, Lessee releases and waives and discharges
Owner, and, if applicable, Owner's officers, directors, employees, agents,
successors and assigns from any and all liabilities for personal injury, death,
property damage or otherwise arising out of Lessee's operations under this
Agreement or use of the Fee Lands.  To the maximum extent permitted by
law, owner releases and waives and discharges Lessee, and, if applicable,
Lessee’s officers, directors, employees, agents, successors and assigns from any
and all liabilities for personal injury, death, property damage or otherwise
arising out of Owner’s gross negligence or willful misconduct.  Owner
will not be liable for any damages caused by Owner’s livestock to Lessee’s
facilities.

     

    23.           Notice.  Notice may
be given to either party to this agreement by depositing the same in the United
States mail postage prepaid, duly addressed to the other party at the address
set out below the party's signature on this agreement, or via electronic mail or
facsimile. Such notice shall be deemed delivered when deposited in the United
States mail, or when sent via electronic mail or facsimile.  Lessee
shall promptly notify Owner in writing of the name address and telephone number
of any person or entity to whom Lessee assigns all or any portion of its rights
under any uranium lease which affects the Fee Lands.

     

    24.           Recording.   This
agreement may not be recorded without the written consent of Owner and
Lessee.  However, the parties shall record a memorandum of this
agreement to give record notice of the existence of this agreement.

     

    25.           Construction of Agreement.
  This agreement shall be construed under the laws of the State
of Wyoming.

     

    26.           Binding Effect.
  This agreement is binding upon the successors and assigns of
the parties.

     

    27.           Assignability.                                
This Agreement may be assigned in whole or in part by either party, except,
Lessee shall only have the ability to assign its duties to reclaim the property
to another party that has the same or similar financial resources and
operational ability to perform the reclamation obligations
hereunder.

     

    28.           Default.  If Lessee
defaults under this agreement, Owner shall give Lessee written notice of the
default.  If Lessee fails to correct a monetary default within 30 days
after the delivery of the notice of default, Owner may, in addition to any other
rights and remedies available to Owner, suspend the right of Lessee to enter
upon and use the Fee Lands until the default is cured or terminate this
agreement.  If the default is one that cannot reasonably be cured
within 30 days, then Owner may not terminate this Agreement so long as Lessee is
undertaking to cure such default with reasonable diligence at the end of the 30
day cure period.  If Owner elects to terminate this agreement, Lessee
shall remove all of its property and facilities from the Fee Lands and restore
and reclaim the property as required above.

     

    

    
      
        
           

        

        
          13

          
            

          

        

        
           

        

      

    

    

    

     

    29.           Taxes. Lessee shall pay all
additional taxes which may be assessed against the Fee Lands by reason of any
improvements placed thereon by Lessee.  Lessee shall have the right,
but not the obligation, to discharge any tax or other liens placed upon the Fee
Lands or Mineral Estate and recover costs to discharge any lien for which Owner
is responsible from any payment due to Owner hereunder.

     

    30.           Fire.  Any fires
caused by the Lessee’s personnel, agents, or assigns, shall be paid for at the
rate of Fifty Dollars ($50.00) per acre for rangeland burned, unless it involves
more than fifty percent (50%) of a given pasture (“pasture” being defined for
all purposes of this Agreement as fenced pastureland).  In that event
Lessee shall pay One Hundred Dollars ($100.00) per acre.  All other
losses shall be compensated at actual replacement cost.  Owner shall
invoice Lessee for any such actual replacement costs, and Lessee shall remit
payment within thirty (30) days of receipt thereof.

     

    31.           No Taking In
Kind.  Owner shall have no right whatsoever to take the any
royalty or other payment due hereunder “in kind.”

    

    32.           Audits; Objections to
Payments.  Owner, at its sole election and expense, shall have
the right to procure, not more frequently than once every three years, an audit
of Lessee’s accounts relating to payment of the royalties and other payments
hereunder by any certified public accountant selected by Owner.  All
payments made in any calendar year shall be considered final and in full
satisfaction of all obligations of Lessee with respect thereto, unless Owner
gives written notice describing and setting forth a specific objection to the
calculation thereof within three (3) years following the close of that
calendar year.  Lessee shall account for any agreed upon deficit or
excess in the payment made to Owner by adjusting the next quarterly statement
following completion of such audit to account for such deficit or
excess.  A calendar year shall be deemed to close on December 31 of
each year.  Notwithstanding the foregoing, Owner’s audit rights
terminate 12 months after termination of this Agreement.

    

    33.           Hedging.  The
parties acknowledge and agree that Lessee shall have the exclusive right to
market and sell to third parties the Leased Minerals in any manner it chooses,
including without limitation the forward sale of Leased Minerals on the
commodity market and the repayment of mineral loans.  Owner shall have
absolutely no right to participate or obligation to share whatsoever in any
price protection or hedging activities of Lessee, including any sales of Leased
Minerals by Lessee on the commodity market or otherwise, or in any profits
received or losses suffered by Lessee as a result of such marketing or hedging
activities.

    

    34.           Termination by
Lessee.  Lessee shall have the right to terminate this
Agreement at any time by giving Owner written notice of such intention, and this
Agreement shall terminate effective thirty (30) days after the date of such
notice.  In the event Lessee shall terminate this Agreement, upon such
termination all right and interest of Lessee under this Agreement shall
terminate, and, subject to reclamation obligations hereunder and under
applicable law, Lessee shall not be required to perform any further obligations
hereunder with respect thereto, and Lessee shall have no liability to Owner by
way of damages of any kind or otherwise, except with respect to payments
due to Owner which have accrued prior to the effective date of such
termination.  Lessee waives all claims to any rentals, bonuses,
advanced royalties or other

    

    
      
        
           

        

        
          14

          
            

          

        

        
           

        

      

    

    

    payments
under this Agreement that have been pre-paid to Owner at the time of
termination.

    

    35.           Force
Majeure.  Except for the obligation to make payments when due
hereunder, the obligations of Lessee under this Agreement shall be suspended,
and it shall not be deemed in default or liable for damages or other remedies
while Lessee is prevented from complying therewith by acts of God, the elements,
riots, acts or failures to act on the part of federal or state agencies;
inability to timely obtain necessary permits, licenses or approvals from
governmental agencies on terms reasonably acceptable to Lessee; inability to
secure materials or to obtain access to the Property; actions taken by
environmental groups or other non-governmental organizations; strikes; lockouts;
damage to, destruction or unavoidable shutdown of, necessary facilities; or any
other force majeure type events (whether or not similar to those
above-mentioned) beyond Lessee’s reasonable control, whether or not foreseeable;
provided, however, that, settlement of strikes or lockouts shall be entirely
within Lessee’s discretion; and provided, further, that Lessee shall promptly
notify the Owner and shall exercise diligence in an effort to remove or overcome
the cause of such inability to comply.  The Term of this Agreement
shall be extended for period(s) of time equal to that of the duration of any
events of force majeure, but not more than three (3) years; provided, however,
that the entire term of this Agreement shall not exceed
99 years.

     

    36.           Confidentiality.

     

    a.           For
the entire Term of this Agreement, Owner agrees to treat this Agreement, and all
of the terms and conditions hereof, and all data, reports, records and other
information relating to this Agreement, as confidential, and such information
shall not be disclosed to any other person or entity, without the prior written
consent of Lessee, which such consent Lessee may withhold in its sole
discretion.  In the event that Owner is required by any law, rule,
regulation, or order to disclose to the public any of such information, it shall
immediately notify Lessee of such requirement and the terms thereof, together
with a copy of such release as may be contemplated, prior to such
disclosure.  Lessee shall then have not less than three business days
to review and comment upon such disclosure and to request, prior to disclosure,
confidential treatment of any of the information of such terms as it shall, in
its sole discretion, determine.  Owner shall use its best efforts to
comply with such request prior to making the required disclosure.

     

    b.           Following
expiration or termination of this Agreement, Owner may not disclose to third
parties any information provided to Owner hereunder unless such disclosure shall
be accompanied by a disclaimer of any representation or warranty as to the
accuracy, reliability or completeness of such information for any
purpose.

     

    c.           Owner
acknowledges that, based upon information and data from previous work on other
property which Lessee controls in the vicinity of the Fee Lands, Lessee may have
developed its own theories and interpretations regarding the Fee Lands and the
potential for mineral development of the Fee Lands that are regarded by Lessee
as confidential and/or proprietary to Lessee and which have not been disclosed
to Owner.  Owner agrees that in entering into this Agreement, it is
not relying on Lessee, and except as provided in Paragraph 1d, Lessee has no
obligation, to disclose any such information, data, theories or
interpretations.

    

    
      
        
           

        

        
          15

          
            

          

        

        
           

        

      

    

    

    

    

    37.           No Implied
Covenants.  Owner understands, and expressly acknowledges and
agrees, that no implied covenants or conditions whatsoever shall be read into
this Agreement relating to the exploration, development, prospecting, mining,
production, or marketing of Leased Minerals, or the time therefor, or to any
obligation of Lessee hereunder, or to the measure of diligence thereof, and
Owner hereby acknowledges and confirms that the payments which it may receive
under this Agreement are sufficient consideration for all of the rights granted
to Lessee under this Agreement.

     

    38.           Sole Agreement;
Waiver.  This Agreement contains all of the representations and
agreements between the parties with respect to the matters contained herein and
the subject matter hereof, and supersedes all of the terms and conditions of the
letter agreement dated November 16, 2007 by and between Owner and
Lessee.  No modification or waiver of the terms and conditions hereof
shall be binding upon either party unless in writing, dated subsequent to the
date of execution of this Agreement, and executed by an authorized
representative of such party.  No waiver by any party of a breach of
any of the provisions of the Agreement shall be construed as a waiver of any
subsequent breach, whether of the same or a different character.

    

    39.           Further
Assurances.  At the request of Lessee and without further
consideration, the Owner shall execute and deliver any further instruments
and/or documents and take such other action as may be reasonably required by
Lessee to vest or confirm in Lessee its interest in this Agreement or to
otherwise carry out the transactions contemplated in this
Agreement.  In this connection, the parties hereto recognize that
federal, state or local laws, regulations or ordinances authorities may require,
as a condition to approval and issuance of exploration, mining, water,
reclamation or other required permits or licenses to Lessee, the consent of
Owner.  Upon tender of a request by Lessee, Owner hereby agrees, to
promptly furnish its consent to exploration, mining or reclamation plans
submitted to Owner with the request.  Owner hereby acknowledges that
the payments and covenants to be made and performed by Lessee as set out herein,
are sufficient consideration for the consent to be given by Owner.

    

    40.           Counterparts.  This
Agreement may be executed in several counterparts, any one of which may contain
the execution of the Owner or Lessee, which together shall constitute a single
original document.

    

    

    

    [SIGNATURES
APPEAR ON FOLLOWING PAGE]

     

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

    

    

    Dated
this 5th day of
February, 2008.

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            	
                                    Lessor:

                                  	 	 
      	
                                    Lessee:

                                  	 
	 
      	 	 
      	 
      	 
	
                                    M J
      Ranches Inc.

                                  	 	 
      	
                                    448018
      Exploration, Inc.

                                  	 
	 
      	 
      	 	 
      	 
      	 
	 
      

                                    By:

                                  	
                                    “Donald
      J. Robbins”

                                  	 	 
      

                                    By:

                                  	
                                     “C.
      Stewart Wallis”

                                  	 
	 
      	
                                    Donald
      J. Robbins, President

                                  	 	 
      	
                                    C.
      Stewart Wallis, President

                                  	 
	 
      	 
      	 	 
      	 
      	 
	
                                    550
      Garrett Road

                                  	 	 
      	
                                    Suite
      1240 – 1140 W. Pender Street

                                  	 
	
                                    Garrett,
      Wyoming, 82058

                                  	 	 
      	
                                    Vancouver
      BC V4A 6A2

                                  	 
	
                                    Facsimile:_______________

                                  	 	 
      	
                                    Facsimile:  604-681-8039

                                  	 
	
                                    E-mail:_________________

                                  	 	 
      	
                                    E-mail:  stewart@target-mining.com

                                  	 

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    
 

    
      
        
           

        

        
          17

          
            

          

        

        
           

        

      

    

    

    ACKNOWLEDGMENTS

    

    

    
      	
              STATE
      OF WYOMING

            	
              )

            
	 
      	
              )
      ss.

            
	
              COUNTY
      OF ALBANY

            	
              )

            

    

    

     

    The
foregoing instrument was acknowledged before me this 5th day of February, 2008,
by Donald J. Robins, as President of M J Ranches Inc.

     

     

    

    
      
        	 	
                 WITNESS
      my hand and official seal.

                 

              
	
                 

                 

              	
                “Esther
      Suazo”

              
	 	
                Notary
      Public

              

      

    

    

    My
Commission Expires: May 17, 2010

    

    

     

    
 

    

    
      	
              PROVINCE

            	 
      
	
              STATE OF
      BRITISH COLUMBIA

            	
              )

            
	
              COUNTRY

            	
              )
      ss.

            
	
              COUNTY OF
      CANADA

            	
              )

            

    

    

     

    The
foregoing instrument was acknowledged before me this 1st day of February, 2008,
by C. Stewart Wallis, as President of 448018 Exploration, Inc.

    
 

    

    
      
        
          	 	
                   WITNESS
      my hand and official seal.

                   

                
	
                   

                   

                	
                  “Olen
      Aasen”

                
	 	
                  Notary
      Public

                

        

      

    

    

    My
Commission Expires: N/A

     

     

    
 

    
      
        
           

        

        
          18

          
            

          

        

        
           

        

      

    

    

    

    EXHIBIT
A

    

    

    THE
LEASED MINERALS

    

    A 75%
undivided Fee Property in the mineral estate of the following real property
located in the 6th P.M.,
Albany County Wyoming:

     

    
      
        	
                Township
      24N, Range 74W

              	
                Section
      7: lots 1, 2, 3, 4, E/2 W/2, E/2

                 

              
	
                Township
      25N, Range 74W

              	
                Section
      31: lots 1, 2, 3, 4, E/2 W/2, E/2

                 

              
	
                Township
      24N, Range 75 W

              	
                Section
      1: lots 1, 2, 3, 4, S/2

                 

              
	 
      	
                Section
      11: All

              

      

    

    

     

    

    
      
        
          
            A-1

          

           

        

        
           

          
            

          

        

        
           

        

      

    

    

    EXHIBIT
B

    

    

    

    THE
FEE LANDS

    

    The
surface estate of the following real property located in the 6th P.M.,
Albany County Wyoming:

     

    
      

      
        	
                Township
      24N, Range 74W

              	
                Section
      7: lots 1, 2, 3, 4, E/2 W/2, E/2

                 

              
	
                Township
      25N, Range 74W

              	
                Section
      31: lots 1, 2, 3, 4, E/2 W/2, E/2

                 

              
	
                 

              	
                Section
      32: All

                 

              
	
                Township
      24N, Range 75 W

              	
                Section
      1: lots 1, 2, 3, 4, S/2

                 

              
	 
      	
                Section
      11: All

              

      

    

    

     

    

    

    
      
        
          
            B-1

          

           

        

        
           

          
            

          

        

        
           

        

      

    

    

    EXHIBIT
C

    

    

    

    FEDERAL
GRAZING LANDS

    

    Grazing
leases and permits from the United States in the following real property located
in:

     

    
      

      
        	
                Township
      24N, Range 74W

              	
                Section
      6: lots 1, 2, 3, 4, 5, 6, E/2 SW4, SE/4

                 

              
	
                Township
      25N, Range 74W

              	
                Section
      30: lots 1, 2, 3, 4, E/2 W/2, E/2

                 

              
	
                Township
      24N, Range 75 W

              	
                Section
      2: lots 1, 2, 3, 4, S/2

                 

              
	 
      	
                Section
      12: All

              

      

       

    

     

    Permit
No. 09136.

     

     

    

    
      
        
           

        

        
            C -
1

          
            

          

        

        
           

        

      

    

    

    EXHIBIT D

    

    

    LESSEE’S
MINING CLAIMS

    

    

    
      
        
          	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	
                  Those
      unpatented lode mining claims situated in Albany County, Wyoming, as
      follows:

                
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	
                  Claim_

                  Name

                	
                  SEC

                	
                  TWP

                	
                  RGE

                	
                  County

                	
                  Original
      Recordation Book/Page

                	
                  State

                	
                  BLM
      Serial #

                
	
                  BH
      113

                	
                  2,3

                	
                  24N

                	
                  75W

                	
                  Albany

                	
                  #2005-4262

                	
                  Wyoming

                	
                  WMC267245

                	 
      
	
                  BH
      113

                	
                  &
      34,35

                	
                  25N

                	
                  75W

                	
                  Albany

                	
                  #2005-4262

                	
                  Wyoming

                	
                  WMC267245

                	 
      
	
                  BH
      114

                	
                  2

                	
                  24N

                	
                  75W

                	
                  Albany

                	
                  #2005-4263

                	
                  Wyoming

                	
                  WMC267246

                	 
      
	
                  BH
      114

                	
                  &
      35

                	
                  25N

                	
                  75W

                	
                  Albany

                	
                  #2005-4263

                	
                  Wyoming

                	
                  WMC267246

                	 
      
	
                  BH
      115

                	
                  2,3

                	
                  24N

                	
                  75W

                	
                  Albany

                	
                  #2005-4264

                	
                  Wyoming

                	
                  WMC267247

                	 
      
	
                  BH
      116

                	
                  2

                	
                  24N

                	
                  75W

                	
                  Albany

                	
                  #2005-4265

                	
                  Wyoming

                	
                  WMC267248

                	 
      
	
                  BH
      117

                	
                  2,3

                	
                  24N

                	
                  75W

                	
                  Albany

                	
                  #2005-4266

                	
                  Wyoming

                	
                  WMC267249

                	 
      
	
                  BH
      118

                	
                  2

                	
                  24N

                	
                  75W

                	
                  Albany

                	
                  #2005-4267

                	
                  Wyoming

                	
                  WMC267250

                	 
      
	
                  BH
      119

                	
                  2,3

                	
                  24N

                	
                  75W

                	
                  Albany

                	
                  #2005-4268

                	
                  Wyoming

                	
                  WMC267251

                	 
      
	
                  BH
      120

                	
                  2

                	
                  24N

                	
                  75W

                	
                  Albany

                	
                  #2005-4269

                	
                  Wyoming

                	
                  WMC267252

                	 
      
	
                  BH
      121

                	
                  2,3

                	
                  24N

                	
                  75W

                	
                  Albany

                	
                  #2005-4270

                	
                  Wyoming

                	
                  WMC267253

                	 
      
	
                  BH
      122

                	
                  2

                	
                  24N

                	
                  75W

                	
                  Albany

                	
                  #2005-4271

                	
                  Wyoming

                	
                  WMC267254

                	 
      
	
                  BH
      123

                	
                  2,3

                	
                  24N

                	
                  75W

                	
                  Albany

                	
                  #2005-4272

                	
                  Wyoming

                	
                  WMC267255

                	 
      
	
                  BH
      124

                	
                  2

                	
                  24N

                	
                  75W

                	
                  Albany

                	
                  #2005-4273

                	
                  Wyoming

                	
                  WMC267256

                	 
      
	
                  BH
      125

                	
                  2

                	
                  24N

                	
                  75W

                	
                  Albany

                	
                  #2005-4274

                	
                  Wyoming

                	
                  WMC267257

                	 
      
	
                  BH
      126

                	
                  2

                	
                  24N

                	
                  75W

                	
                  Albany

                	
                  #2005-4275

                	
                  Wyoming

                	
                  WMC267258

                	 
      
	
                  BH
      127

                	
                  2

                	
                  24N

                	
                  75W

                	
                  Albany

                	
                  #2005-4276

                	
                  Wyoming

                	
                  WMC267259

                	 
      
	
                  BH
      128

                	
                  2

                	
                  24N

                	
                  75W

                	
                  Albany

                	
                  #2005-4277

                	
                  Wyoming

                	
                  WMC267260

                	 
      
	
                  BH
      129

                	
                  2

                	
                  24N

                	
                  75W

                	
                  Albany

                	
                  #2005-4278

                	
                  Wyoming

                	
                  WMC267261

                	 
      
	
                  BH
      130

                	
                  1,2

                	
                  24N

                	
                  75W

                	
                  Albany

                	
                  #2005-4279

                	
                  Wyoming

                	
                  WMC267262

                	 
      
	
                  BH
      131

                	
                  2

                	
                  24N

                	
                  75W

                	
                  Albany

                	
                  #2005-4280

                	
                  Wyoming

                	
                  WMC267263

                	 
      
	
                  BH
      132

                	
                  1,2

                	
                  24N

                	
                  75W

                	
                  Albany

                	
                  #2005-4281

                	
                  Wyoming

                	
                  WMC267264

                	 
      
	
                  BH
      133

                	
                  2

                	
                  24N

                	
                  75W

                	
                  Albany

                	
                  #2005-4282

                	
                  Wyoming

                	
                  WMC267265

                	 
      
	
                  BH
      134

                	
                  1,2

                	
                  24N

                	
                  75W

                	
                  Albany

                	
                  #2005-4283

                	
                  Wyoming

                	
                  WMC267266

                	 
      
	
                  BH
      135

                	
                  2

                	
                  24N

                	
                  75W

                	
                  Albany

                	
                  #2005-4284

                	
                  Wyoming

                	
                  WMC267267

                	 
      
	
                  BH
      136

                	
                  1,2

                	
                  24N

                	
                  75W

                	
                  Albany

                	
                  #2005-4285

                	
                  Wyoming

                	
                  WMC267268

                	 
      
	
                  BH
      137

                	
                  2

                	
                  24N

                	
                  75W

                	
                  Albany

                	
                  #2005-4286

                	
                  Wyoming

                	
                  WMC267269

                	 
      
	
                  BH
      138

                	
                  1,2

                	
                  24N

                	
                  75W

                	
                  Albany

                	
                  #2005-4287

                	
                  Wyoming

                	
                  WMC267270

                	 
      
	
                  BH
      139

                	
                  2

                	
                  24N

                	
                  75W

                	
                  Albany

                	
                  #2005-4288

                	
                  Wyoming

                	
                  WMC267271

                	 
      
	
                  BH
      140

                	
                  1,2

                	
                  24N

                	
                  75W

                	
                  Albany

                	
                  #2005-4289

                	
                  Wyoming

                	
                  WMC267272

                	 
      
	
                  BH
      141

                	
                  2

                	
                  24N

                	
                  75W

                	
                  Albany

                	
                  #2005-4290

                	
                  Wyoming

                	
                  WMC267273

                	 
      
	
                  BH
      142

                	
                  1,2

                	
                  24N

                	
                  75W

                	
                  Albany

                	
                  #2005-4291

                	
                  Wyoming

                	
                  WMC267274

                	 
      

        

      

    

     

     

    

    
      
        
           

        

        
          D -
1  

          
            

          

        

        
           

        

      

    

    

      
        
          	
                  BH
      143

                	
                  2

                	
                  24N

                	
                  75W

                	
                  Albany

                	
                  #2005-4292

                	
                  Wyoming

                	
                  WMC267275

                
	
                  BH
      143

                	
                  &
      35

                	
                  25N

                	
                  75W

                	
                  Albany

                	
                  #2005-4292

                	
                  Wyoming

                	
                  WMC267275

                
	
                  BH
      144

                	
                  1,2

                	
                  24N

                	
                  75W

                	
                  Albany

                	
                  #2005-4293

                	
                  Wyoming

                	
                  WMC267276

                
	
                  BH
      144

                	
                  &
      35,36

                	
                  25N

                	
                  75W

                	
                  Albany

                	
                  #2005-4293

                	
                  Wyoming

                	
                  WMC267276

                
	
                  BH
      145

                	
                  11,12

                	
                  24N

                	
                  75W

                	
                  Albany

                	
                  #2005-4294

                	
                  Wyoming

                	
                  WMC267277

                
	
                  BH
      146

                	
                  11,12

                	
                  24N

                	
                  75W

                	
                  Albany

                	
                  #2005-4295

                	
                  Wyoming

                	
                  WMC267278

                
	
                  BH
      147

                	
                  12

                	
                  24N

                	
                  75W

                	
                  Albany

                	
                  #2005-4296

                	
                  Wyoming

                	
                  WMC267279

                
	
                  BH
      148

                	
                  12

                	
                  24N

                	
                  75W

                	
                  Albany

                	
                  #2005-4297

                	
                  Wyoming

                	
                  WMC267280

                
	
                  BH
      149

                	
                  12

                	
                  24N

                	
                  75W

                	
                  Albany

                	
                  #2005-4298

                	
                  Wyoming

                	
                  WMC267281

                
	
                  BH
      150

                	
                  12

                	
                  24N

                	
                  75W

                	
                  Albany

                	
                  #2005-4299

                	
                  Wyoming

                	
                  WMC267282

                
	
                  BH
      151

                	
                  12

                	
                  24N

                	
                  75W

                	
                  Albany

                	
                  #2005-4300

                	
                  Wyoming

                	
                  WMC267283

                
	
                  BH
      152

                	
                  12

                	
                  24N

                	
                  75W

                	
                  Albany

                	
                  #2005-4301

                	
                  Wyoming

                	
                  WMC267284

                
	
                  BH
      163

                	
                  11,12

                	
                  24N

                	
                  75W

                	
                  Albany

                	
                  #2005-4312

                	
                  Wyoming

                	
                  WMC267295

                
	
                  BH
      164

                	
                  11,12,13,14

                	
                  24N

                	
                  75W

                	
                  Albany

                	
                  #2005-4313

                	
                  Wyoming

                	
                  WMC267296

                
	
                  BH
      165

                	
                  12

                	
                  24N

                	
                  75W

                	
                  Albany

                	
                  #2005-4314

                	
                  Wyoming

                	
                  WMC267297

                
	
                  BH
      166

                	
                  12,13

                	
                  24N

                	
                  75W

                	
                  Albany

                	
                  #2005-4315

                	
                  Wyoming

                	
                  WMC267298

                
	
                  BH
      167

                	
                  12

                	
                  24N

                	
                  75W

                	
                  Albany

                	
                  #2005-4316

                	
                  Wyoming

                	
                  WMC267299

                
	
                  BH
      168

                	
                  12,13

                	
                  24N

                	
                  75W

                	
                  Albany

                	
                  #2005-4317

                	
                  Wyoming

                	
                  WMC267300

                
	
                  BH
      169

                	
                  12

                	
                  24N

                	
                  75W

                	
                  Albany

                	
                  #2005-4318

                	
                  Wyoming

                	
                  WMC267301

                
	
                  BH
      170

                	
                  12,13

                	
                  24N

                	
                  75W

                	
                  Albany

                	
                  #2005-4319

                	
                  Wyoming

                	
                  WMC267302

                
	
                  BH
      171

                	
                  12

                	
                  24N

                	
                  75W

                	
                  Albany

                	
                  #2005-4320

                	
                  Wyoming

                	
                  WMC267303

                
	
                  BH
      172

                	
                  12,13

                	
                  24N

                	
                  75W

                	
                  Albany

                	
                  #2005-4321

                	
                  Wyoming

                	
                  WMC267304

                
	
                  BH
      173

                	
                  12

                	
                  24N

                	
                  75W

                	
                  Albany

                	
                  #2005-4322

                	
                  Wyoming

                	
                  WMC267305

                
	
                  BH
      174

                	
                  12,13

                	
                  24N

                	
                  75W

                	
                  Albany

                	
                  #2005-4323

                	
                  Wyoming

                	
                  WMC267306

                
	
                  BH
      175

                	
                  12

                	
                  24N

                	
                  75W

                	
                  Albany

                	
                  #2005-4324

                	
                  Wyoming

                	
                  WMC267307

                
	
                  BH
      176

                	
                  12,13

                	
                  24N

                	
                  75W

                	
                  Albany

                	
                  #2005-4325

                	
                  Wyoming

                	
                  WMC267308

                
	
                  BH
      177

                	
                  12

                	
                  24N

                	
                  75W

                	
                  Albany

                	
                  #2005-4326

                	
                  Wyoming

                	
                  WMC267309

                
	
                  BH
      178

                	
                  12,13

                	
                  24N

                	
                  75W

                	
                  Albany

                	
                  #2005-4327

                	
                  Wyoming

                	
                  WMC267310

                
	
                  BH
      179

                	
                  12

                	
                  24N

                	
                  75W

                	
                  Albany

                	
                  #2005-4328

                	
                  Wyoming

                	
                  WMC267311

                
	
                  BH
      180

                	
                  12,13

                	
                  24N

                	
                  75W

                	
                  Albany

                	
                  #2005-4329

                	
                  Wyoming

                	
                  WMC267312

                
	
                  BH
      GAP 1

                	
                  12

                	
                  24N

                	
                  75W

                	
                  Albany

                	
                  #2007-3664

                	
                  Wyoming

                	
                  WMC287333

                
	
                  BH
      GAP 1

                	
                  &
      7

                	
                  24N

                	
                  74W

                	
                  Albany

                	
                  #2007-3664

                	
                  Wyoming

                	
                  WMC287333

                
	
                  BH
      GAP 2

                	
                  12

                	
                  24N

                	
                  75W

                	
                  Albany

                	
                  #2007-3665

                	
                  Wyoming

                	
                  WMC287334

                
	
                  BH
      GAP 3

                	
                  12

                	
                  24N

                	
                  75W

                	
                  Albany

                	
                  #2007-3666

                	
                  Wyoming

                	
                  WMC287335

                
	
                  BH
      GAP 4

                	
                  12

                	
                  24N

                	
                  75W

                	
                  Albany

                	
                  #2007-3667

                	
                  Wyoming

                	
                  WMC287336

                
	
                  Rob
      1

                	
                  29,30,31

                	
                  25N

                	
                  74W

                	
                  Albany

                	
                  #2006-6276

                	
                  Wyoming

                	
                  WMC278669

                
	
                  Rob
      2

                	
                  30,31

                	
                  25N

                	
                  74W

                	
                  Albany

                	
                  #2006-6277

                	
                  Wyoming

                	
                  WMC278670

                
	
                  Rob
      3

                	
                  29,30

                	
                  25N

                	
                  74W

                	
                  Albany

                	
                  #2006-6278

                	
                  Wyoming

                	
                  WMC278671

                
	
                  Rob
      4

                	
                  30

                	
                  25N

                	
                  74W

                	
                  Albany

                	
                  #2006-6279

                	
                  Wyoming

                	
                  WMC278672

                
	
                  Rob
      5

                	
                  29,30

                	
                  25N

                	
                  74W

                	
                  Albany

                	
                  #2006-6280

                	
                  Wyoming

                	
                  WMC278673

                
	
                  Rob
      6

                	
                  30

                	
                  25N

                	
                  74W

                	
                  Albany

                	
                  #2006-6281

                	
                  Wyoming

                	
                  WMC278674

                
	
                  Rob
      7

                	
                  29,30

                	
                  25N

                	
                  74W

                	
                  Albany

                	
                  #2006-6282

                	
                  Wyoming

                	
                  WMC278675

                
	
                  Rob
      8

                	
                  30

                	
                  25N

                	
                  74W

                	
                  Albany

                	
                  #2006-6283

                	
                  Wyoming

                	
                  WMC278676

                
	
                  Rob
      9

                	
                  29,30

                	
                  25N

                	
                  74W

                	
                  Albany

                	
                  #2006-6284

                	
                  Wyoming

                	
                  WMC278677

                
	
                  Rob
      10

                	
                  30

                	
                  25N

                	
                  74W

                	
                  Albany

                	
                  #2006-6285

                	
                  Wyoming

                	
                  WMC278678

                
	
                  Rob
      11

                	
                  29,30

                	
                  25N

                	
                  74W

                	
                  Albany

                	
                  #2006-6286

                	
                  Wyoming

                	
                  WMC278679

                

        

      

    

     

     

    
      
        
        

      

      
        D -
2

        
          

        

      

      
        
        

      

    

     

    
      
        
          	
                  Rob
      12

                	
                  30

                	
                  25N

                	
                  74W

                	
                  Albany

                	
                  #2006-6287

                	
                  Wyoming

                	
                  WMC278680

                
	
                  Rob
      13

                	
                  29,30

                	
                  25N

                	
                  74W

                	
                  Albany

                	
                  #2006-6288

                	
                  Wyoming

                	
                  WMC278681

                
	
                  Rob
      14

                	
                  30

                	
                  25N

                	
                  74W

                	
                  Albany

                	
                  #2006-6289

                	
                  Wyoming

                	
                  WMC278682

                
	
                  Rob
      15

                	
                  29,30

                	
                  25N

                	
                  74W

                	
                  Albany

                	
                  #2006-6290

                	
                  Wyoming

                	
                  WMC278683

                
	
                  Rob
      16

                	
                  30

                	
                  25N

                	
                  74W

                	
                  Albany

                	
                  #2006-6291

                	
                  Wyoming

                	
                  WMC278684

                
	
                  Rob
      17

                	
                  19,20,29,30

                	
                  25N

                	
                  74W

                	
                  Albany

                	
                  #2006-6292

                	
                  Wyoming

                	
                  WMC278685

                
	
                  Rob
      18

                	
                  19,30

                	
                  25N

                	
                  74W

                	
                  Albany

                	
                  #2006-6293

                	
                  Wyoming

                	
                  WMC278686

                
	
                  Rob
      19

                	
                  6,24

                	
                  24N

                	
                  74W

                	
                  Albany

                	
                  #2006-6294

                	
                  Wyoming

                	
                  WMC278687

                
	
                  Rob
      19

                	
                  &
      32

                	
                  25N

                	
                  74W

                	
                  Albany

                	
                  #2006-6294

                	
                  Wyoming

                	
                  WMC278687

                
	
                  Rob
      20

                	
                  6

                	
                  24N

                	
                  74W

                	
                  Albany

                	
                  #2006-6295

                	
                  Wyoming

                	
                  WMC278688

                
	
                  Rob
      20

                	
                  &
      32

                	
                  25N

                	
                  74W

                	
                  Albany

                	
                  #2006-6295

                	
                  Wyoming

                	
                  WMC278688

                
	
                  Rob
      21

                	
                  32

                	
                  25N

                	
                  74W

                	
                  Albany

                	
                  #2006-6296

                	
                  Wyoming

                	
                  WMC278689

                
	
                  Rob
      22

                	
                  31,32

                	
                  25N

                	
                  74W

                	
                  Albany

                	
                  #2006-6297

                	
                  Wyoming

                	
                  WMC278690

                
	
                  Rob
      23

                	
                  32

                	
                  25N

                	
                  74W

                	
                  Albany

                	
                  #2006-6298

                	
                  Wyoming

                	
                  WMC278691

                
	
                  Rob
      24

                	
                  31,32

                	
                  25N

                	
                  74W

                	
                  Albany

                	
                  #2006-6299

                	
                  Wyoming

                	
                  WMC278692

                
	
                  Rob
      25

                	
                  32

                	
                  25N

                	
                  74W

                	
                  Albany

                	
                  #2006-6300

                	
                  Wyoming

                	
                  WMC278693

                
	
                  Rob
      26

                	
                  31,32

                	
                  25N

                	
                  74W

                	
                  Albany

                	
                  #2006-6301

                	
                  Wyoming

                	
                  WMC278694

                
	
                  Rob
      27

                	
                  32

                	
                  25N

                	
                  74W

                	
                  Albany

                	
                  #2006-6302

                	
                  Wyoming

                	
                  WMC278695

                
	
                  Rob
      28

                	
                  31,32

                	
                  25N

                	
                  74W

                	
                  Albany

                	
                  #2006-6303

                	
                  Wyoming

                	
                  WMC278696

                
	
                  Rob
      29

                	
                  32

                	
                  25N

                	
                  74W

                	
                  Albany

                	
                  #2006-6304

                	
                  Wyoming

                	
                  WMC278697

                
	
                  Rob
      30

                	
                  31,32

                	
                  25N

                	
                  74W

                	
                  Albany

                	
                  #2006-6305

                	
                  Wyoming

                	
                  WMC278698

                
	
                  Rob
      31

                	
                  32

                	
                  25N

                	
                  74W

                	
                  Albany

                	
                  #2006-6306

                	
                  Wyoming

                	
                  WMC278699

                
	
                  Rob
      32

                	
                  31,32

                	
                  25N

                	
                  74W

                	
                  Albany

                	
                  #2006-6307

                	
                  Wyoming

                	
                  WMC278700

                
	
                  Rob
      33

                	
                  32

                	
                  25N

                	
                  74W

                	
                  Albany

                	
                  #2006-6308

                	
                  Wyoming

                	
                  WMC278701

                
	
                  Rob
      34

                	
                  31,32

                	
                  25N

                	
                  74W

                	
                  Albany

                	
                  #2006-6309

                	
                  Wyoming

                	
                  WMC278702

                
	
                  Rob
      35

                	
                  29,32

                	
                  25N

                	
                  74W

                	
                  Albany

                	
                  #2006-6310

                	
                  Wyoming

                	
                  WMC278703

                
	
                  Rob
      36

                	
                  29,30,31,32

                	
                  25N

                	
                  74W

                	
                  Albany

                	
                  #2006-6311

                	
                  Wyoming

                	
                  WMC278704

                
	
                  TD
      #9

                	
                  6

                	
                  24N

                	
                  74W

                	
                  Albany

                	
                  2004.6250

                	
                  Wyoming

                	
                  WMC260873

                
	
                  TD
      #10

                	
                  6

                	
                  24N

                	
                  74W

                	
                  Albany

                	
                  2004.6251

                	
                  Wyoming

                	
                  WMC260874

                
	
                  TD
      #11

                	
                  6

                	
                  24N

                	
                  74W

                	
                  Albany

                	
                  2004.6252

                	
                  Wyoming

                	
                  WMC260875

                
	
                  TD
      #12

                	
                  6

                	
                  24N

                	
                  74W

                	
                  Albany

                	
                  2004.6253

                	
                  Wyoming

                	
                  WMC260876

                
	
                  TD
      #13

                	
                  6

                	
                  24N

                	
                  74W

                	
                  Albany

                	
                  2004.6254

                	
                  Wyoming

                	
                  WMC260877

                
	
                  TD
      #14

                	
                  6

                	
                  24N

                	
                  74W

                	
                  Albany

                	
                  2004.6255

                	
                  Wyoming

                	
                  WMC260878

                
	
                  TD
      #15

                	
                  6

                	
                  24N

                	
                  74W

                	
                  Albany

                	
                  2004.6256

                	
                  Wyoming

                	
                  WMC260879

                
	
                  TD
      #16

                	
                  6

                	
                  24N

                	
                  74W

                	
                  Albany

                	
                  2004.6257

                	
                  Wyoming

                	
                  WMC260880

                
	
                  TD
      #17

                	
                  6

                	
                  24N

                	
                  74W

                	
                  Albany

                	
                  2004.6258

                	
                  Wyoming

                	
                  WMC260881

                
	
                  TD
      #18

                	
                  6

                	
                  24N

                	
                  74W

                	
                  Albany

                	
                  2004.6259

                	
                  Wyoming

                	
                  WMC260882

                
	
                  TD
      #19

                	
                  1

                	
                  24N

                	
                  75W

                	
                  Albany

                	
                  2004.6260

                	
                  Wyoming

                	
                  WMC260883

                
	
                  TD
      #19

                	
                  6

                	
                  24N

                	
                  74W

                	
                  Albany

                	
                  2004.6260

                	
                  Wyoming

                	
                  WMC260883

                
	
                  TD
      #20

                	
                  1

                	
                  24N

                	
                  75W

                	
                  Albany

                	
                  2004.6261

                	
                  Wyoming

                	
                  WMC260884

                
	
                  TD
      #20

                	
                  6

                	
                  24N

                	
                  74W

                	
                  Albany

                	
                  2004.6261

                	
                  Wyoming

                	
                  WMC260884

                
	
                  TD
      #21

                	
                  1

                	
                  24N

                	
                  75W

                	
                  Albany

                	
                  2004.6262

                	
                  Wyoming

                	
                  WMC260885

                
	
                  TD
      #21

                	
                  6

                	
                  24N

                	
                  74W

                	
                  Albany

                	
                  2004.6262

                	
                  Wyoming

                	
                  WMC260885

                
	
                  TD
      #22

                	
                  6

                	
                  24N

                	
                  74W

                	
                  Albany

                	
                  2004.6263

                	
                  Wyoming

                	
                  WMC260886

                
	
                  TD
      #23

                	
                  6

                	
                  24N

                	
                  74W

                	
                  Albany

                	
                  2004.6264

                	
                  Wyoming

                	
                  WMC260887

                
	
                  TD
      #24

                	
                  6

                	
                  24N

                	
                  74W

                	
                  Albany

                	
                  2004.6265

                	
                  Wyoming

                	
                  WMC260888

                

        

      

    

     

     

    
      
        
        

      

      
        D -
3

        
          

        

      

      
        
        

      

    

     

    
      
        
          
            
              
                	
                        TD
      #25

                      	
                        6

                      	
                        24N

                      	
                        74W

                      	
                        Albany

                      	
                        2004.6266

                      	
                        Wyoming

                      	
                        WMC260889

                      
	
                        TD
      #26

                      	
                        6

                      	
                        24N

                      	
                        74W

                      	
                        Albany

                      	
                        2004.6267

                      	
                        Wyoming

                      	
                        WMC260890

                      
	
                        TD
      #31

                      	
                        12

                      	
                        24N

                      	
                        75W

                      	
                        Albany

                      	
                        2004.6268

                      	
                        Wyoming

                      	
                        WMC260891

                      
	
                        TD
      #32

                      	
                        12

                      	
                        24N

                      	
                        75W

                      	
                        Albany

                      	
                        2004.6269

                      	
                        Wyoming

                      	
                        WMC260892

                      
	
                        TD
      #33

                      	
                        12

                      	
                        24N

                      	
                        75W

                      	
                        Albany

                      	
                        2004.6270

                      	
                        Wyoming

                      	
                        WMC260893

                      
	
                        TD
      #34

                      	
                        12

                      	
                        24N

                      	
                        75W

                      	
                        Albany

                      	
                        2004.6271

                      	
                        Wyoming

                      	
                        WMC260894

                      
	
                        TD
      #35

                      	
                        12

                      	
                        24N

                      	
                        75W

                      	
                        Albany

                      	
                        2004.6272

                      	
                        Wyoming

                      	
                        WMC260895

                      
	
                        TD
      #36

                      	
                        12

                      	
                        24N

                      	
                        75W

                      	
                        Albany

                      	
                        2004.6273

                      	
                        Wyoming

                      	
                        WMC260896

                      
	
                        TD
      #37

                      	
                        12

                      	
                        24N

                      	
                        75W

                      	
                        Albany

                      	
                        2004.6274

                      	
                        Wyoming

                      	
                        WMC260897

                      
	
                        TD
      #38

                      	
                        12

                      	
                        24N

                      	
                        75W

                      	
                        Albany

                      	
                        2004.6275

                      	
                        Wyoming

                      	
                        WMC260898

                      
	
                        TD
      #39

                      	
                        12

                      	
                        24N

                      	
                        75W

                      	
                        Albany

                      	
                        2004.6276

                      	
                        Wyoming

                      	
                        WMC260899

                      
	
                        TD
      #40

                      	
                        12

                      	
                        24N

                      	
                        75W

                      	
                        Albany

                      	
                        2004.6277

                      	
                        Wyoming

                      	
                        WMC260900

                      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	
                         

                        Bootheel
      - 126 lode mining claims containing 2,603 mineral acres, more or
      less*

                      
	
                        *Estimate
      of total claim acreage calculated using number of claims X 20.66 acres
      rounded to nearest hundredth  (standard claim is 20.66 acres,
      but some claims are less than standard
size).

                      

              

            

          

        

      

    

     

     

    
      
        
        

      

      
        D -
4

        
          

        

      

      
        
        

      

    

    
       

      EXHIBIT E

      

      

      CAMP SITE
LOCATION

       

      

       

      [See
attached]

       

      

      

       

      
        
          
          

        

        
          E -
1

          
            

          

        

        
          
          

        

      

       

      EXHIBIT F

      

       

      POOLED
AREA

       

       

      Those
Sections lying within the Townships and Ranges listed below:

      

      Township
24N Range 74W

      

      Township
24N Range 75W

      

      Township
24N Range 76W

      

      Township
25N Range 74W

      

      Township
25N Range 75W

      

      Township
25N Range 76W

      

      

      F - 1ex4-26.htm

    
      

      

    

    
      
        EXHIBIT
4.26

      

       

      
        
           

        

      

    

    When
Recorded, Return to:

    Katherine
E. Gibson

    Davis
Graham & Stubbs LLP

    1550
17th
St Suite 500

    Denver,
CO 80202

    

    ASSIGNMENT
OF URANIUM LEASE AND SURFACE AND DAMAGE AGREEMENT

     

    

     

    THIS
ASSIGNMENT (the “Assignment”) is made and
entered into effective as of April 11, 2008, by and between 448018
Exploration, Inc., a Nevada corporation (“Assignor”) and The Bootheel
Project, LLC, a Colorado limited liability company (“Assignee”).

     

    A.           WHEREAS,
Assignor, as lessee, entered into that certain Uranium Lease and Surface and
Damage Agreement with M J Ranches, Inc., a Wyoming Corporation (“MJ”), as lessor, dated
effective as of February 5, 2008 (the “Lease”), whereby MJ (i) leased
exclusively unto Assignor all uranium, molybdenum, vanadium, and other
fissionable source materials on or under that certain mineral estate owned by
the MJ and located in Albany County, Wyoming (the “Mineral Estate”) as described
on the Exhibit
A attached hereto and incorporated herein by reference (the “Leased Minerals”) and (ii)
granted unto Assignor certain rights to use the surface of certain lands owned
by MJ located in Albany County, Wyoming (the “Fee Lands”) as described on
the Exhibit B
attached hereto and incorporated herein by reference;

     

    B.           WHEREAS,
record notice of the Lease is provided by a Memorandum of Agreement effective
February 5, 2008 recorded in the records of the clerk of Albany County, Wyoming
on July 28, 2008 (#2008-4639);

     

    C.           WHEREAS,
paragraph 27 of the Lease permits assignment of the Lease; and

     

    D.           WHEREAS,
Assignor wishes to assign and Assignee wishes to accept all of Assignor’s rights
and obligations under the Lease.

     

    NOW
THEREFORE, for and in consideration of the mutual promises and terms and
conditions contained herein, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree to the following:

     

    
      	
              1.

            	
              Transfer and
      Assignment.  Assignor hereby transfers, conveys, assigns,
      sets over and delivers to Assignee, and Assignee hereby accepts the
      transfer, conveyance, assignment, set over and delivery of all of
      Assignor’s right, title and interest in and to the Lease and agrees to
      assume, keep, perform and fulfill all the terms, covenants, obligations
      and conditions of Assignor under the Lease.  The parties
      acknowledge and agree that the assignment of the Lease made herein is made
      subject to all exceptions, limitations and reservations of record and
      pertaining to the Leased Minerals, and that the Leased Minerals are
      burdened by the obligation to pay a production royalty to MJ under the
      Lease.

            

    

     

    
      
        
          #855209.1

        

         

      

      
        -1- 

        
          

        

      

      
         

      

    

    

     

    
      	
              2.

            	
              Assumption.  Assignee
      hereby assumes and agrees to be bound by all of the terms and conditions
      of the Lease and shall undertake all of Assignor’s liabilities and
      obligations of any kind related to the Lease and the Leased Minerals from
      and after the date of this
Assignment.

            

    

     

    
      	
              3.

            	
              Notice to Third
      Parties.  Assignor shall promptly give notice to any
      necessary third party of the assignment and transfer of the
      Lease.  The parties hereto agree to cooperate with one another
      and execute such further documents and instruments, if any, and take such
      other actions as may be necessary to give effect to this
      Assignment.

            

    

     

    
      	
              4.

            	
              No Third Party
      Beneficiaries.  Nothing in this Assignment shall confer
      any rights upon any person or entity other than the parties hereto and
      each such party’s respective successors and
  assigns.

            

    

     

    
      	
              5.

            	
              Successors and
      Assigns.  The terms of this Assignment shall be binding
      upon, and shall inure to the benefit of the parties hereto and their
      respective successors and assigns.

            

    

     

    
      	
              6.

            	
              Amendments and
      Waivers.  No amendment, modification or discharge of this
      Assignment and no waiver hereunder shall be valid or binding unless it is
      set forth in writing and duly executed by the party against whom
      enforcement of the amendment, modification, waiver or discharge is
      sought.  Any such waiver shall constitute a waiver only with
      respect to the specific matter described in such writing and shall in no
      way impair the rights of the party granting such waiver in any other
      respect at any other time.

            

    

     

    
      	
              7.

            	
              Governing
      Law.  This Assignment shall be governed by and construed
      in accordance with the laws of the State of Wyoming, other than its rules
      as to conflicts of law.

            

    

     

    
      	
              8.

            	
              Headings.  The
      headings contained in this Assignment are for purposes of convenience only
      and shall not affect the meaning or interpretation of this
      Assignment.

            

    

     

    

    [REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK]

    

    
      
        
          -2-

        

         

      

      
         

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF, the parties hereto have caused this Assignment to be duly
executed by their authorized representatives as of the date first written
above.

     

    
      
        
          
            
              
                
                  
                    
                      	
                              448018
      EXPLORATION, INC., a Nevada corporation

                            	 	
                              THE
      BOOTHEEL PROJECT, LLC, a Colorado limited liability company

                               

                            	 
	
                              “C.
      Stewart Wallis

                            	
                               

                               

                            	
                              “C.
      Stewart Wallis”

                            	 
	
                              By:  C.
      Stewart Wallis, President

                            	 	
                              By:  448018
      Exploration, Inc., Manager

                               

                            	 
	 
      	 	
                                  By: C.
      Stewart Wallis, President

                            	 

                    

                  

                

              

            

          

        

      

    

    

    
       

       

    

    
      
        
          -3-

        

         

      

      
         

        
          

        

      

      
         

      

    

    

    
      
        	
                STATE OF
      BRITISH COLUMBIA

                 

                COUNTY
      OF  CANADA

              	
                )

                )  
      ss.

                )

              

      

    

    

     

    The
foregoing instrument was acknowledged before me on this 12th day of August,
2008, by C. Stewart Wallis as President of 448018 Exploration, Inc., a Nevada
corporation.

     

    Witness
my hand and official seal.

     

    
      
        	
                 
      

                 

              	
                “Olen
      Aasen”

              
	 
      	
                Notary
      Public

              
	 
      	 
      
	 
      	
                My
      Commission expires:

              
	 
      	 
      
	 
      	
                 does
      not expire

              

      

    

     

    
 

    [SEAL]

     

    

    

    

    
      
        	
                STATE OF
      BRITISH COLUMBIA

                 

                COUNTY
      OF  CANADA

              	
                )

                )  
      ss.

                )

              

      

    

    

     

    The
foregoing instrument was acknowledged before me on this 12th day of August,
2008, by C. Stewart Wallis as President of 448018 Exploration, Inc., a Nevada
corporation, Manager of The Bootheel Project, LLC, a Colorado limited liability
company.

     

    Witness
my hand and official seal.

     

    
      	
               
      

               

            	
              “Olen
      Aasen”

            
	 
      	
              Notary
      Public

            
	 
      	 
      
	 
      	
              My
      Commission expires:

            
	 
      	 
      
	 
      	
               does
      not expire

            

    

    

    

    [SEAL]

     

     

    
      
        
          -4-

        

         

      

      
         

        
          

        

      

      
         

      

    

    EXHIBIT A

     

    Mineral
Estate

     

    

    An
undivided 75% interest in the mineral estate in the following real property
located in the 6th P.M.,
Albany County, Wyoming:

     

     

    
      	
              Township
      24N, Range 74W

            	
              Section
      7: lots 1, 2, 3, 4, E/2 W/2, E/2

            
	
              Township
      25N, Range 74W

            	
              Section
      31: lots 1, 2, 3, 4, E/2 W/2, E/2

            
	
              Township
      24N, Range 75W

            	
              Section
      1: lots 1, 2, 3, 4, S/2

            
	 
      	
              Section
      11: All

            

    

    

     

    

     

    
      
         

      

      
        A-1 

        
          

        

      

      
         

      

    

    EXHIBIT B

     

    Fee
Lands

     

     

    The surface estate of the following
real property located in the 6th P.M.,
Albany County, Wyoming:

     

     

    
      	
              Township
      24N, Range 74W

            	
              Section
      7: lots 1, 2, 3, 4, E/2 W/2, E/2

            
	
              Township
      25N, Range 74W

            	
              Section
      31: lots 1, 2, 3, 4, E/2 W/2, E/2

            
	 
      	
              Section
      32: All

            
	
              Township
      24N, Range 75W

            	
              Section
      1: lots 1, 2, 3, 4, S/2

            
	 
      	
              Section
      11: All

            

    

    

     

    
      
         

      

      
         
B-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00160-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00160-of-00352.parquet"}]]