Document:

puchase AGREEMENT

PURCHASE AGREEMENT

THIS  AGREEMENT dated as of the 19th day of March, 2007,

BETWEEN:

BRAZOS INTERNTIONAL EXPLORATION, INC., a Nevada Corporation with principal business offices at 2818 Ft. Hamilton Pkwy, Brooklyn, NY 11218;

(“Brazos”)

AND:

MICHAEL CARR, a businessman with an office at 43 Catalina Circle NE, Calgary, Alberta, T1Y 7B7

(“Carr”)

WHEREAS: 

A. 

Carr is the beneficial owner of an undivided One Hundred Percent (100%) interest in and to those certain mineral claims (the “Claims”) more particularly described in Schedule “A” attached to and made part of this agreement;

B.

Carr has agreed to grant Brazos the right to acquire an undivided 100% interest in and to the Claims on the terms and subject to the conditions set out in this agreement;

NOW THEREFORE for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties covenant and agree as follows:

IN CONSIDERATION of the premises and the mutual promises, covenants, conditions, representations and warranties set out in this agreement, the parties hereto agree as follows:

1. 

INTERPRETATION 

1.1

For the purposes of this agreement, including the recitals and any schedules hereto, unless there is something in the subject matter or context inconsistent therewith, the following words and phrases will have the following meanings, namely: 

(a)

“BuyOut Price” will have the meaning attributed to it in Section 5.2.

(b)

“Claims” mean the mineral claims described in Schedule “A” attached hereto, in the recitals hereto and all mining leases and other mining interests and rights derived therefrom.  Any reference herein to any mineral claim comprised in the Claims includes any mineral leases or other interests to which such mineral claim may have been converted

(c)

“Exploration and Development” means (i) any and all activities comprising or undertaken in connection with the exploration and development of the Claims, (ii) the construction of a mine and mining facilities on or in proximity to the Claims, (iii) placing the Claims into commercial production, and, without limiting the generality of the foregoing, includes:

(1) 

Road work - seasonal maintenance of the access road to permit year round access to the Claims; and

(2)

Surveying - considering that the original corner markers have been obliterated, reestablishment of the corners of the Claims; and

(3)

Safety measures - bring the safety aspects of the Property into compliance with the Mineral Exploration Code, issued under the Mines Act.

(d)

“Intervening Event” will have the meaning attributed to it in Section 14.1.

(e)

“Net Smelter Returns” will have the meaning set out in Schedule “B”.

(f)

“Offer” will have the meaning attributed to it in Section 13.2.

(g)

“Option Period” means the period during the term of this agreement from the date hereof to and including the date of the full exercise of the option.

(h)

“Property Expenditures” means all reasonable and necessary monies expended on or in connection with Exploration and Development as determined in accordance with generally accepted accounting principles including, net of the Goods and Services Tax, without limiting the generality of the foregoing:

(i) the cost of entering upon, surveying, prospecting and drilling relating to the Claims;

(ii) the cost of any geophysical, geochemical and geological surveys relating to the Claims;

(iii) all filing and other fees and charges necessary or advisable to keep the Claims or any part or parts thereof in good standing with any regulatory authorities having jurisdiction;

(iv) all rentals, royalties, taxes (exclusive of all income taxes and mining taxes based on income and which are or may be assessed against the parties hereto) and any assessments whatsoever, whether the same constitute charges on the Claims or arise as a result of the operations thereon or incurred for the purpose of Exploration and Development;

(v) the cost, including rent and finance charges, of all buildings, machinery, tools, appliances and equipment and related capital items that may be erected, installed and used from time to time in connection with Exploration and Development;

(vi) the cost of construction, rental and maintenance of camps required for Exploration and Development;

(vii) the cost of transporting persons, supplies, machinery and equipment in connection with Exploration and Development;

(viii) all wages and salaries (including fringe benefits as are usually paid in Canadian mineral exploration business) of persons engaged in the Exploration and Development and any assessments or levies made under the authority of any regulatory body having jurisdiction with respect to such persons or supplying food, lodging and other reasonable needs for such persons;

(ix) all costs of consulting and other engineering services including report preparation;

(x) the cost of compliance with all statutes, orders and regulations respecting public safety, environmental reclamation, restoration and other like work required as a result of conducting Exploration and Development; and

(xi) all costs of searching for, digging, working, sampling, transporting, mining and procuring ores and minerals from and out of the Claims.

(i)

“Property Rights” means all licenses, permits, easements, rights-of-way, certificates and other approvals obtained by either of the parties either before or after the date of this agreement and necessary for the development of the Claims, or for the purpose of placing the Claims into production or continuing production therefrom.

(j)

“Proposed Purchaser” will have the meaning attributed to it in Section 13.2.

(k)

“Royalty” will have the meaning attributed to it in Section 5.1.

1.2

In this agreement, all dollar amounts are expressed in lawful currency of Canada, unless specifically provided to the contrary.

a.3

The titles to the respective Sections hereof will not be deemed to be a part of this agreement but will be regarded as having been used for convenience only.

1.4

Words used herein importing the singular number will include the plural, and vice-versa, and words importing the masculine gender will include the feminine and neuter genders, and vice-versa, and words importing persons will include firms, partnerships and corporations.

2. 

REPRESENTATIONS AND WARRANTIES OF CARR 

2.1

Carr represents and warrants to Brazos that: 

(a)

Carr has the full power and authority to enter into this agreement and the entering into of this agreement does not conflict with any applicable laws or with the constating documents of Carr or any contract or other commitment to which Carr is party;

(b)

the execution of this agreement and the performance of its terms have been duly authorized by all necessary corporate actions including the resolution of the Board of Directors of CARR;

(c)

Carr is legally entitled to hold the Claims and all mineral claims and leases therein and all Property Rights held by it and to option out its interest in the Claims, and will remain so entitled until all interests of Carr in the Claims have been duly transferred to Brazos as contemplated hereby; 

(d)

Carr is, and at the time of each transfer to Brazos of mineral claims and leases comprising the Claims will be, the sole and exclusive beneficial owner of the Claims, free and clear of all liens, assignments, mortgages, actions, charges, and claims of any kind held by any person or persons, corporations, or government bodies against the Claims, and no taxes or rental are due in respect of any thereof;

(e)

the mineral claims and rights comprising the Claims have been duly and validly located and recorded in the name of Jaroslav Ruza and are in good standing on the date hereof and expire on the dates set out in this agreement;

(f)

all permits, licenses, consents and authorities necessary to carry on the drill testing on the Claims have been obtained or will be obtained prior to the drilling being conducted on the Claims;

(g) 

there is no adverse claim or challenge against or to the ownership of or title to the Claims, nor to the knowledge of Carr is there any basis therefor, and, except for this agreement, there are no outstanding agreements or options to acquire or purchase the Claims or any portion thereof, and no persons other than Carr, pursuant to the provisions hereof, has any royalty in production from any of the mineral claims and rights comprising the Claims; 

(h)

Carr has complied with all the laws in effect in the jurisdiction in which the Claims are located with respect to the Claims and such Claims has been duly and properly staked and recorded in accordance with such laws and that Brazos may enter in, under or upon the Claims for all purposes of this agreement without making any payment to, and without accounting to or obtaining the permission of, or any other person other that any payment required to be made under this agreement;

(i)

to the best of Carr’s knowledge, there are no environmental damages or claims that have been made or threatened against the Claims; and

(j)

the recitals in this agreement are true and correct.

2.2

The representations and warranties contained in Section 2.1 are provided for the exclusive benefit of Brazos, and a breach of any one or more thereof may be waived by Brazos, in whole or in part at any time without prejudice to their rights in respect of any other breach of the same or any other representation or warranty; and the representations and warranties contained in this Section will survive the execution hereof. 

3. 

REPRESENTATIONS AND WARRANTIES OF BRAZOS

a.1

Brazos represents and warrants to Carr that Brazos has the full power and authority to enter into this agreement and the entering into of this agreement does not conflict with any applicable laws or any contract or other commitment to which Brazos is party.

3.2

The representations and warranties contained in Section 3.1 are provided for the exclusive benefit of Carr and a breach of any one or more thereof may be waived by CARR in whole or in part at any time without prejudice to their rights in respect of any other breach of the same or any other representation or warranty; and the representations and warranties contained in this Section will survive the execution hereof.

4. 

PURCHASE

4.1

Carr grants to Brazos the exclusive right and option to acquire an undivided 100% right, title and interest in and to the Claims for the consideration set forth in the following:

(a)

payment of US$6,500 to Carr  upon the signing of this agreement, which has been delivered to Carr and which Carr acknowledges receipt of;

(b)

500,000 shares of Brazos’ restricted common stock; and 

(c)

on or before March 24, 2009, payment of US$20,000 to Carr.

5.

ROYALTIES

5.1

Brazos agrees that the Claims will be subject to a royalty in favour of Carr equal to two (2.0%) percent of Net Smelter Returns (the “Royalty”).  The Royalty will be calculated and paid according to and otherwise governed by the provisions contained in Schedule “B”.

a.2

Carr agrees that the first 1% of the Royalty can be purchased by Brazos for a buy out price of $1,000,000 (the “BuyOut Price”).  

6.

TRANSFER OF TITLE

6.1

Brazos will be deemed to have exercised the option by fulfilling all of the conditions under Section 4, provided that Brazos at such time will not be in default under this agreement.

6.2

Upon Brazos exercising the option to acquire the Claims pursuant to Section 4, Carr will deliver to Brazos duly executed transfers for the transfer of a 100% interest in the Claims to Brazos, including all right, title and interest in the commercial production of metal and minerals on the Claims.

6.3

Carr acknowledges the right and privilege of Brazos to file, register and/or to otherwise deposit a copy of this agreement at the applicable registration office, and any other governmental agencies to give third parties notice of this agreement, and agrees to do or cause to be done all acts or things reasonably necessary to effect such filing, registration and/or deposit.

6.4

Carr declares that, as to any property or asset or interest in any property or asset of Carr intended to be transferred, sold, granted, conveyed, assigned and set over to Brazos pursuant to this agreement and title to which may not have passed to Brazos by virtue of this agreement or any transfer or conveyance which from time to time may be executed and delivered in pursuance of the covenants contained in this agreement, Carr holds the same in trust for Brazos to transfer, sell, grant, convey, assign and set over the same as Rado from time to time may direct at no cost to Rado other than the cost of the actual fees paid or payable for the transfer of property to Rado.

7.

OPERATOR

1.1

Brazos or his nominee will be the operator on the Claims during the term of this agreement.

8.

RIGHT OF ENTRY 

8.1

Throughout the Option Period, Brazos and his employees, agents and independent contractors, will have the sole and exclusive right in respect of the Claims to: 

(a) 

have the right of access to and from, and to enter upon the Claims; 

(b)

have exclusive and quiet possession thereof; 

(c)

do such testing, prospecting, exploration, development and/or other mining work thereon and thereunder as Brazos in his sole discretion may determine advisable for the purpose of incurring Property Expenditures; 

(d)

bring upon and erect upon the Claims buildings, plant, machinery and equipment as Brazos may deem advisable;

(e)

remove therefrom and dispose of reasonable quantities of ores, minerals and metals for the purposes of obtaining assays or making other tests; and

(f)

operate on the Claims as a mine and production and to remove mineral products therefrom.

9.

REPORTING

9.1

Brazos will have prepared and delivered to Carr, at reasonable intervals during the term of this agreement, but in any event not less than on an annual basis, and immediately upon obtaining any extraordinary results, reports of the exploration work conducted by Brazos on the Claims.

10. 

INDEMNIFICATION OF CARR

10.1

Carr will indemnify Brazos from any and all debts or liabilities arising out of or from the Claims prior to the date of this agreement. 

11. 

OBLIGATIONS OF BRAZOS

11.1

Prior to the termination of this agreement, whether such termination is by exercise or otherwise, Brazos will: 

(a) 

maintain in good standing those mineral claims comprising the Claims that are in good standing on the date hereof by the doing and filing of assessment work including filing of Proof of Labour, or the making of payments in lieu thereof, by the payment of taxes and rental and the performance of all other actions which may be necessary in that regard and in order to keep such mineral claims free and clear of all liens and other charges arising from Brazos’s activities thereof except those at the time contested in good faith by Brazos; 

(b) 

permit Carr, its directors, agents, employees and designated consultants, at their own risk, access to the Claims at all reasonable times, provided that Carr agrees to indemnify Brazos against and to save them harmless from all costs, claims, liabilities and expenses that Brazos may incur or suffer as a result to any injury (including injury causing death) to Carr, or its officers, directors, agents, employees or designated consultants while on the Claims; 

(c) 

do all work on the Claims in good and workmanlike fashion and in accordance with all applicable laws, regulation, orders and ordinances of any governmental authority.  All Property Expenditures performed on the Claims will be filed for assessment work to the maximum allowed; and

(d) 

indemnify and save Carr harmless in respect of any and all costs, claims, liabilities and expenses arising out of Brazos’s activities on the Claims, provided that Brazos will incur no obligation hereunder in respect of claims arising or damages suffered after termination of the agreement if upon termination of the agreement the workings on or improvements to the Claims made by Brazos are left in a safe condition. 

12. 

DEFAULT AND TERMINATION OF OPTION

12.1

This agreement will terminate upon the occurrence of one of the following events:

(a)

If at any time Brazos fails to make any cash payment to Carr in accordance with Section 4, but only if

(i)

Carr will first give Brazos a notice of default containing particulars of the payment that Brazos has not made; and

(ii)

Brazos has not within 60 days following delivery of such notice of default cured such default by appropriate payment.

(b)

Subject to Section 10, if at any time prior to the exercise of the option Brazos fails to perform any obligation required to be performed hereunder or is in breach of a warranty given herein, which failure or breach materially interferes with the implementation of this agreement, Carr may terminate this agreement, but only if: 

(i) 

Carr will have first given to Brazos a notice of default containing particulars of the obligation which Brazos has not performed, or the warrant breached; and 

(ii) 

Brazos has not, within 60 days following delivery of such notice of default, cured such default or commenced proceedings to cure such default by appropriate payment or performance.  Brazos agrees that should he commence to cure any default he will prosecute the same to completion without undue delay. 

12.2

Should Brazos fail to cure such default or take steps to cure such default as provided in Section 10.1(a) or (b), Carr may give to Brazos further notice terminating this agreement as of the date of giving of such second notice and this agreement will be terminated upon receipt by Brazos of such notice. 

12.3

Brazos will be at liberty, upon giving 60 days written notice thereof to CARR, to surrender all of his rights granted hereunder, save and except any earned interest in the claims, and upon the expiry of such 60 day period this agreement will terminate.

12.4

If this agreement is terminated, Brazos will: 

(a) 

leave in good standing for a period of at least 90 days from the termination of the agreement those mineral claims comprised in the Claims that are in good standing on the date hereof, and any other mineral claims comprised in the Claims that Brazos brings into good standing after the date hereof; and

(b) 

deliver at no cost to Carr within 90 days of such termination copies of all reports, maps, drill test results, assay results and other relevant technical data compiled by or in the possession of Brazos with respect to the Claims and not theretofore furnished to Carr. 

12.5

Notwithstanding termination of this agreement, Brazos will have the right, within a period of 180 days following the date of termination, to remove from the Claims all buildings, plant, equipment, machinery, tools and appliances and supplies which have been brought upon the Claims by or on behalf of Brazos, and any such property not removed within such 180 day period will thereafter become the property of Carr. 

13. 

TRANSFERS

13.1

Brazos may at any time prior to termination of this agreement or thereafter, sell, transfer or otherwise dispose of all or any portion of his interest in and to the Claims and this agreement, provided that any purchaser will enter into an agreement containing a covenant that such purchaser will perform all of the obligations of Brazos to be performed under this agreement with respect to the interest to be acquired by such purchaser.

13.2

If Carr should receive a bona fide offer from an independent third party (the “Proposed Purchaser”) dealing at arm’s length with Carr to purchase all or substantially all of their interest in the Claims, which offer Carr desires to accept, or if Carr intends to sell all or substantially all of its interest in the Claims, Carr will first offer (the “Offer”) such interest in writing to Brazos upon terms no less favourable than those offered by the Proposed Purchaser or intended to be offered by Carr, as the case may be. The Offer will specify the price and terms and conditions of such sale, the name of the Proposed Purchaser (which term will, in the case of an intended offer by Carr, mean the person or persons to whom Carr intends to offer his interest) and, if the Offer received by Carr from the Proposed Purchaser provides for any consideration payable to Carr otherwise than in cash, the Offer will include Carr’s good faith estimate of the cash equivalent of the non-cash consideration.

If within a period of 60 days of the receipt of the Offer Brazos notifies Carr in writing that he will accept the same, Carr will be bound to sell such interest to Brazos (subject as hereinafter provided with respect to price) on the terms and conditions of the Offer.  If the Offer, so accepted by Brazos, contains Carr’s good faith estimate of the cash equivalent consideration as aforesaid, and if Brazos disagrees with Carr’s best estimate, Brazos will so notify Carr at the time of acceptance and Brazos will, in such notice, specify what they consider, in good faith, the fair cash equivalent to be and the resulting total purchase price.  If Brazos so notifies Carr, the acceptance by Brazos will be effective and binding upon Carr, and Brazos and the cash equivalent of any such non-cash consideration will be determined by binding arbitration and will be payable by Brazos, subject to prepayment as hereinafter provided, within 60 days following the determination by arbitration.  Brazos will in such case pay to Carr, against receipt of an absolute transfer of clear and unencumbered title to the interest of Carr being sold, the total purchase price which is specified in his notice to Carr and such amount will be credited to the amount determined following arbitration of the cash equivalent of any non-cash consideration.

If Brazos fails to notify Carr before the expiration of the time limited therefor that he will purchase the interest offered, Carr may sell and transfer such interest to the Proposed Purchaser at the price and on the terms and conditions specified in the Offer for a period of 60 days, provided that the terms of this paragraph will again apply to such interest if the sale to the Proposed Purchaser is not completed within the said 60 days.

13.3

Any sale hereunder will be conditional upon the Proposed Purchaser delivering a written undertaking to Brazos, in form and substance satisfactory to their counsel, to be bound by the terms and conditions of this agreement. 

14. 

FORCE MAJEURE

14.1

No party will be liable for its failure to perform any of their obligations under this agreement due to a cause beyond their reasonable control (except those caused by its own lack of funds) including, but not limited to acts of God, fire, flood, explosion, strikes, lockouts or other industrial disturbances, laws, rules and regulations or orders of any duly constituted governmental authority, or non-availability of materials or transportation (each an “Intervening Event”).

14.2

All time limits imposed by this agreement will be extended by a period equivalent to the period of delay resulting from an Intervening Event.

14.3

A party relying on the provisions of Section 14.1 hereof will take all reasonable steps to eliminate any Intervening Event and, if possible, will perform their obligations under this agreement as far as practicable, but nothing herein will require such party to settle or adjust any labour dispute or to question or to test the validity of any law, rule, regulation or order of any duly constituted governmental authority or to complete its obligations under this agreement if an Intervening Event renders completion impossible. 

14.4

Any party claiming suspension of its obligations under this provision will promptly notify the other party to that effect and will take all reasonable steps to remove or remedy the Intervening Event described in the notice in so far as it is reasonably able to do so and as soon as possible.

15. 

CONFIDENTIAL INFORMATION

15.1

Except as otherwise set out in this section, each party will treat all data, reports, records and other information of any nature whatsoever relating to this agreement and the Claims as confidential.  Either party may disclose information regarding the Claims if such disclosure is required by law or by the rules or policies of any regulatory authority having jurisdiction over the affairs of the parties.  In addition each party may disclose information regarding the Claims to a third party for the purpose of acquiring any part of its interest hereunder provided that such third party has executed a confidentiality agreement with similar terms.

16. 

ARBITRATION

16.1

All disputes arising out of or in connection with this contract, or in respect of any defined legal relationship associated therewith or derived therefrom, will be referred to and finally resolved by arbitration under the rules of the Alberta International Commercial Arbitration Centre (A.I.C.A.C.).

16.2

The appointing authority will be the Alberta International Commercial Arbitration Centre.

16.3

The case will be administered by the Alberta International Commercial Arbitration Centre in accordance with its “procedures for cases under the A.I.C.A.C. Rules”.

16.4

The place of arbitration will be Calgary, Alberta, Canada.

16.5

The party desiring arbitration will nominate one (1) arbitrator and will notify the other party hereto of such nomination. Such notice will set forth a brief description of the matter submitted for arbitration and, if appropriate, the paragraph hereof pursuant to which the matter is so submitted.  Such other parties will within 30 days after receiving such notice, nominate an arbitrator and the other two arbitrators will select a chairman of the Arbitral Tribunal to act jointly with them.  If the said arbitrators will be unable to agree in the selection of such chairman, a chairman will be approved by the Alberta International Commercial Arbitration Centre.

16.6

If the party hereto receiving such notice of the nomination of an arbitrator by the party desiring arbitration fails within the said 30 days to nominate an arbitrator, then the arbitrator nominated by the party desiring arbitration may proceed alone to determine the dispute in such a manner and in such time as he will think fit and his decision will be binding upon the parties.

17.

FURTHER ASSURANCES

17.1

Each of the parties covenants and agrees, from time to time and at all times, to do all such further acts and execute and deliver all such further deeds and documents as will be reasonably required in order to fully perform and carry out the terms and intent of this agreement.

18.

TIME OF THE ESSENCE

18.1

Time will be of the essence in the performance of this agreement.

19.

SEVERABILITY

19.1

If any one or more of the provisions contained herein should be invalid, illegal or unenforceable in any respect in any jurisdiction, the validity, legality and enforceability of such provisions will not in any way be affected or impaired thereby in any other jurisdiction and the validity, legality and enforceability of the remaining provisions contained herein will not in any way be affected or impaired thereby. 

20. 

NOTICES

20.1

Any notice that must be given or delivered under this agreement must be in writing and delivered by hand to the address or transmitted by fax to the fax number given for the party on page 1 and is deemed to have been received when it is delivered by hand or transmitted by fax unless the delivery or transmission is made after 4:00 p.m. or on a non-business day where it is received, in which case it is deemed to have been delivered or transmitted on the next business day.  Any payments of money must be delivered by hand or wired as instructed in writing by the receiving party.  Any delivery other than a written notice or money must be made by hand at the receiving party’s address

20.2

The parties may at any time and from time to time notify the other party in writing of a new address to which notice will be given to it thereafter until further change. 

21.

COSTS

21.1

Each of the parties hereto agree to pay their own costs, expenses and fees (including, without limitation, legal counsel fees) incurred in connection with the preparation, execution and consummation of this agreement.

22. 

ENTIRE AGREEMENT

22.1

This agreement will supersede and replace any other agreement or arrangement, whether oral or written, heretofore existing between the parties in respect of the subject matter of this agreement. 

23. 

GOVERNING LAW

23.1

This agreement and all provisions hereof will be governed by, and construed in accordance with, the laws of the State of Nevada.  The parties irrevocably and unconditionally consent to submit to the exclusive jurisdiction of the courts of the State of Nevada and of the United States of America located in Nevada  (the “Nevada Courts”) for any litigation arising out of or relating to this agreement and the transactions contemplated hereby, consent to waive any objection to the laying of venue of any such litigation in the Nevada Courts, and agree not to plead or claim in any Nevada Court that such litigation brought therein has been brought in an inconvenient forum; provided that any judgment obtained in any such litigation may be enforced in any court having jurisdiction over a party or its assets

24. 

WAIVERS

24.1

No consent or waiver expressed or implied by any party in respect of any breach or default by any other party will be deemed or construed to be a consent to or a waiver of any other breach or default whatsoever. 

25.

BINDING EFFECT

25.1

This agreement will enure to the benefit of and be binding upon the parties hereto and their respective heirs, successors and permitted assigns.

IN WITNESS WHEREOF this agreement was executed by the parties hereto as of the day and year first above written. 

SIGNED, SEALED and DELIVERED

)

by Micheal Carr in the presence of:

)

)

)

Signature of Witness

)

)

) 

Name of Witness

) 

  MICHEAL CARR

)

)

Address

)

)

)

Occupation

)

The corporate seal of Brazos 

)

International Exp[loration, Inc. 

)

was affixed hereunto in the presence of:

)

) 

 ( S E A L )

)

                                                   

)

Authorized Signatory

)

SCHEDULE “A”

Schedule “A” to that certain Option Agreement

between Donald Carr and Brazos International Exploration, Inc.

made as of the 19th day of March, 2007.

(number of pages including this one:  1)

MINERAL CLAIMS

Jaroslav Ruza is the registered owner of the following mineral claims located in the Laurentides Region near Mont Laurier, Quebec, as filed for record with Quebec Resources Naturelles et Faune:

								
	SNRC

	Claim Number

	R/Rg/B/P

	Lot

	Section

	Area (ha)

	Required Work (CDN$)

	Expiry Date

	31J15

	CDC 203 4624

	0020

	0003

	0

	58.76

	1,200

	23 Nov 2008

	31J15

	CDC 203 4625

	0020

	0004

	0

	58.76

	1,200

	23 Nov 2008

	31J15

	CDC 203 4626

	0020

	0005

	0

	58.76

	1,200

	23 Nov 2008

	31J15

	CDC 203 4627

	0021

	0002

	0

	58.76

	1,200

	23 Nov 2008

	31J15

	CDC 203 4628

	0021

	0004

	0

	58.76

	1,200

	23 Nov 2008

	31J15

	CDC 203 4629

	0021

	0005

	0

	58.76

	1,200

	23 Nov 2008

	31J15

	CDC 203 4630

	0020

	0002

	0

	58.76

	1,200

	23 Nov 2008

	  31J15

	CDC 203 4631

	0021

	0003

	0

	58.76

	1,200

	23 Nov 2008

	31J15

	CDC 203 4632

	0022

	0002

	0

	58.75

	1,200

	23 Nov 2008

	31J15

	CDC 203 4633

	0022

	0003

	0

	58.75

	1,200

	23 Nov 2008

	31J15

	CDC 203 4634

	0022

	0004

	0

	58.75

	1,200

	23 Nov 2008

	31J15

	CDC 203 4635

	0022

	0005

	0

	58.75

	1,200

	23 Nov 2008

	31J15

	CDC 203 4636

	0023

	0002

	0

	58.74

	1,200

	23 Nov 2008

	31J15

	CDC 203 4637

	0023

	0003

	0

	58.74

	1,200

	23 Nov 2008

	31J15

	CDC 203 4638

	0023

	0004

	0

	58.74

	1,200

	23 Nov 2008

	31J15

	CDC 203 4639

	0023

	0005

	0

	58.74

	1,200

	23 Nov 2008

	 
	 
	Totals:

	940.04

	$19,200

	 

SCHEDULE “B”

Schedule “B” to that certain Option Agreement

between Michael Carr and Brazos International Exploration, Inc.

made as of the 19th day of March, 2007.

(number of pages including this one:  2)

ROYALTY PAYMENTS

1. 

“Net Smelter Returns” means a sum equal to all gross revenues, earned or deemed earned from the sale of ores, metals, concentrates or other mineral products produced or deemed to be produced from the Claims and the gross revenues of insurance settlements concerning the loss of ores, metals, concentrates or other mineral products produced or deemed to be produced from the Claims, after deducting from such gross revenues to the extent that they are actually incurred: costs of transportation and sampling shipments of ores, metals, concentrates or other mineral products from the Claims to any mint, smelter, refinery, reduction works or other purchaser; insurance costs on such ores, metals, concentrates or other mineral products, and smelter penalty charges and all charges for smelting, and treatment. 

2.

“Commercial Production” means the operation of the Property as a producing Mine and the production of Products therefrom (excluding bulk sampling, pilot plan or test operations).

3.

“Mine” means the workings established and assets acquired, including, without limiting the generality of the foregoing, development headings, plant and concentrator installations, infrastructure, housing, and other facilities required to conduct the Mining Operations on the Property.

4.

“Mining Operations” means every kind of work done by the operator unilaterally and in good faith to maintain the Property in good standing, to prevent waste or otherwise discharge any obligation that is imposed upon the operator pursuant to this agreement, including, without limiting the generality of the foregoing, testing, investigating, prospecting, exploring, developing, property maintenance, preparing reports, surveying, constructing, mining, milling, concentrating, rehabilitation, reclamation, and environmental protection.

5.

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

6.

“Property” means the Claims and all mining leases and other mining interests and rights derived therefrom. Any reference herein to any Claim comprised in the Property includes any mineral leases or other interests to which such Claim may have been converted.

2.

The royalties will be paid as follows:

(i)

not later than 30 days after the end of each of the first, second, and third quarters of a calendar year, commencing with the calendar year quarter in which Commercial Production occurs, Brazos will deliver to Carr a statement of royalties payable for that quarter, together with payment of the applicable royalty; and

(ii)

not later than 60 days after the end of each calendar year, Brazos will deliver to Carr a statement of royalties paid and payable for the year duly certified by an independent chartered accountant, together with payment of the difference between that amount and the royalties paid for each of the first, second, and third quarters of the year.

3. 

Not later than 60 days after the end of each calendar year, Brazos will prepare and deliver to Carr a written statement listing the gross revenues and deductions used to calculate the Net Smelter Returns, certified by an independent chartered accountant. Should Carr wish to order an audit of the Net Smelter Returns, Carr will be responsible for all costs of any such audit (to be carried out by an independent chartered accountant), unless if the audit discloses that the actual Net Smelter Returns exceeded the Net Smelter Returns as reported by Brazos by 3% or more, then Brazos will be responsible for the reasonable costs of such audit.bancroft8k052208ex10-1.htm

    
      

      

    

    Exhibit
10.1

    CONSULTING
AGREEMENT

     

        This
Consulting Agreement (“Agreement”) is between Bancroft
Uranium, Inc. (“BANCROFT”), and Rick Lewon,
having a place of business as set forth below (“Contractor”).  This
Agreement is effective as of May 23, 2008 (the “Effective Date”).

     

    Whereas
BANCROFT and Contractor desire to create a consulting relationship in connection
with certain services to be provided by Contractor to BANCROFT, as described
below, the parties agree as follows:

     

    

     

    1.       Work and
Compensation.  Contractor agrees to perform the work set forth
in Exhibit
A (“Statement of
Work”) and to provide any work product resulting therefrom to
BANCROFT.  Contractor will be paid compensation in the amount and at
the times set forth in Exhibit
B, subject to timely submission of any deliverables in accordance with
the schedule in the applicable Statement of Work.  Unless other terms
are set forth in Exhibit B, BANCROFT
will pay Contractor for services within thirty (30) days of the date of receipt
of Contractor’s detailed invoice.  Contractor will provide BANCROFT
with reasonable documentation and work description in connection with
Contractor’s invoices, as requested by BANCROFT.

     

    2.        Term.

     

    2.1            Completion of Services.  This
Agreement will become effective on the Effective Date and will continue in
effect until completion of the Statement of Work as set forth in Exhibit A or any
subsequent Statements of Work as set forth in Section 2.2, unless terminated
earlier as set forth in Section 7.1.

     

    2.2            Subsequent Statements of
Work.  Contractor and BANCROFT may from time to time execute
subsequent Statements of Work in the form of Exhibit
D, each of which will be deemed to be part of this Agreement upon the
earlier of (a) the date of mutual execution of the subsequent Statement of Work
or (b) the date when Contractor commences any work described on a subsequent
Statement of Work that has been duly executed by BANCROFT.  To the
extent any terms set forth on any subsequent Statement of Work conflict with the
terms of this Agreement, the terms on the Statement of Work will prevail, but
only with respect to the subject work described therein.

     

    3.       Responsibilities.  Contractor
will perform and promptly complete the Statement of Work set forth in Exhibit A in a
professional and timely manner consistent with industry standards at a location,
place and time that Contractor deems appropriate.  Contractor, in its
sole discretion, will determine the manner, method, details and means of
performing work under a Statement of Work.  Except as otherwise
indicated on Exhibit B attached hereto, Contractor will provide its own
equipment, tools, and other materials at its own expense in performing work
under the Statement of Work.

     

    3.1            Acceptance or Rejection of
Work.  Although much of the work that the Contractor will
perform, will include providing security and management services
and  information to subcontractors, drilling staff, potential
strategic partners and liaison work with various geological and extraction firms
employed by BANCROFT, it is also possible that Contractor’s work will be
submitted to BANCROFT in written form.  In such a case, upon
Contractor’s submission of the work product, BANCROFT will, in its sole
discretion, accept or reject all or part of the work product or return it to
Contractor with suggested changes.  Contractor acknowledges that if
the unaccepted portion of the work product contains any Confidential Information
or BANCROFT Materials, then BANCROFT will retain sole and exclusive ownership of
such property, and Contractor will either return the unaccepted work product to
BANCROFT or provide BANCROFT with satisfactory evidence that the unaccepted work
product has been destroyed.

     

    3.2            Quality
Work.  Contractor will perform the work at a quality level,
consistent with work performed by professional management at Contractor’s level
and compensation.

     

    4.       Ownership
of Property.

     

    4.1            Works Assigned to
BANCROFT.  Contractor will promptly make full disclosure to
BANCROFT, will provide and deliver to BANCROFT, will hold in trust for the sole
right and benefit of BANCROFT, and will assign, and does hereby assign, to
BANCROFT all Contractor’s right, title and interest in and to any and all
inventions, original works of authorship, developments, designs, improvements,
trade secrets and other work product related to any Statements of Work,
including tangible embodiments thereof, which Contractor may solely or jointly
conceive, develop, make or reduce to practice, at any time during the term of
this Agreement, together with all patent, copyright, trademark and other rights,
including tangible embodiments thereof, that Contractor has or may acquire in
all countries arising in performance of any Statement of Work (collectively, the
“Works”).

     

    

    
      
        
           

        

        
          1

          
            

          

        

        
           

        

      

    

    BANCROFT Consulting Agreement

     

    4.2            Intellectual Property Rights
Registration. Although the nature of the services Contractor will be
performing are not generally of the sort that product intellectual property
rights, it is conceivable that the services rendered by Contractor will produce
innovations within the field of mineral extraction, including processes, methods
of extraction and terminology and brand names associated with these processes
and methods, which could also include software designs or algorithms which
improve the efficiency of mineral extraction.  Some of these processes
or methods may be patentable or otherwise
protectable.   Contractor agrees to assist BANCROFT in every
lawful way to obtain, prepare and prosecute applications for letters patent,
trademark, mask work and copyright registrations covering the Works assigned
hereunder to BANCROFT, in order to perfect BANCROFT’s title to the Works, and to
protect and enforce BANCROFT’s rights in the Works in the U.S. or foreign
countries, including promptly executing additional separate assignment(s) for
any of the Works, whenever requested by BANCROFT.  Such obligations
will continue beyond the completion of the Statement of Work and beyond the
termination of this Agreement, but BANCROFT will compensate Contractor at a
reasonable rate for time actually spent by Contractor at BANCROFT’s request on
such assistance after such termination.  If BANCROFT is unable for any
reason to secure Contractor’s signature to apply for or to pursue any
application for any U.S. or foreign letters patent, trademark, mask work or
copyright registrations covering Work assigned to BANCROFT, then Contractor
hereby irrevocably designates and appoints BANCROFT and its duly authorized
officers and agents as Contractor’s agent and attorney-in-fact, to act for and
in Contractor’s behalf and stead to execute and file any such application and to
do all other lawfully permitted acts to further the prosecution and issuance of
letters patent, trademark, copyright or mask work registrations with the same
legal force and effect as if executed by Contractor.

     

    4.3            Other Rights.  If
Contractor has any rights to any Works that cannot be assigned to BANCROFT,
Contractor unconditionally and irrevocably waives the enforcement of such
rights, and all claims and causes of action of any kind against BANCROFT with
respect to such rights, and agrees, at BANCROFT’s request and expense, to
consent to and join in any action to enforce such rights.  If
Contractor has any right to any Works that cannot be assigned to BANCROFT or
waived by Contractor, Contractor unconditionally grants to BANCROFT during the
term of such rights, an exclusive, irrevocable, perpetual, worldwide, fully paid
and royalty-free license, with rights to sublicense through multiple levels of
sublicensees, to reproduce, create derivative works of, distribute, publicly
perform and publicly display by all means now known or later developed, such
rights and tangible embodiments thereof.

     

    4.4            Exceptions to
Assignments.  Contractor understands that the provisions of
this Agreement requiring assignment to BANCROFT do not apply to any invention as
to which Contractor can prove the following:  (a) no equipment,
supplies, facility or trade secret of BANCROFT was used in its development and
(b) it does not relate to the Statement of Work or to BANCROFT’s actual or
demonstrably anticipated research and development, and does not result from any
work performed by Contractor for BANCROFT.  Contractor will advise
BANCROFT promptly in writing of the existence and general nature of (but not any
confidential subject matter of) any inventions that Contractor believes meet the
criteria in this Section 4.4, and if so requested, the subject matter of the
invention and all evidence necessary to substantiate such belief.

     

    5.       Representations
and Warranties.  Contractor hereby represents and warrants with
respect to each Work and to the services Contractor provides hereunder that
Contractor is a qualified, trained geologist, skilled in the type of services
provided under this Agreement.  Any Works or other reports produced
under this Agreement are prepared in a manner consistent with industry best
practices throughout the field of mineral extraction.  BANCROFT relies
on, and Contractor represents that BANCROFT can rely on Contractor’s expertise
in the field of Geology generally and mineral extraction in
particular.  It is the understanding of BANCROFT that Contractor will
personally perform the services required under this
Agreement.  However, If Contractor uses third parties to create any
products or to perform any services related to the Work, then Contractor
represents and warrants that Contractor has (I) obtained all of the necessary
rights to the Work from all such third parties to the same extent as warranted
above and (II) caused such third parties to enter into confidentiality
agreements that contain the same language as contained in this Agreement with
respect to protecting BANCROFT’s Confidential Information.

     

    6.       Indemnification. 
Contractor will indemnify and hold harmless BANCROFT, its parents, stockholders,
officers, directors, employees, sub-licensees, customers and agents
(collectively the “Indemnified
Parties”) from any and all claims, losses, liabilities, damages, expenses
and costs (including attorneys’ fees and court costs) that result from a breach
of any representation or warranty of Contractor (a “Claim”) set forth in Section 5
of this Agreement.

     

    
      7.  
    Termination.

    

     

    7.1            Termination.  This
Agreement may be terminated by BANCROFT with or without cause, effective upon
delivery of written notice.  Contractor may terminate this Agreement
for any reason on seven (7) days’ written notice to BANCROFT or such longer
period as may be specified in the attached exhibits.  In the event
that Contractor gives notice of termination during the performance of the
Statement of Work, the terms of the Agreement will govern completion, acceptance
and payment by BANCROFT for any work product.

     

    

    
      
        
           

        

        
          2

          
            

          

        

        
           

        

      

    

    BANCROFT Consulting Agreement

     

    7.2            Return of
Materials.  Following any notice of termination of this
Agreement given pursuant to Section 7.1 or upon expiration of the term of this
Agreement, Contractor will fully cooperate with BANCROFT in all matters relating
to the winding up of Contractor’s pending work on behalf of BANCROFT and the
orderly transfer of any work or documents to
BANCROFT.   Contractor agrees that, at the time of terminating
Contractor’s engagement with BANCROFT and at any other time BANCROFT requests,
Contractor will deliver to BANCROFT any and all devices, materials, software,
records, data, notes, reports, proposals, lists, correspondence, specifications,
drawings, blueprints, sketches, equipment, other documents or property, or
reproductions of any aforementioned items (in whole or in part) belonging to
BANCROFT, its successors, or assigns, or embodying BANCROFT’s Confidential
Information or work product developed under this Agreement (collectively “BANCROFT
Materials”).  Contractor may not retain any BANCROFT Materials
without the written authorization of an authorized BANCROFT
officer.

     

    7.3            BANCROFT Materials. Contractor
agrees it will not use BANCROFT Materials for any purpose other than in
performance of the Statement of Work.  Upon termination, Contractor
agrees to sign and deliver the “Termination Certification” attached hereto as
Exhibit
C. Contractor will not, during or after Contractor’s engagement with
BANCROFT, deliver or transfer to any person, or use, without written
authorization by an authorized BANCROFT officer any BANCROFT Materials or other
property owned by BANCROFT.

     

    8.        Confidential
Information.

     

    8.1            BANCROFT Confidential
Information.  The term “Confidential Information” will be
deemed to include all information obtained by Contractor from BANCROFT or
disclosed to Contractor by BANCROFT, or which Contractor learned of or developed
during the term of and in connection with Contractor’s engagement, which relates
to BANCROFT’s past, present, and future research, product development or
business activities or the results of such activities.  In particular,
Confidential Information will be deemed to include any trade secret, idea,
process, invention, improvement, know-how, information, characters, story lines,
prices, technique, algorithm, computer program (source and object codes),
database, design, drawing, formula or test data, relating to any research
project, work in process, future development, engineering, manufacturing,
marketing, servicing, financing or personnel matter relating to BANCROFT, its
present or future products, sales, suppliers, clients, customers, employees,
consultants, investors, licensees, licensors or business, whether in oral,
written, graphic or electronic form, as well as any other information that
BANCROFT labels or deems Confidential Information.  Confidential
Information will not include information that Contractor can demonstrate by
written record was previously known to Contractor or publicly disclosed without
breach of an obligation of confidentiality, either prior or subsequent to
Contractor’s receipt of such information.

     

    8.2            Promise Not to
Disclose.  Contractor agrees, at all times during the term of
this Agreement and thereafter, to hold in strictest confidence, and not to use
or disclose to any person, firm or corporation without written authorization of
an authorized officer of BANCROFT, any Confidential Information, except such use
and disclosure as is necessary in carrying out Contractor’s work for BANCROFT
and authorized in writing by BANCROFT.  Contractor does not hereby
receive any implied or granted rights or licenses to trademarks, inventions,
copyrights or patents of BANCROFT or any third parties.  All
Confidential Information (including all copies thereof) will at all times remain
the property of BANCROFT and will be returned to BANCROFT after the Contractor’s
need for it has expired, or upon request by BANCROFT.

     

    8.3            Former and Current Client
Information.  Contractor agrees that Contractor will not,
during Contractor’s engagement with BANCROFT, improperly use or disclose any
proprietary information or trade secrets of third parties, such as Contractor’s
other employers, clients or companies through which Contractor has access to
such information, if any.  Contractor will not bring onto the premises
of BANCROFT or use in the performance of the Statement of Work, any unpublished
documents or any property belonging to third parties, such as Contractor’s
former employers, clients or customers, if any, unless consented to in writing
by such party and such consents are submitted to BANCROFT.

     

    8.4            Third Party
Information.  Contractor recognizes that BANCROFT may have
received and in the future may receive from third parties their confidential or
proprietary information subject to certain duties on BANCROFT’s part to maintain
the confidentiality of such information and to use it only for certain limited
purposes.  Contractor agrees that Contractor owes BANCROFT and such
third parties, during the term of Contractor’s engagement and thereafter,
whatever duty exists between BANCROFT and such third parties to hold all such
confidential or proprietary information in the strictest confidence and not to
disclose it to any person, firm, or corporation (except as necessary in carrying
out Contractor’s work for BANCROFT consistent with BANCROFT’s agreement with
such third party) or to use it for the benefit of anyone other than for BANCROFT
or such third party (consistent with BANCROFT’s agreement with such third party)
without written authorization of an authorized officer of BANCROFT.

     

    9.        Assignment.  The
rights and obligations of Contractor may be assigned upon written notice to
BANCROFT thereof, provided that, in BANCROFT’s sole discretion and judgment,
such an assignee is acceptable to BANCROFT.  The rights and
obligations of BANCROFT under this Agreement will inure to the benefit of and
will be binding upon the successors and assignees of BANCROFT.

     

    

    
      
        
           

        

        
          3

          
            

          

        

        
           

        

      

    

    BANCROFT Consulting Agreement

     

    10.      Conflicting
Work.  Contractor agrees that, during the term of this
Agreement, Contractor will not engage in any other work, consulting, or other
business activity that would create a conflict of interest with Contractor’s
obligations to BANCROFT under this Agreement with BANCROFT.

     

    11.      Independent
Contractor Relationship.  CONTRACTOR’s relationship with
BANCROFT will be that of an independent contractor and nothing in this Agreement
should be construed to create a partnership, joint venture, or employer-employee
relationship.  Contractor is not the agent of BANCROFT and is not
authorized to make any representation, contract, or commitment on behalf of
BANCROFT.  If Contractor is an individual, then he or she will not be
entitled to any of the benefits which BANCROFT may make available to its
employees, including, but not limited to, group insurance, stock option plans,
profit-sharing or retirement benefits.  If applicable, BANCROFT will
regularly report amounts paid to Contractor by filing Form 1099-MISC with the
Internal Revenue Service, as required by law.  Because Contractor is
an independent contractor, BANCROFT will not withhold or make payments for
social security, make unemployment insurance or disability insurance
contributions, or obtain worker’s compensation insurance on Contractor’s
behalf.  Contractor will be solely responsible for, and agrees to
accept exclusive liability for, complying with all applicable foreign, federal
and state laws governing self-employed individuals, including obligations such
as payment of taxes, social security, disability and other contributions based
on fees paid to Contractor or its agents under this
Agreement.  Contractor hereby agrees to indemnify and hold harmless
the Indemnified Parties against any and all such taxes or contributions,
including penalties and interest.

     

    12.      Governing
Law.  This Agreement will be governed and construed in
accordance with the laws of the State of Nevada as applied to transactions
taking place wholly within Nevada between Nevada residents.  In the
event of a dispute, the parties agree to mediate in good faith before a neutral
third party agreeable to both parties prior to instituting any legal action
other than injunctive relief, such mediation to take place in the Clark County,
Nevada.  Contractor hereby expressly consents to the exclusive
personal and subject-matter jurisdiction of the state and federal courts located
in the Clark County, Nevada, for any dispute arising from or related to this
Agreement.

     

    13.      Survival. Any respective
obligations of Contractor or BANCROFT hereunder which by their nature would
continue beyond the termination, cancellation or expiration of this Agreement
will survive such termination, cancellation or expiration, including but not
limited to the obligations set forth in the following
provisions:  Section 4, Section 5, Section 6,
Section 7, Section 8, Section 11, Section 12,
Section 13, Section 14, Section 16 and
Section 18.

     

    14.      Entire
Agreement; Amendment.  This Agreement together with any
subsequent Statements of Work hereunder constitutes the entire agreement between
the parties regarding the services rendered by Contractor to BANCROFT, and this
Agreement supersedes all prior or contemporaneous agreements, commitments,
representations, writings, and discussions between BANCROFT and Contractor,
whether oral or written.  This Agreement may be amended only by a
writing executed by Contractor and an authorized officer of
BANCROFT.  Contractor expressly acknowledges that Contractor has read
the terms of this Agreement, has had the opportunity to discuss those terms with
his or her own legal counsel, and understands that this is a legally binding
contract.

     

    15.      Notices.  Any
notice, request, demand or other communication hereunder will be in writing and
will be deemed to be duly given (a) upon actual receipt when personally
delivered to an officer of BANCROFT or to Contractor, as the case may be, (b)
three days after deposit in the U.S. Mail by certified or registered mail,
return receipt requested with postage prepaid, or (c) upon actual receipt or two
days after being sent by reputable international overnight courier, delivery
fees prepaid; in each case addressed to the addresses set forth on the signature
page of this Agreement or to such other address as either party may specify by
notice to the other as provided in this section.

     

    16.      Interpretation;
Severability.  Section and other headings contained in this
Agreement are for reference only and will not affect the meaning or
interpretation of this Agreement.  If any provision of this Agreement
is considered unclear or ambiguous, it will not be construed against the party
that drafted the provision, but instead will be construed to effectuate the
intent of both parties as expressed in this Agreement. 
Should any valid federal or state law or final determination of any
administrative agency or court of competent jurisdiction invalidate or otherwise
affect any provision of this Agreement, any provision so affected will be
conformed automatically and to the extent possible to the law or determination
in question and enforced insofar as possible consistent with the intent of the
parties, and in all events the remaining provisions of this Agreement will
continue in full force and effect.

     

    17.      Counterparts.
This Agreement may be executed in counterparts, each of which will be
deemed to be an original.

     

    18.      Attorneys’
Fees. If an action is brought to interpret or enforce the terms of this
Agreement, the prevailing party will be entitled to recover from the
non-prevailing party, in addition to all other remedies at law and equity, all
costs and expenses incurred by the prevailing party with respect to such action,
including but not limited to attorneys’ fees, costs and
disbursements.

     

    

    
      
        
           

        

        
          4

          
            

          

        

        
           

        

      

    

    BANCROFT Consulting Agreement

     

    In Witness
Whereof, the parties hereto have caused this Consulting Agreement to be
duly executed as of the first date written above.

    

    
      	
              BANCROFTBancroft
      Uranium, Inc.:

            	 	
              Contractor:

            
	 
      	 	 
      
	 
      	 	 
      
	 
      	 	 
      
	 
      	 	 
      
	
              /s/ P. Leslie Hammond

            	 	
              /s/ Rick Lewon

            
	
              Signature

            	 	
              Signature

            
	 
      	 	 
      
	
              P. Leslie Hammond

            	 	
              Rick Lewon

            
	
              Name
      (please print)

            	 	
              Name
      (please print)

            
	 
      	 	 
      
	
              Chief Executive Officer

            	 	
              Consultant

            
	
              Title

            	 	
              Title

            
	 
      	 	 
      
	
              May 23, 2008

            	 	
              May 23, 2008

            
	
              Date

            	 	
              Date

            
	 
      	 	 
      
	 
      	 	 
      
	
              Address
      for Notices:

            	 	
              Address
      for Notices:

            
	
              BANCROFT

            	 	 
      
	
              Bancroft
      Uranium, Inc.

            	 	
              [address
      omitted]                              

            
	
              8655
      East Via de Ventura

            	 	
              ____________________________

            
	
              Scottsdale,
      AZ  85258

            	 	
              ____________________________

            
	
              Phone:  (480)346-1460

            	 	
              ____________________________

            
	
              Attention:  President
      & CEO

            	 	
              ____________________________

            

    

    

    

    

    Attachments:

    Exhibit A—Statement of Work and
Project Schedule

    Exhibit B—Payment
Schedule

    Exhibit C—Contractor Termination
Certification

    Exhibit D—Form of Subsequent
Statement of Work

    

    

    

    

    

    

    

    

    

    

    

    

    

    Signature
Page to

    BANCROFT
Consulting Agreement

    

    
      
        
           

        

        
          5

          
            

          

        

        
           

        

      

    

    BANCROFT Consulting Agreement

     

    EXHIBIT
A

    

    STATEMENT
OF WORK and PROJECT SCHEDULE

    

    
      	
               
      

            	
              1.

            	
              Title
      of Project: Management and Security Consulting
  services.

            

    

    

    
      	
               
      

            	
              2.

            	
              Scope
      of Work:  For the purpose of this Statement of Work, “Project”
      means that within Two Years (2), Contractor will be responsible for
      creating and performing the following deliverables and services pursuant
      to the schedules and conditions herein
  described:

            

    

    

    
      	
               
      

            	
              a.

            	
              Scheduling,
      agenda, research, protocols, procedures and facilitation for exploration,
      staffing, drilling, security, mining liaison work and other full-time
      management activities.

            

    

     

    
      	
               
      

            	
              b.

            	
              Develop
      interim detailed drilling plans and complete geological exploration plans
      based on the above.

            

    

     

    
      	
               
      

            	
              c.

            	
              Coordination
      with trademark, patent counsel and corporate counsel regarding all
      elements of intellectual property protection strategy with respect to any
      innovations that come from the
work.

            

    

     

    
      	
               
      

            	
              d.

            	
              Complete,
      comprehensive research on the top producers and suppliers of uranium,
      together with assistance in evaluating potential joint venture partners
      and drilling and other partners, as well as the evaluation of potential
      end user consumers of uranium.

            

    

     

    
      	
               
      

            	
              e.

            	
              Supervision
      of all security and job sites across all of BANCROFT’s mineral
      properties.

            

    

     

    
      	
               
      

            	
              f.

            	
              A
      complete security and managment of the development of the Elliot Lake and
      Longlac properties as well as the identification of complementary
      properties for acquisition.

            

    

     

    
      	
               
      

            	
              3.

            	
              Services
      to be Provided:  Contractor will be responsible for completing
      the Project and providing all services necessary to accomplish the above
      goals, including:

            

    

    

    
      	
               
      

            	
              a.

            	
              Continue
      to support BANCROFT’s drilling, public relations, environmental compliance
      and First Nation’s partnership
relationships.

            

    

    
      	
               
      

            	
              b.

            	
              All
      fees and costs associated with any professional training or licensure
      requirements in order to perform the
work.

            

    

    
      	
               
      

            	
              c.

            	
              Methodology
      for conducting appropriate geological work.  This
      includes:

            

    

    
      	
               
      

            	
              i.

            	
              Management
      of all equipment, facilities and personnel to an executive
      standard.

            

    

    
      	
               
      

            	
              ii.

            	
              daily
      contact and as needed office visits with BANCROFT personnel to support
      exploration and joint-venture
efforts

            

    

    
      	
               
      

            	
              iii.

            	
              any
      research assistance or meetings needed to be attended anywhere in the
      world required to carry out the goals of the
  project

            

    

    
      	
               
      

            	
              iv.

            	
              any
      consultations with any experts necessary to accomplish the project
      goals

            

    

    

    
      	
               
      

            	
              4.

            	
              Project
      Dates:

            

    

    Project
start date:  10/3/07

    Project
completion date:  10/1/09

    

    
      	
               
      

            	
              5.

            	
              Deliverables
      and Due Dates:  Services have been ongoing since October 3, 2007
      and will be ongoing through October 1,
2009.

            

    

    

    

    
      
        
           

        

        
          Exhibit
A, Page 1

          
            

          

        

        
           

        

      

    

    BANCROFT Consulting Agreement

     

    EXHIBIT
B

    

    COMPENSATION

    

    AMOUNT
AND PAYMENT SCHEDULE

    

    

    Payment
will be due by BANCROFT to Contractor in the amounts of $15,000 USD per month of
services rendered to the corporation for geological consulting services rendered
during the term of this Agreement.  Contractor will also be entitled
to a stock bonus consisting of 100,000 S-8 registered, free-trading shares per
month for each and every month of services performed by Contractor under this
Agreement.  BANCROFT may elect to pay the remaining stock bonus
payments due under this Agreement in advance, no later than May 31,
2008.  If BANCROFT elects to pay the bonuses in advance by that date,
only 83,333 per month in bonuses will be due.  BANCROFT acknowledges
that as an inducement for Contractor to enter into this Agreement and continue
to provide services, bonus stock payments are due for the eight months of
services previously provided to Contractor without stock
compensation.  This means that BANCROFT must issue Contractor
2,000,000 free-trading, S-8 registered common shares by May 31, 2008 to take
advantage of this provision.

    

    Any
provision of this Agreement to the contrary notwithstanding, BANCROFT may
terminate Contractor at any time or Contractor may quit at any
time.  In the event of termination, any unearned cash or stock
compensation will be forfeited by Contractor.  In the event of a
termination where Contractor has been paid stock bonuses in advance under this
Agreement, Contractor agrees to return the unearned shares immediately or
compensate BANCROFT for the fair market value of the shares in cash as of the
date of termination.

     

     

     

     

    
      
         

      

      
        
          Exhibit B, Page
1

        

        
          

        

      

      
         

      

    

    BANCROFT Consulting Agreement

    
       

      EXHIBIT
C

      

      CONTRIBUTOR
TERMINATION CERTIFICATION

       

      This is to certify that Contributor
does not have in its possession or control, nor has it failed to return, any
devices, software, materials, records, data, notes, reports, proposals, lists,
correspondence, specification, drawings, blueprints, sketches, equipment, other
documents or property, or reproductions of any aforementioned items (in whole or
in part) belonging to BANCROFT, its subsidiaries, affiliates, successors or
assigns.

      

      Contributor further agrees that it
will preserve as confidential all trade secrets, confidential knowledge, data or
other proprietary information relating to products, processes, know-how,
designs, formulas, development or experimental work, computer programs, data
bases, other original works of authorship, customer lists, business plans,
financial information or other subject matter pertaining to any business of
BANCROFT or any of its clients, Contributors or licensees.

      

      Contributor hereby irrevocably
grants, assigns and transfers to BANCROFT, all right, title and interest
worldwide in and to the Works (as such term is defined in the Independent
Contractor Services Agreement entered into between Contributor and BANCROFT) and
tangible embodiments thereof, including without limitation, copyrights, moral
rights, contract and licensing rights.

      

      

      

      
        	
                Date:
      ___________________________

              	
                Contributor

              
	 
      	 
      
	 
      	 
      
	 
      	
                Signature
      ____________________________

              
	 
      	 
      
	 
      	 
      
	 
      	
                Print
      Name ___________________________

              
	 
      	 
      
	 
      	 
      
	 
      	
                Title
      ________________________________

              

      

      

      

      

      

      
        
          
             

          

          
            Exhibit C,
Page 1

            
              

            

          

          
             

          

        

      
BANCROFT Consulting Agreement

       

      PLEASE
NOTE:  This is a sample Subsequent Statement of Work.  Should
BANCROFT and Contributor agree to Contributor performing additional work for
BANCROFT that is not covered by the Statement of Work as set forth in Exhibit A
to this Agreement, BANCROFT will prepare a formal Subsequent Statement of Work
for Contributor’s review and execution.

      

      

      EXHIBIT
D

      

      SUBSEQUENT
STATEMENT OF WORK No.______

      

      This Subsequent Statement of Work is
incorporated by reference in the Independent Contractor Services Agreement
between BANCROFT and ___________________ (“Contributor”) having
an Effective Date of____________ (the “Agreement”).  It sets forth
work tasks, deliverable work product, dates for completion of work and delivery
of work product, and payment schedule and terms.  This Subsequent
Statement of Work is subject to the provisions of the Agreement, including,
without limitation, the ownership by BANCROFT of all rights, title, and interest
in intellectual property arising in performance of this Subsequent Statement of
Work.  Any capitalized terms used but not defined in this Exhibit D,
retain the same meaning given them in the Agreement.

      

      
        	
                Title
      of Effort:  ______________________

              	 	
                Starting
      Date:__________________

              
	 
      	 	 
      
	
                List
      of Tasks and Due Date:

              	 	 
      
	 
      	 	 
      
	 
      	 	 
      
	 
      	 	 
      
	
                Payment
      Schedule and Terms:

              	 	 
      
	 
      	 	 
      
	 
      	 	 
      
	 
      	 	 
      
	
                Address
      where payment should be mailed:

              	 	
                _____________________________

              
	 
      	 	 
      
	 
      	 	
                _____________________________

              
	 
      	 	 
      
	 
      	 	
                _____________________________

              
	 
      	 	 
      
	 
      	 	 
      
	
                ACCEPTED
      AND AGREED TO:

              	 	
                ACCEPTED
      AND AGREED TO:

              
	
                Contributor

              	 	
                BANCROFTBancroft
      Uranium, Inc.

              
	 
      	 	 
      
	 
      	 	 
      
	
                (Signature)

              	 	
                (Signature)

              
	 
      	 	 
      
	 
      	 	 
      
	
                (Print
      Name)

              	 	
                (Print
      Name)

              
	 
      	 	 
      
	 
      	 	 
      
	
                (Title)

              	 	
                (Title)

              
	 
      	 	 
      
	 
      	 	 
      
	
                (Date)

              	 	
                (Date)

              

      

      

      

      Exhibit D, Page 1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00143-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00143-of-00352.parquet"}]]