Document:

Filed by Automated Filing Services Inc. (604) 609-0244 - American Uranium Corporation - Exhibit 10.1

Limited Liability Company Operating Agreement 
of 
AUC,
LLC 

          This
Limited Liability Company Operating Agreement dated as of January 3, 2008 (the
“Effective Date”) is between American Uranium Corporation (“AUC”), a Nevada
corporation, the address of which is 600 17th Street, Suite 2800
South, Denver, CO 80202 and STATHMORE RESOURCES (US) LTD., (“Strathmore”), a
Nevada corporation, the address of which is 2420 Watt Court, Riverton, Wyoming
82501. 

RECITALS 

          A.      Strathmore
is the owner of an undivided one hundred percent (100%) interest in mine
property known as the Pinetree-Reno Creek ISR Property, situated in Campbell
County, Wyoming, as more particularly described in Appendix B (the
“Property”);

          B.      By
a Letter of Intent dated June 14, 2007 (the “LOI”) and by Option and Joint
Venture Agreement effective August 20, 2007 (the “Option and JV Agreement”),
Strathmore agreed to grant an exclusive option to AUC to acquire up to an
undivided sixty percent (60%) interest in the Property, upon the terms set out
herein (the “Option”);

          C.      The
parties acknowledge that notwithstanding section 28.2 of the Option and JV
Agreement, a partnership was formed for United States tax purposes and it is the
intent of the parties to continue to have the Company governed by Subchapter K
of the Code.

          D.      Strathmore
and AUC have agreed to form and operate a limited liability company under the
Delaware Limited Liability Company Act, 6 Del. C. 18-101, et seq. (the
“Act”) to own and conduct the operations contemplated by Recitals A-B; 

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

ARTICLE I 
DEFINITIONS AND CROSS-REFERENCES

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

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

1 

ARTICLE II 
NAME AND PURPOSES 

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

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

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

	 	(a) 	
      to conduct Exploration within the Property;

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

	 	 	 
	 	(c) 	
      to engage in Mining Operations on the Property
  and

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

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

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

ARTICLE III 
CONTRIBUTIONS BY MEMBERS 

          3.1      Members’
Initial Capital Contributions. 

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

2 

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

	 	(i) 	
      An amount equal to one hundred percent (100%) of all
      expenditures incurred by Strathmore relating to the Property prior to May
      12, 2007, up to a maximum of Three Hundred Thousand Dollars
      (US$300,000);

	 	 	 
	 	(ii) 	
      An amount equal to any funds spent by Strathmore for the
      purpose of any additional property leases relating to the Property between
      May 12, 2007 and the Effective Date;

	 	 	 
	 	(iii) 	
      Six Million (6,000,000) AUC Shares on the Effective
      Date;

	 	 	 
	 	(iv) 	
      Initial Capital Contribution of Expenditure Costs of
      Thirty-three Million Dollars (US$33,000,000) as
follows:

	 	(A) 	
      One Million Five Hundred Thousand Dollars (US$1,500,000)
      not later than the first (1st ) anniversary of the Effective
      Date;

	 	(B) 	
      a further One Million Five Hundred Thousand Dollars
      (US$1,500,000) not later than the second (2nd ) anniversary of
      the Effective Date;

	 	 	 
	 	(C) 	
      a further Two Million Dollars (US$2,000,000) not later
      than the third (3rd ) anniversary of the Effective Date;
    and

	 	 	 
	 	(D) 	
      subject to the terms of Section 6.3, a further
      Twenty-eight Million Dollars (US$28,000,000) not later than the sixth
      (6th ) anniversary of the Effective
Date;

          3.2      Failure
to Make Initial Capital Contribution. AUC’s failure to make its Initial
Capital Contribution in accordance with the provisions of this Article
III, if not cured by 5:00 p.m. (Pacific Time) on the seventh
(7th) day following the date on which such contribution is due, shall
be deemed to be a resignation of AUC from the Company and the termination of its
membership in the Company. AUC’s resignation shall be effective upon such
failure and lack of cure. Upon the occurrence of a resignation and termination
of membership under this Section 3.2, and except as otherwise provided
herein, AUC shall have no further right, title or interest in the Company or the
Assets and it shall take such actions as are necessary to ensure that all Assets
are free and clear of any Encumbrances arising by, through or under it, except
for such Encumbrances to which the Members may have agreed. 

3 

          3.3      Termination
Prior to Operative Date. At any time prior to the Operative Date, AUC
may terminate this Agreement and the Option so long as it is not in default of
any of its obligations under this Agreement, by giving thirty (30) days written
notice to that effect to Strathmore and on receipt of such notice by Strathmore,
or if the Option is terminated pursuant to Section 3.2, this Agreement
will be of no further force or effect provided, however, that AUC will: 

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

	 	 	 
	 	(b) 	
      pay for any environmental clean-up or remediation costs
      or liability which have been incurred or arise from Mining Operations
      between the Effective Date up to the date this Agreement is
    terminated;

	 	 	 
	 	(c) 	
      return any shares or other property which represents its
      Interest to Strathmore (excluding any Interest which AUC may have already
      earned pursuant to Section 6.1); and

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

Notwithstanding a termination pursuant to this Section
3.3, AUC will continue to own any Interest that has vested pursuant to
Section 6.1 prior to the date of termination. 

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

4 

ARTICLE IV 
CAPITAL ACCOUNTS 

          4.1      Establishment
and Maintenance of Capital Accounts 

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

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

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

	 	 	 
	 	(d) 	
      Capital Account Adjustment. If the Members so
      agree, upon the occurrence of an event described in Treasury Regulations
      section 1.704- 1(b)(2)(iv)(f)(5), the Capital Accounts shall be restated
      in accordance with Treasury Regulations section 1.704-1(b)(2)(iv)(f) to
      reflect the manner in which unrealized income, gain, loss or deduction
      inherent in the assets of the Company (that has not been reflected in the
      Capital Accounts previously) would be allocated between the Members if
      there were a taxable disposition of such assets for their fair market
      values, as determined in accordance with Subsection 4.1(a). For
      purposes of Subsection 4.1(a), a Member shall be treated as
      contributing the portion of the book value of any property that is
      credited to the Member’s Capital Account pursuant to the preceding
      sentence.

5 

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

          4.2     
  Allocations of Net Gains and Net Losses.

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

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

6 

	 	(i) 	
      Exploration Costs. Except to the extent otherwise
      restricted by Section 617 of the Code and the Treasury Regulations
      promulgated thereunder, AUC shall be allocated tax deductions arising from
      Exploration Costs up to Thirty-three Million ($33,000,000.00), but limited
      by the capital contributions made by AUC and as expended for qualifying
      exploration activities.

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

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

7 

	 	(iv) 	
      any partner nonrecourse deduction (within the meaning of
      Treasury Regulations Section 1.704-2(i)(2)) shall be allocated in the
      manner specified in Treasury Regulations Section 1.704- 2(i)(1), and,
      subject to the exceptions set forth in Treasury Regulations Section
      1.704-2(i)(4), if there is a net decrease in partner nonrecourse debt
      minimum gain (within the meaning of Treasury Regulations sections
      1.704-2(i)(2) and 1.704-2(i)(3)) during a Fiscal Year attributable to a
      partner nonrecourse debt (within the meaning of Treasury Regulations
      Section 1.704- 2(b)(4)), then each Member with a share of partner
      nonrecourse debt minimum gain attributable to such partner nonrecourse
      debt, determined in accordance with Treasury Regulations Section
      1.704-2(i)(5), shall be specially allocated items of income and gain for
      such Fiscal Year (and, if necessary, for subsequent periods) in an amount
      equal to such Member’s share of the net decrease in partner nonrecourse
      debt minimum gain for such period attributable to such partner nonrecourse
      debt (which share of such net decrease shall be determined under Treasury
      Regulations sections 1.704-2(i)(4) and 1.704-2(g)(2)). This clause is
      intended to constitute a “chargeback of partner nonrecourse debt minimum
      gain” as provided by Treasury Regulations Section 1.704-2(i)(4), and this
      clause shall be construed accordingly;

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

8 

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

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

          4.3      Allocation
  of Taxable Income and Loss.

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

9 

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

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

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

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

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

ARTICLE V 
DISTRIBUTIONS 

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

10 

          5.2     
Distributions. Unless the Members agree otherwise, the AUC Shares shall
be distributed to Strathmore within twenty-four months of the Effective Date.
Further, up until the Operative Date, Strathmore shall be entitled to
distributions equal to the amount of contributions made by AUC pursuant to
Section 3.1(b)(i)-(iii). After the Operative Date, distributions shall be
made in accordance with Article XX. 

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

ARTICLE VI 
INTERESTS OF MEMBERS 

          6.1.     
Initial Ownership Interests. Provided that AUC is not in default of
obligations under Section 3.1, when AUC has contributed to the Company
the sum of Twelve Million Three Hundred Seventy-five Thousand Dollars
(US$12,375,000) of the Thirty-Three Million Dollars (US$33,000,000) in
Expenditure Costs referred to in Section 3.1(b)(iv), AUC shall possess a
twenty-two and one half percent (22.5%) Ownership Interest in the Company.
Subject to the terms of Section 6.3, when AUC has contributed to the
Company, the remaining Twenty Million Six Hundred Twenty-five Thousand Dollars
(US$20,625,000) in Expenditure Costs referred to in Section 3.1(b)(iv),
AUC shall possess an additional thirty-seven and one half percent (37.5%)
Ownership Interest, for a total of a sixty percent (60%) Ownership Interest in
the Company, and the Operative Date will be deemed to have occurred. No
Ownership Interest in the Company shall vest in AUC until the first Twelve
Million Three Hundred and Seventy-five Thousand Dollars ($12,375) of Expenditure
Costs have been contributed.

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

	 	Member 	Ownership Interest 
	 	 	 
	 	AUC 	60% 
	 	 	 
	 	Strathmore 	40% 

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

          6.2      Changes
in Ownership Interests. The Ownership Interests shall be eliminated or
changed as follows: 

	 	(a) 	
      INTENTIONALLY DELETED.

11 

	 	(b) 	
      If after the Operative Date and after the Parties elect
      to contribute their Proportionate Share of the Costs, a Party fails to do
      so for any reason, the Ownership Interest of each contributing Participant
      will be increased and that of each defaulting Participant will be
      decreased as Costs are incurred so that the Ownership Interest of each
      Party at all times is that percentage which is equivalent to:

	 	 	 	 
	 		(i) 	
      the sum of (1) its Deemed Costs up to the relevant
      Operative Date and (2) its contribution to Costs;

	 	 	 	 
	 			
      divided by

	 	 	 	 
	 		(ii) 	
      the sum of (1) the Deemed Costs of AUC and Strathmore,
      and (2) the total Costs of all the Parties;

	 	 	 	 
	 			
      multiplied by

	 	 	 	 
	 		(iii) 	
      one hundred (100).

	 	 	 	 
	 		
      Then, at the Completion Date, each defaulting participant
      will be deemed to have assigned and conveyed its Ownership Interest to the
      contributing Participants and if there are more than one contributing
      Participant, then in proportion to their respective Ownership Interests.
      If the effect of the application of this Subsection 6.2(b) reduces
      any Party’s Ownership Interest to three percent (3%) or less, it will
      forfeit its Ownership Interest to the remaining Participants for no
      additional consideration; or

	 	 	 	 
	 	(c) 	
      Upon Transfer by a Member of all, or any portion thereof,
      of the Member’s Ownership Interest in accordance with this Agreement;
      or

	 	 	 	 
	 	(d) 	
      Upon acquisition by either Strathmore or AUC of part or
      all of the Ownership Interest of the other, however
  arising.

          6.3      Ownership
and Contribution Based on Confirmation of Resources. 

                      
  (a)      The Parties acknowledge and agree that
  the contribution set out in Section 3.1, whereby AUC may earn
  its sixty percent (60%) Ownership Interest, is based upon an understanding that
  the Property has at least thirteen million pounds (13,000,000 lbs.) of Measured,
  Indicated and/or Inferred Mineral Resources consisting of U3O8,
  based upon a cut-offgrade of 0.025% .

                      
(b)      Within sixty (60) days of the third
anniversary of the Effective Date, the Manager will cause the Third Party
Evaluation to be commenced using the polygonal method of sampling and resource
calculation.

12 

                      
(c)      Notwithstanding anything to the contrary
contained herein, if the results of the Third Party Evaluation indicate that the
Property has less than thirteen million pounds (13,000,000 lbs.) of Measured,
Indicated and/or Inferred Mineral Resources at a cut-off grade of 0.025%, then
the Parties agree that the Twenty-eight Million Dollars (US$28,000,000) in
Expenditure Costs will be reduced in accordance with the following formula: 

$28,000,000 x A / 13,000,000

(Where “A” is equal to the number of pounds of U3O8
calculated to be on theProperty under the Third Party Evaluation) 

          6.4     
Documentation of Adjustments to Ownership Interests. Each Member’s
Ownership Interest and related Capital Account balance shall be shown in the
accounting records of the Company and any adjustments thereto shall be made
monthly. The Schedule of Members attached hereto shall be amended from
time-to-time to reflect such changes. 

ARTICLE VII 
OBLIGATIONS OF STRATHMORE DURING THE
OPTION PERIOD 

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

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

	 	(a) 	
      between the Effective Date and the Operative Date while
      Programs are being carried out, use its best efforts to furnish AUC with
      monthly progress reports and with a final report within sixty (60) days
      following the conclusion of each Program. The final report will show the
      Mining Operations performed and the results obtained and will be
      accompanied by a statement of Costs and copies of pertinent plans, assay
      maps, diamond drill records and other factual engineering data. During the
      Construction Period and during the implementation of an Operating Plan
      Strathmore will provide monthly progress reports to the Participants,
      which reports will include information on any changes or developments
      affecting the Mine that the Strathmore considers are material;

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

13 

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

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

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

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

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

ARTICLE VIII 
RELATIONSHIP OF THE MEMBERS 

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

          8.2     
Accounting Principles. The company’s accounting principles are set
forth in attached Appendix C. 

14 

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

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

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

          8.6     
Other Business Opportunities. Except as expressly provided in this
Agreement, and except for any activities involving or affecting the Area of
Common Interest, each Member will have the right independently to engage in and
receive full benefits from business activities, whether or not competitive with
the Company, without consulting any other Member of the Company. The doctrines
of “corporate opportunity” or “business opportunity” will not be applied to any
other activity, venture or operation of any Member and no Member will have any
obligation to another Member or the Company with respect to any opportunity to
acquire any assets outside of the Property at any time, or within the Property
after termination of this Company. Unless otherwise agreed in writing, no Member
will have any obligation to mill, beneficiate or otherwise treat any Minerals or
any other Member’s share of Minerals in any facility owned or controlled by such
Member. 

15 

          8.7     
Insurance. Commencing on the Effective Date, the Management Committee
will cause the Manager to place and maintain with a reputable insurer or
insurers such insurance, if any, as the Management Committee in its discretion
deems advisable in order to protect the Members together with such other
insurance as any Member may by notice reasonably request. The Manager will, upon
the written request of any Member, provide it with evidence of that insurance.
This Section 8.7 will not preclude any Party from placing, for its own
account insurance for greater or other coverage than that placed by the Manager
.. 

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

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

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

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

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

16 

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

          8.14     
No Third Party Beneficiary Rights. This Agreement shall be construed to
benefit the Members and their respective successors and permitted assigns only,
and shall not be construed to create third party beneficiary rights in any other
party or in any governmental organization or agency. 

          8.15     
Costs. Except as otherwise provided in this Agreement, the Parties will
bear all Costs and all liabilities, including Environmental Liabilities, arising
under this Agreement (related to the Property only) in proportion to their
respective Ownership Interests 

          8.16      Use
of Member’s Name. No Member will, except when required by this
Agreement or by any Law, by-law, ordinance, rule, order or regulation, use,
suffer or permit to be used, directly or indirectly, the name of any other
Member for any purpose related to the Property or this Agreement. 

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

          8.18     
Access to Information and Data. At all times during the term of the
Company the duly authorized representatives of each Member will, at its and
their sole risk and expense and at reasonable intervals and times, have access
to the Property and to all information and documents, including without
limitation, technical and proprietary information and know-how relating to the
Property, information relating to the exploration, development and extraction of
minerals from the Property, project, data files and library resources relating
to the Property. All information and data concerning or derived from the Mining
Operations will be kept confidential and, except to the extent required by law
or by regulation of any applicable securities commission or stock exchange, will
not be disclosed to any person other than an Affiliate without the prior consent
of all Members, which consent will not be unreasonably withheld. The text of any
news releases or other public statements which a Member intends to make with
respect to the Property or this Agreement will be made available to the other
Members for their approval prior to publication.

ARTICLE IX 
REPRESENTATIONS AND WARRANTIES 

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

17 

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

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

	 	 	 
	 	(c) 	
      neither the execution and delivery of this Agreement nor
      any of the agreements referred to herein or contemplated hereby, nor the
      consummation of the transactions hereby contemplated conflict with, result
      in the breach of or accelerate the performance required by, any agreement
      to which it is a Party; and

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

          9.2      Additional
Representations by Strathmore. Strathmore represents and warrants to
AUC that: 

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

	 	 	 
	 	(b) 	
      to the best of the knowledge of Strathmore, the Property
      is free and clear of all liens and encumbrances, and is in good standing
      under the mining laws of the State of Wyoming and the United States of
      America;

	 	 	 
	 	(c) 	
      to the best of the knowledge of Strathmore, all of the
      mineral rising the Property have been located in accordance with the
      mining laws of the State of Wyoming and the United States of America, and
      in accordance with local customs, rules and regulations; and

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

          9.3     
The representations, warranties and covenants hereinbefore set out are
conditions on which the Parties have relied in entering into this Agreement and
will survive the acquisition of any interest in the Property by AUC and each
Party will indemnify and save the other harmless from all loss, damage, cause,
actions and suits arising out of or in connection with any breach of any
representation, warranty, covenant, agreement or condition made by them and
contained in this Agreement. 

18 

ARTICLE X 
TRANSFER OF INTEREST; PREEMPTIVE RIGHT

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

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

	 	(a) 	
      no Member shall Transfer any beneficial interest in the
      Company (including, but not limited to, any royalty, profits, or other
      interest in the Products) except in conjunction with the Transfer of part
      or all of its Ownership Interest;

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

	 	 	 
	 	(c) 	
      no Member, without the consent of the other Member, shall
      make a Transfer that shall violate any Law, or result in the cancellation
      of any permits, licenses, or other similar authorization;

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

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

	 	 	 
	 	(f) 	
      if the Transfer is the grant of an Encumbrance on an
      Ownership Interest to secure a loan or other indebtedness of any Member in
      a bona fide transaction, other than a transaction approved unanimously by
      the Management Committee or Project Financing approved by the Management
      Committee, such Encumbrance shall be granted only in connection with such
      Member’s financing payment or performance of that Member’s obligations
      under this Agreement and shall be subject to the terms of this Agreement
      and the rights and interests of the other Member

19 

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

          10.3      Assignment
of Interest / Preemptive Right. 

	 	(a) 	
      Strathmore agrees that it will not assign to any third
      party, all or part of its Ownership Interest or rights, duties or
      obligations contemplated by this Agreement without the consent of AUC,
      which consent shall not be unreasonably withheld.

	 	 	 
	 	(b) 	
      Notwithstanding Subsection 10.3(a), Strathmore may
      assign all or part of its Ownership Interest or obligations contemplated
      in this Agreement to an Affiliate of Strathmore without the express
      approval of AUC.

	 	 	 
	 	(c) 	
      If a Party (hereinafter in this Section 10.3
      referred to as the “Owner”) wishes to sell its Ownership Interest, the
      Owner will first offer (the “Offer”) to sell such Ownership Interest to
      the other Party, and if there is more than one Party, then to the Parties
      in proportion to their respective Ownership Interests, in writing. The
      Offer must set out the price and terms and conditions under which the
      Owner is willing to sell its Ownership Interest to the other
  Party.

20 

	 	(d) 	
      If within a period of thirty (30) days of the receipt of
      the Offer, the other Party or Parties, as the case may be, notifies the
      Owner in writing that it will accept the same, the Owner will be bound to
      sell such Ownership Interest to the other Party or Parties on the terms
      and conditions of the Offer. The other Party, and if there is more than
      one Party, then the other Parties in proportion to their respective
      Ownership Interests, will in such case pay to the Owner, against receipt
      of an absolute transfer of clear and unencumbered title to the Ownership
      Interest of the Owner being sold, the total purchase price which the Owner
      specified in its notice to the other Party or Parties including any amount
      credited for the cash equivalent of any non-cash consideration within
      thirty (30) days of notifying the Owner that it will accept the
    Offer.

	 	 	 
	 	(e) 	
      If the other Party fails to notify the Owner before the
      expiration of the time limited there for that it will purchase the
      Ownership Interest offered, the Owner may sell and transfer such Ownership
      Interest to a third party purchaser provided that the transfer price and
      terms and conditions of the sale will be the same as the Offer.

	 	 	 
	 	(f) 	
      Any sale hereunder will be conditional upon the proposed
      third party purchaser delivering a written undertaking to the other Party,
      in form and content satisfactory to the other Party’s counsel, to be bound
      by the terms and conditions of this Agreement.

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

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

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

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

	 	 	 	 
	 		(ii) 	
      if the Manager has not included in Costs the costs of
      continuing obligations as set out in Section 18.4, pay on the date
      of surrender its reasonably estimated Proportionate Share, based on the
      surrendering Party’s then Ownership Interest, of the Costs of
      rehabilitating the Mine site and of reclamation based on the Mining
      Operations completed as at the date of surrender;
and

21 

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

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

ARTICLE XI 
MANAGEMENT COMMITTEE 

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

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

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

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

          11.5      Quorum.
A quorum for any Management Committee meeting will be present if a
representative of each of the Parties holding an Interest is present. If a
quorum is present at the meeting, the Management Committee will be competent to
exercise all of the authorities, powers and discretions bestowed upon it
hereunder. If a Management Committee meeting is terminated and rescheduled
because of a lack of quorum, the Management Committee will be able to transact
any business at the re-scheduled meeting even if a quorum is not present at the

22 

commencement of the rescheduled meeting. A representative may
attend and vote at a meeting of the Management Committee by telephone conference
call in which each representative may hear, and be heard by, the other
representatives. 

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

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

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

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

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

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

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

	 	 	 
	 	(f) 	
      settling any law suit or insurance claim;

	 	 	 
	 	(g) 	
      acceptance of a Feasibility Report; and

	 	 	 
	 	(h) 	
      commencement of Construction of a
Mine.

          11.8      Chair.
The representative of the Manager will be the chair of the Management Committee.

          11.9     
Meeting Minutes. The Manager will ensure that minutes of Management
Committee meetings are taken and circulated to each representative within a
reasonable time following the termination of the meeting, and in any event no
later than the time of delivery of the notice of the next meeting of the
Management Committee. 

          11.10      Action
Without Meeting. Whenever the vote of representatives is required to be
taken in connection with any Company action, the meeting and vote may be
dispensed with if all 

23 

of the representatives who would be entitled to vote if such
meeting were held, shall consent in writing to such action being taken. When the
written consent has been signed by all representatives, the written consent
shall have the same effect as a unanimous vote. 

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

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

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

ARTICLE XII 
MANAGER 

          12.1      Appointment.
Unless otherwise agreed by the Parties in writing, and except as otherwise
provided in this Article XII, Strathmore will act as Manager until the
Operative Date, at which time the Manager will be the party with the largest
Interest. 

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

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

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

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

24 

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

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

	 	 	 	 
	 		(ii) 	
      obtain all work permits, environmental approvals, and
      subject to Article XVIII insurances, as required to carry out exploration
      and development programs;

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

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

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

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

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

	 	 	 	 
	 		(viii) 	
      maintain books of account in accordance with the
      Accounting Procedure, provided that the judgment of the Manager as to
      matters related to the accounting, for which provision is not made in the
      Accounting Procedure, will govern if the Manager’s accounting practices
      are in accordance with generally accepted accounting principles in the
      mining industry in Canada;

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

25 

	 		
      accordance with the care and skill normally expected by
      someone conducting and managing exploration, development and mining
      activities on behalf of the legal or beneficial owners of the
    Property;

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

	 	 	 
	 	(xi) 	
      manage and execute all Programs approved in accordance
      with this Agreement, including payments to any third party consultants and
      contractors engaged by the Manager.

          12.3      Resignation
and Removal of Manager. 

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

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

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

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

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

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

	 	 	 	 	 
	 		(iii) 	
      the Manager is in default under this Agreement and fails
      to cure such default, or to commence bona fide curative measures, within
      thirty (30) days of receiving notice of the default from a non- Manager;
      or

	 	 	 	 	 
	 		(iv) 	
      the Manager fails to meet any of its obligations pursuant
      to Section 12.2; or

	 	 	 	 	 
	 		(v) 	
      the Manager undergoes a change in Control.

	 	 	 	 	 
	 	(c) 	
      Effect of Resignation or Removal. If the Manager
      resigns or is removed, the Management Committee will thereupon select
      another Member to

26 

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

          12.4      Liability
and Indemnification of the Manager. 

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

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

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

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

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

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

27 

          12.5     
Payments to Manager. The Manager may charge a fee in return for its
overhead functions which are not charged directly: (a) up to and including the
date one or more Parties give the Manager a Notice of Election to Contribute
pursuant to Section 15.1, the Manager may charge ten percent (10%) of the
Expenditure Costs, and of the Direct Charges referred to in Appendix C;
and (b) after the date one or more Parties give the Manager a Notice of Election
to Contribute pursuant to Section 15.1, the Manager may charge three
percent (3%) of the Expenditure Costs, and of the Direct Charges. The Manager’s
fees charged on Expenditure Costs paid by AUC, will be deemed to form part of
AUC’s expenditure commitments referred to in Section 3.1. The Manager’s
fees charged on the Direct Charges will be deemed to form part of the Costs for
the purposes of this Agreement.

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

ARTICLE XIII 
PROGRAMS 

          13.1     Programs.
The Manager will prepare draft Programs for consideration by the Management
Committee. Unless otherwise agreed to by the Management Committee, each Program
will cover a calendar quarter. The draft Program will contain a statement in
reasonable detail of the proposed Mining Operations, estimates of all
Expenditure Costs to be incurred and an estimate of the time when they will be
incurred, and will be delivered to AUC by no later than thirty (30) days prior
to the period to which the draft Program relates. Each draft Program will be
accompanied by such reports and data as are reasonably necessary for AUC to
evaluate and assess the results from the Program for the then current year and,
to the extent not previously delivered, from earlier Programs. 

          13.2      Approval
of Program Prior to the Operative Date. AUC will review the draft
Program prepared by the Manager, and no later than fifteen (15) days after
receiving a draft Program, either reject the Program or approve the Program. In
the event the Program is rejected the Manager will prepare an alternate Program
mutually acceptable to the Manager and AUC. 

          13.3      Program
Funding. The Manager will be entitled to an allowance for a cost
overrun of twenty-five percent (25%) in addition to any budgeted Expenditure
Costs and any Costs so incurred will be deemed to be included in the Program, as
adopted. Unless approved by AUC, the Manager will be exclusively liable for the
payment of all cost overruns incurred in excess of one hundred twenty-five
percent (125%) of any budgeted Expenditure Costs. Within fifteen (15) days of a
Program being adopted by AUC, AUC will deposit the budgeted Expenditure Costs
for the Program into a bank account maintained exclusively for receipt and
payment of the Expenditure Costs for the Property by Strathmore. 

          13.4     
Invoices. The Manager shall invoice AUC: 

28 

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

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

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

          13.5      Suspension
of Programs. Unless otherwise directed by the Management Committee, the
Manager may suspend or terminate prematurely any Program when the Manager, in
good faith, considers that conditions are not suitable for the proper
continuation or completion of the Program or the results obtained to that time
eliminate or substantially impair the technical rationale on which the Program
was based. If the Manager suspends or prematurely terminates a Program pursuant
this Section 13.5, any funds advanced by AUC for that Program in excess
of the Expenditure Costs incurred prior to the suspension or premature
termination, will be refunded within sixty (60) days of the suspension or
premature termination.

          13.6      Approval
of Programs After Operative Date. Any Programs required subsequent to
the Operative Date to bring the Property to the stage of the Feasibility Report,
will be approved in the same manner as set out in Article XVI. All costs
incurred by the Manager in implementing Programs approved after the Operative
Date will be deemed to be costs and will be paid for by the Members pro
rata in accordance with their proportionate Shares. 

ARTICLE XIV 
FEASIBILITY REPORT 

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

	 	(a) 	
      the Management Committee and AUC if it will be funding
      the Feasibility Report as part of the Expenditure Costs, before the
      Operative date, or

	 	 	 
	 	(b) 	
      the Management Committee, after the Operative
  Date.

After the Operative Date, the costs for the Feasibility Report
will be shared pro rata in proportion with the Member’s Proportionate
Shares. 

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

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

29 

call a Management Committee meeting to consider the matter. If
the Management Committee fails to approve the preparation of the Feasibility
Report supported by the Proponent, the Proponent may, either alone or with other
Parties, at its or their sole cost, prepare a Feasibility Report. If such
Feasibility Report indicates that production from the Property would be
profitable to the Proponent, the Proponent will deliver the Feasibility Report
to the Manager who will then call a Management Committee meeting to consider the
Proponent’s Feasibility Report. If the Management Committee adopts the
Feasibility Report it will become a Feasibility Report for all purposes, and the
non-contributing Parties may either pay the Proponent an amount equal to one
hundred fifty percent (150%) of their respective proportionate costs of the
preparation of the Feasibility Report, or will suffer reduction of their
respective Interests pursuant to Section 15.5 . 

ARTICLE XV 
ELECTION TO PARTICIPATE AND

CONTRIBUTIONS TO CONSTRUCTION COSTS 

          15.1     
Payment of Construction Costs. Each Party with an Interest is required,
within one hundred twenty (120) days of its receipt of any Program by the
Manager with an estimate of the Costs thereof, to give the Manager notice
committing to contribute its Proportionate Share of such Costs (unless no Costs
are expected to be payable by such Party) after the relevant Operative Date (the
“Notice of Election to Contribute”). If after such one hundred twenty (120)
days, a party has either provided the Manager with notice that it will not
contribute to such Costs, or has not provided any notice at all (hereinafter
referred to as the “Departing Participant”), the other party (the “Remaining
Participant”) shall be entitled to commence such construction and development
Costs, in which case it shall be obligated to purchase, and the Departing
Participant shall be obligated to sell, the Departing Participant’s Interest,
for fair market value, as determined by the procedure set out in this Section
15.4. 

          15.2      Cost
Allocation Based on Operative Date. Prior to the Operative Date, AUC
will be solely responsible for all Costs. After the Operative Date, the Members
will be responsible for all Costs pro rata in accordance with their
Proportionate Shares. 

          15.3      Operative
  Date Ownership Interest.

	 	(a) 	
      On the Operative Date, the Members’ respective Interests
      and Costs contributed will be deemed to be as
follows:

	 	  	Deemed Costs Up to 	Interest 
	 	  	Operative Date 	  
	 	AUC 	US$ 33,000,000 + fair market 	60% 
	 	  	value of 6,000,000 shares as of
    	  
	 	  	date of transfers from AUC 	  
	 	  	subject to adjustments in 	  
	 	  	accordance with Section
      6.3 	  
	 		(“AUC Deemed
      Costs”)  	 

30 

	 	Strathmore 	(AUC Deemed Costs divided 	40% 
	 	  	by .6) minus AUC Deemed 	  
	 	  	Cost 	  

          15.4     
Fair Market Value of Departing Participant’s Ownership Interest. The
fair market value of the Interest of the Departing Participant shall be
determined by a panel of two qualified independent investment banking firms one
of which shall be retained by the Departing Participant and one of which shall
be retained by the Remaining Participant. Each independent investment banking
firm shall submit their determination of fair market value within ninety (90)
days from their date of retention. If the higher determination is not more than
one hundred ten percent (110%) of the lower determination, the Fair Market Value
shall be the average of the two determinations. If the higher determination is
greater than one hundred ten percent (110%) of the lower determination, the two
independent investment banking firms shall appoint a third independent banking
firm whose determination of the fair market value of the Departing Participant's
Interest shall be the fair market value. The Remaining Participant shall pay the
Departing Participant the fair market value for the Departing Participant’s
Interest within ninety (90) days from the date the evaluation, or such other
date as agreed to between the parties, and the Departing Participant will
transfer all of its legal and beneficial title to the Property and Assets upon
such payment. 

          15.5     
Adjustment of Ownership Interest. If after the Operative Date and after
the Members elect to contribute their Proportionate Share of the Costs, a Member
fails to do so for any reason, the Ownership Interest of each contributing
Participant will be increased and that of each defaulting Participant will be
decreased as Costs are incurred so that the Ownership Interest of each Member at
all times is that percentage which is equivalent to: 

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

	 	 	 
	 		
      divided by

	 	 	 
	 	(b) 	
      the sum of (i) the Deemed Costs of the AUC and
      Strathmore, and (ii) the total Costs of all the Parties;

	 	 	 
	 		
      multiplied by

	 	 	 
	 	(c) 	
      100.

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

          15.6      Minimum
Ownership Interest Requirement. If the effect of the application of
Section 15.5 reduces any Member’s Ownership Interest to three percent
(3%) or less, it will forfeit its Ownership Interest to the remaining Members.

31 

          15.7      Implementation
of Feasibility Report. Once the Members elect to contribute their
Proportionate Share of the Costs, the Members will diligently proceed with
bringing a Mine into production in substantial conformity with the Feasibility
Report. If the Members fail to commence the implementation of the Feasibility
Report within twelve (12) months of Costs being fully committed (for reasons
other than general economic conditions in the mining industry), any Departing
Party which forfeited the right to contribute to Costs pursuant to Section
15.1 will have the right, exercisable in the thirty (30) days following the
expiration of such twelve (12) month period, to reacquire from the Members not
less than all of its Ownership Interest as last held, by paying its
Proportionate Share of Costs incurred to the end of such twelve month period
(together with interest at the Prime Rate plus two percent (2%)) to the Members
in proportion to their respective Interests. 

          15.8     
During the twelve (12) month period referred to in Section 15.7 neither
the Manager nor any Member will be obliged to provide any Departing Party with
the results of any work carried out on the Property, the Member’s sole
obligation during such period being to provide any Departing Party, on the
written request which can be made only once during the said twelve (12) months,
with a summary of the nature of the work carried out and the total Costs
thereof. 

ARTICLE XVI 
CONSTRUCTION PERIOD 

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

          16.2     Programs.
The Manager will prepare Programs for consideration by the Management Committee.
Unless otherwise agreed to by the Management Committee, each Program will cover
a budget year. The Program will contain a statement in reasonable detail of the
proposed Mining Operations, estimates of all Construction Costs to be incurred
and an estimate of the time when they will be incurred, and will be delivered to
each Participant by no later than thirty (30) days prior to the period to which
the Program relates. Each Program will be accompanied by such reports and data
as are reasonably necessary for each Participant to evaluate and assess the
results from the Program for the then current year and, to the extent not
previously delivered, from earlier Programs. The Management Committee will
review the Program prepared and, if it agrees, adopt the Program with such
modifications, if any, as the Management Committee deems necessary. The Manager
will be entitled to an allowance for a cost overrun of twenty-five percent (25%)
in addition to any budgeted Construction Costs and any cost overruns so incurred
will be deemed to be included in the Program, as adopted. Unless agreed by the
Parties, the Manager will be exclusively liable for the payment of all cost
overruns incurred in excess of one hundred twenty-five percent (125%) of any
budgeted Construction Costs. 

32 

          16.3      Funding
of Construction. Once the Program is adopted by the Parties and after
the Operative Date, the Participants will fund the Program in accordance with
each of their proportionate Shares in the Property. If any Participant elects
not to contribute to a Program, it will have its Interest diluted in the manner
contemplated in Sections 15.5 and 15.6. 

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

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

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

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

          16.5      Suspension
or Termination for Unfavorable Conditions. Unless otherwise directed by
the Management Committee, the Manager may suspend or prematurely terminate any
Program when the Manager, in good faith, considers that conditions are not
suitable for the proper continuation or completion of the Program or the results
obtained to that time eliminate or substantially impair the technical rationale
on which the Program was based. If the Manager suspends or prematurely
terminates a Program pursuant to this Section 16.5, any funds advanced by
the Participants for that Program in excess of the Construction Costs incurred
prior to the suspension or premature termination, and such funds will be
refunded within sixty (60) days of the suspension or premature termination.

          16.6     
Failure to Pay Invoice. If any Participant, after having committed to
contribute pursuant to Section 16.3, fails to pay an invoice within the
thirty (30) day period referred to in Section 16.4 the Manager may by
notice demand payment. If no payment is made within the period of thirty (30)
days next succeeding the receipt of the demand notice, that Participant shall be
deemed to have forfeited its right to contribute to any further Costs under this
Agreement and it shall be deemed to have elected not to contribute to each
Program subsequently conducted and accordingly, shall have its Interest reduced
in the manner contemplated in Sections 15.5 and 15.6. 

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

33 

          16.8      Right
to Re-contribute. If any Program is altered, suspended or terminated
prematurely so that the Construction Costs incurred on that Program as altered,
suspended or terminated are less than eighty percent (80%) of the Construction
Costs set out in the adopted Program, any Party which elected not to contribute
to that Program shall be given notice of the alteration, suspension or
termination by the Manager and shall be entitled to contribute its Proportionate
Share of the Construction Costs incurred on that Program by payment thereof to
the Manager within thirty (30) days after receipt of the notice, but shall not
be entitled to review the results of the Program until it has made full payment.
If payment is not made by that Party within the thirty (30) days aforesaid it
shall forfeit its right to contribute to that Program without a demand for
payment being required to be made thereafter by the Management Committee. If
payment is made by that Party within the thirty (30) days as aforesaid, the
Manager shall distribute the payment to the original Participants pro rata
according to their respective contributions to the Program, and shall
deliver to the new Participant copies of all data previously delivered to the
other Participants with respect to that Program. 

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

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

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

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

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

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

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

34 

ARTICLE XVII 
FINANCING OF COSTS 

          17.1      Contribution
of Mine Costs. The contributions of the Participants toward the Costs
will be individually and separately provided by them in accordance with their
Proportionate Share. 

          17.2.      Financing
Mine Costs. Any Member may pledge, mortgage, charge or otherwise
encumber its Ownership Interest in order to secure moneys borrowed and used by
that Member for the sole purpose of enabling it to finance its participation
under this Agreement or in order to secure by way of floating charge as a part
of the general corporate assets of that Member’s borrowing for its general
corporate purposes, provided that the pledgee, mortgagee, holder of the charge
or encumbrance (in this Section 17.2 called the “Chargee”) will hold the
same subject to the provisions of this Agreement and that if the Chargee
realizes upon any of its security it will comply with this Agreement. The
Agreement between the Member hereto, as borrower, and the Chargee will contain
specific provisions to the same effect as the provisions of this Section
17.2. 

ARTICLE XVIII 
OPERATION OF THE MINE 

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

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

	 	(a) 	
      a description of the proposed Mining
Operations;

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

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

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

Upon request of any Participant the Manager will meet with that
Participant to discuss the Operating Plan and will provide such additional or
supplemental information as that Participant may reasonably require with respect
thereto. 

35 

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

          18.4      Satisfaction
of Continuing Obligations. The Manager will include in the estimate of
Costs referred to in Subsection 18.2(b) hereof the establishment of a
trust or escrow fund providing for the reasonably estimated costs of satisfying
continuing obligations that may remain after the permanent termination of Mining
Operations, in excess of amounts actually expended. Such continuing obligations
are or will be incurred as a result of the operation of the Company and will
include such things as monitoring, stabilization, reclamation or restoration
obligations, severance and other employee benefit costs and all other
obligations incurred or imposed as a result of the operation of the Company
which continue or arise after the permanent termination of Mining Operations and
the termination of this Agreement and settlement of all accounts. The payment of
such continuing obligations will be made on the basis of units of production,
and will be in amounts reasonably estimated to provide over the lifetime of
proven and probable reserves funds adequate to pay for such reclamation and long
term care and monitoring. The Participants will contribute to the trust or
escrow fund cash (or provide letters of credit or other forms of security
readily convertible to cash in form approved by the Management Committee). The
amount contributed from time to time for the satisfaction of such continuing
obligations will be classified as Costs hereunder but will be segregated into a
separate account. 

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

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

36 

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

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

As a condition of the sale as contemplated in Subsection
18.6(b), the purchaser will agree to be bound by this Agreement and, prior
to acquiring the Interest, will deliver notice to that effect to the Parties, in
form acceptable to the Manager. The proceeds of the sale will be applied by the
Manager in payment of the amount due from the defaulting Participant and
interest as aforesaid, and the balance remaining, if any, will be paid to the
defaulting Participant after deducting reasonable costs of the sale. Any sale or
disposal made as aforesaid will be a perpetual bar both at law and in equity by
the defaulting Participant and its successors and assigns against all other
Participants. 

ARTICLE XIX 
AREA OF COMMON INTEREST 

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

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

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

37 

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

          19.5      Surrender.
Notwithstanding Subsection 12.2(d)(vii), the Manager will be entitled, at
any time and from time to time to surrender all or any part of the Property or
to permit the same to lapse, but only upon first either obtaining the unanimous
consent of the Management Committee, or giving sixty (60) days’ notice of its
intention to do so to the other Parties. In this latter event, the Parties,
other than the Manager, will be entitled to receive from the Manager, on request
prior to the date of the surrender or lapse, pro rata in accordance with
their respective Interests, a conveyance of that portion of the Property
intended for surrender or lapse, together with copies of any plans, assay maps,
all drill records and factual engineering data in the Manager’s possession and
relevant thereto. Any part of the Property so acquired will cease to be subject
to this Agreement and will not be subject to Section 19.1. Any part of
the Property which has not been so acquired by any of the Parties will remain
subject to Section 19.1. 

ARTICLE XX 
DISTRIBUTION IN KIND 

          20.1     
Distribution of AUC Shares. If the AUC Shares are to be distributed,
they shall be distributed in-kind to Strathmore. 

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

          20.3     
Facilities Maintained by Members. Each Participant will construct,
operate and maintain, all at its own cost and expense, any and all facilities
which may be necessary to receive and store and dispose of its Proportionate
Share of the Minerals at the rate the same are produced.

38 

          20.4     
Duty of Manager with Respect to Minerals. If a Participant has not made
the necessary arrangements to take in kind and store its share of production as
aforesaid the Manager will, at the sole cost and risk of that Participant store,
in any location where it will not interfere with Mining Operations, the
production owned by that Participant. The Manager and the other Members will be
under no responsibility with respect thereto. All of the Costs involved in
arranging and providing storage will be billed directly to, and be the sole
responsibility of the Participant whose share of production is so stored. The
Manager’s charges for such assistance and any other related matters will be
billed directly to and be the sole responsibility of the Participant. All such
billings will be subject to the provisions of Sections 18.5 and 18.6
hereof.

ARTICLE XXI 
PROPERTY 

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

ARTICLE XXII 
TERMINATION OF MINING OPERATIONS

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

39 

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

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

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

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

	 	 	 
	 	(c) 	
      sell, abandon or otherwise dispose of the Assets and the
      Property, for the best price reasonably obtainable and the net revenues,
      if any, from the removal and sale will be credited, to the extent
      permitted by law, to the Participants in proportion to their respective
      Ownership Interests; and

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

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

ARTICLE XXIII 
TERM AND DISSOLUTION 

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

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

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

40 

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

	 	 	 
	 	(c) 	
      as otherwise provided by the Act.

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

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

	 	 	 
	 	(b) 	
      If Strathmore elects to resign as a Member of the
      Company, the AUC Shares and an amount equal to that contributed by AUC
      pursuant to Subsections 3.1(b)(i) and 3.1(b)(ii) shall be
      distributed to Strathmore prior to the events of Subsection 23.3(a)
      taking place.

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

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

41 

	 	(b) 	
      second, any remaining proceeds of liquidation, and any
      assets that are to be distributed in kind, shall be distributed to the
      Members as promptly as practicable, but in any event within the time
      required by Treasury Regulations Section 1.704-1(b)(2)(ii)(b)(2), in
      accordance with their respective Ownership Interests; provided, that
      Strathmore shall receive up to the amount contributed by AUC pursuant to
      Subsections 3.1(b)(i)-(ii) and the AUC Shares before the remaining assets
      of the Company are distributed to the Members in accordance with their
      Ownership Interests; and

	 	 	 
	 	(c) 	
      except for the distribution of the AUC Shares to
      Strathmore which shall be in-kind, the distribution of cash, cash
      equivalents and other property to a Member in accordance with the
      provisions of this Section 23.4 shall constitute a complete return
      to the Member of its capital contributions to the Company and a complete
      distribution to the Member of its interest in the Company and all the
      Company’s property, and shall constitute a compromise to which all Members
      have consented within the meaning of the Act. All reasonable costs and
      expenses incurred in connection with the dissolution of the Company shall
      be expenses chargeable to the Business Account.

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

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

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

42 

ARTICLE XXIV 
TAX MATTERS PARTNER 

          24.1     
Designation of Tax Matters Partner. The Manager is hereby designated
the tax matters partner (the “TMP”) as defined in Section 6231(a)(7) of Code and
shall be responsible for, make elections for, and prepare and file any federal
and state tax returns or other required tax forms following approval of the
Management Committee. In the event of any change in Manager, the Member serving
as Manager at the end of a taxable year shall continue as TMP with respect to
all matters concerning such year unless the TMP for that year is required to be
changed pursuant to applicable Treasury Regulations. The TMP and the other
Member shall use reasonable best efforts to comply with the responsibilities
outlined in this Article XXIV and in sections 6221 through 6233 of the
Code (including any Treasury regulations promulgated thereunder) and in doing so
shall incur no liability to any other party. 

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

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

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

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

          24.6      Requests
for Administrative Adjustments. No Member shall file, pursuant to
Section 6227 of the Code, a request for an administrative adjustment of
partnership items for any taxable year of the Company without first notifying
the other Members. If the other Members agree with the requested adjustment, the
TMP shall file the request for administrative adjustment on behalf of the
Company. If consent is not obtained within thirty (30) days after notice from
the proposing Member, or within the period required to timely file the request
for administrative adjustment, if shorter, any Member, including the TMP, may
file that request for administrative adjustment on its own behalf. 

43 

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

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

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

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

44 

ARTICLE XXV 
CONFIDENTIALITY, OWNERSHIP, USE AND
DISCLOSURE INFORMATION 

          25.1      Business
Information. All Business Information shall be owned jointly by the
Members as their Ownership Interests are determined pursuant to this Agreement.
At all times during the existence of the Company the duly authorized
representatives of each Member will, at its and their sole risk and expense and
at reasonable intervals and times, have access to the Property and to all
information and documents, including without limitation, technical and
proprietary information and know-how relating to the Property, information
relating to the exploration, development and extraction of minerals from the
Property, project, data files and library resources relating to the property.
Both before and after the termination of the Company, all Business Information
may be used by either Member for any purpose, whether or not competitive with
the Business, without consulting with, or obligation to, the other Members.
Except as provided in Section 25.3, or with the prior written consent of
the other Members, each Member shall keep confidential and not disclose to any
third party or the public any portion of the Business Information that
constitutes Confidential Information. 

          25.2      Member
Information. In performing its obligations under this Agreement, no
Member shall be obligated to disclose any Member Information. If a Member elects
to disclose Member Information in performing its obligations under this
Agreement, such Member Information, together with all improvements,
enhancements, refinements and incremental additions to such Member Information
that are developed, conceived, originated or obtained by any Member in
performing its obligation under this Agreement (“Enhancements”), shall be owned
exclusively by the Member that originally developed, conceived, originated or
obtained such Member Information. Each Member may use and enjoy the benefits of
such Member Information and Enhancements in the conduct of the Business
hereunder, but the Member that did not originally develop, conceive, originate
or obtain such Member Information may not use such Member Information and
Enhancements for any other purpose. Except as provided in Section 25.3,
or with the prior written consent of the other Member, which consent may be
withheld in such Member’s sole discretion, each Member shall keep confidential
and not disclose to any third party or the public any portion of Member
Information and Enhancements owned by the other Member that constitutes
Confidential Information. 

          25.3      Disclosure
of Confidential Business Information. All Confidential Business
Information will be kept confidential and, except to the extent required by law
or by regulations of the Securities Commission of Stock Exchange, will not be
disclosed to any person other than an Affiliate without the prior written
consent of all Participants, which consent will not be unreasonably withheld.

45 

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

          25.5      News
Releases and Public Statements. The text of any news releases or other
public statements which a Member intends to make with respect to the Property or
this Agreement will be made available to the other Members prior to publication.

ARTICLE XXVI 
DISPUTES 

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

          26.2     
Arbitration. Should there be a disagreement or a dispute between the
Parties with respect to the interpretation of this Agreement, or for any other
dispute arising from this Agreement which is outside the scope of the Management
Committee responsibilities specifically provided for in this Agreement, the same
will be referred to a single arbitrator pursuant to the Commercial Arbitration
Act (British Columbia), and the determination of such arbitrator will be final
and binding upon the parties hereto. This Section 26.2 will be deemed to
be a submission to arbitration in accordance with the Commercial Arbitration
Act. If arbitration or other legal action or other proceeding is brought for the
enforcement of this Agreement, or because of an alleged dispute, breach,
default, or misrepresentation in connection with any of the provisions of this
Agreement, the successful or substantially prevailing Member shall be entitled
to recover reasonable attorneys’ fees and other costs incurred in that action or
proceeding, in addition to any other relief to which it or they may be entitled.
The location of the arbitration will be as agreed by the Parties; in the event
the Parties are unable to agree to where the arbitration will be held, the
arbitration will be held in Vancouver, British Columbia. 

46 

ARTICLE XXVII 
GENERAL PROVISIONS 

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

          If
to AUC: 

	 	Attention: 	Robert Rich, President 
	 	  	American Uranium Corporation 
	 	Mailing Address: 	600 17th Street – Suite 2800 South
    
	 	  	Denver, CO 80202 
	 	Telephone: 	(303) 643-2265 
	 	Facsimile: 	(508) 240-1361 
	 	E-Mail : 	robert.rich4@verizon.net 
	 	  	  
	 	With a Copy to: 	Hamish Malkin, CFO 
	 	  	American Uranium Corporation 
	 	Mailing Address : 	1201 – 1166 Alberni Street 
	 	  	Vancouver, B.C. V6E 3Z3 
	 	  	Canada 
	 	E-Mail : 	HMalkin@shaw.ca 

          If
  to Strathmore: 

	 	Attention: 	Steven Kahn 
	 	Mailing Address : 	2420 Watt Court 
	 	  	Riverton, WY 82501 
	 	Telephone : 	(250) 868-8140 
	 	Facsimile: 	(250) 868-8493 
	 	E-Mail : 	kahn1750@shaw.ca 
	 	  	  
	 	  	  
	 	With a Copy to: 	Bob Wooder 
	 	Mailing Address : 	595 Burrard Street 
	 	  	P.O. Box 49314 
	 	  	Suite 2600, Three Bentall Centre 
	 	  	Vancouver BC V7X 1L3 
	 		Canada
	 	E-Mail : 	Bob.wooder@blakes.com 

47 

All invoices, notices, consents and demands under this
Agreement will be in writing and may be delivered personally, transmitted by fax
(with transmission confirmed in writing), or may be forwarded by first class
prepaid registered mail to the address for each Party specified in this
Agreement or to such addresses as each Party may from time to time specify by
notice. Any notice delivered or sent by fax will be deemed to have been given
and received on the business day next following the date of delivery or
transmission. Any notice mailed as aforesaid will be deemed to have been given
and received on the fifth (5th) business day following the date it is
posed, provided that if between the time of mailing and the actual receipt of
the notice there will be a mail strike, slowdown or other labor dispute which
affects delivery of the notice by mails, then the notice will be effective if
actually delivered.

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

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

          27.4      Waiver.
The failure of any Member to insist on the strict performance of any provision
of this Agreement or to exercise any right, power or remedy upon a breach hereof
shall not constitute a waiver of any provision of this Agreement or limit such
Member’s right thereafter to enforce any provision or exercise any right unless
evidenced in writing executed by the Member against whom waiver is charged. Any
waiver so evidenced in writing will extend only to the particular breach so
waived and will not limit any rights with respect to any future breach. 

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

          27.6      Force
  Majeure.

	 	(a) 	
      Notwithstanding anything herein contained to the
      contrary, if any Member is prevented from or delayed in performing any
      obligation under this Agreement, and such failure is occasioned by any
      cause beyond its reasonable control, excluding only lack of finances,
      then, subject to Section 27.1, the time for the observance of the
      condition or performance of the obligation in question will be extended
      for a period equivalent to the total period the cause of the prevention or
      delay persists or remains in effect regardless of the length of such total
      period.

48 

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

	 	 	 
	 	(c) 	
      The extension of time for the observance of conditions or
      performance of obligations as a result of force majeure will not relieve
      the Manager from its obligations to keep the Property in good standing
      pursuant to Subsections 12.2(d)(v) and
  12.2(d)(vii).

          27.7      Rule
Against Perpetuities. The Members do not intend that there shall be any
violation of the Rule Against Perpetuities, the Rule Against Unreasonable
Restraints on the Alienation of Property, or any similar rule. Accordingly, if
any right or option to acquire any interest in the Property, in an Ownership
Interest, in the Assets, or in any real property exists under this Agreement,
such right or option must be exercised, if at all, so as to vest such interest
within time periods permitted by applicable rules. If, however, any such
violation should inadvertently occur, the Members hereby agree that a court
shall reform that provision in such a way as to approximate most closely the
intent of the Members within the limits permissible under such rules. 

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

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

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

          27.11      Time
is of the Essence. Time is of the essence as it relates to this
Agreement. 

49 

          27.12      Non-Merger.
Except as otherwise specifically provided herein, the obligations of the Parties
arising from this Agreement will not merge on the Effective Date. 

          27.13      Savings
Clause. The Parties agree that should any economic difference between
this LLC Agreement and the Option and JV Agreement arise, the Parties will make
such adjustments necessary to place the Parties in the desired economic position
that would have occurred solely under the Option and JV Agreement. In the event
the Parties, acting reasonably and in good faith, are unable to agree on the
adjustments required under this Section 27.13, the dispute will be referred to
arbitration pursuant to Section 26.2. 

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

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

50 

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

	AMERICAN URANIUM CORPORATION 	STRATHMORE RESOURCES (U.S.) LTD, 
	a Nevada corporation 	a Nevada corporation 
	  	  
	 	 
	By ___________________________	By ___________________________
	 	 
	Its ___________________________	Its
___________________________

51 

APPENDIX A 
DEFINITIONS 

In this Agreement the following words, phrases and expressions
will have the following meanings: 

	 	(a) 	
      “Accounting Procedure” means the procedure attached to
      this Agreement as Appendix C.

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

	 	 	 
	 	(c) 	
      “Affiliate” will have the meaning attributed to it in the
      Canada Business Corporations Act, as amended.

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

	 	 	 
	 	(e) 	
      “Area of Common Interest” will have the meaning
      attributed to it in Article XIX, and will be deemed to comprise
      that area which is included within the boundaries marked on the map
      attached to this Agreement as Appendix D.

	 	 	 
	 	(f) 	
      “Assets” means all tangible and intangible goods,
      chattels, improvements or other items including, without limiting
      generality, land, buildings, and equipment but excluding the Property,
      acquired for or made to the Property after the Effective Date, or
      otherwise attributed to the Property pursuant to this Agreement in
      connection with the Mining Operations.

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

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

	 	 	 
	 	(i) 	
      “Capital Account” means the account maintained for each
      Member in accordance with Article IV.

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

	 	 	 
	 	(k) 	
      “Company” means AUC, LLC, a Delaware limited liability
      company formed in accordance with, and governed by, this
  Agreement.

	 	 	 
	 	(l) 	
      “Completion Date” means the date on which the Management
      Committee resolves that the preparing and equipping of the Mine is
      complete and is the date on which commercial production
  commences.

52 

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

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

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

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

	 	 	 	 
	 	(q) 	
      “Control” means, for the purposes of Subsection
      12.3(b)(v), the ability, directly or indirectly through one or more
      intermediaries, to direct or cause the direction of the management and
      policies of the Manager through (i) the legal or beneficial ownership of
      voting securities, (ii) the right to appoint managers, directors or
      corporate management, (iii) contract, (iv) operating agreement, (v) voting
      trust, or otherwise.

	 	 	 	 
	 	(r) 	
      “Cost” or “Costs” means all items of outlay and expense
      whatsoever, direct or indirect, with respect to Mining Operations,
      including the Expenditure Costs, recorded by the Manager in accordance
      with this Agreement and will include all obligations and liabilities
      incurred or to be incurred with respect to the protection of the
      environment such as future decommissioning, reclamation and long-term care
      and monitoring, even if not then due and payable so long as the amounts
      can be estimated with reasonable accuracy, and whether or not a mine
      reclamation trust fund has been established. Without limiting generality,
      the following are also included as Costs and have the following
      meanings:

	 	 	 	 
	 		(i) 	
      “Exploration Costs” means those costs incurred for
      surveying, drilling, testing, and exploration of the Property;

	 	 	 	 
	 		(ii) 	
      “Construction Costs” means those costs recorded by the
      Manager for Construction during the Construction Period, including,
      without limitation, permitting costs, development costs, financing costs,
      and the Manager’s fee contemplated in Section 12.5;
  and

53 

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

	 	 	 
	 	(iv) 	
      the Manager’s Fee contemplated in Section
    12.5.

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

	 	 	 
	 	(t) 	
      “Effective Date” means January 3, 2008.

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

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

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

	 	 	 
	 	(x) 	
      “Environmental Liabilities” means any and all claims,
      actions, causes of action, damages, losses, liabilities, obligations,
      penalties, judgments, amounts paid in settlement, assessments, costs,
      disbursements, or expenses (including, without limitation, attorneys’ fees
      and costs, experts’ fees and costs, and consultants’ fees and costs) of
      any kind or of any nature whatsoever that are asserted against any Member,
      by any person or entity other than the other Member(s), alleging liability
      (including, without limitation, liability for studies, testing or
      investigatory costs, cleanup costs, response costs, removal costs,
      remediation costs, containment costs, restoration costs, corrective action
      costs, closure costs, reclamation costs, natural resource damages,
      property damages, business losses, personal injuries, penalties or fines)
      arising out of, based on or resulting from (i) the presence, release,
      threatened release, discharge or emission into the environment of any
      hazardous materials or substances existing or arising on, beneath or above
      the Property and/or emanating or migrating and/or threatening to emanate
      or migrate

54 

	 		
      from the Property to off-site properties; (ii) physical
      disturbance of the environment; or (iii) the violation or alleged
      violation of any Environmental Laws.

	 	 	 	 
	 	(y) 	
      “Expenditure Costs” means all items of outlay and expense
      whatsoever, direct or indirect, with respect to Mining Operations which
      are funded solely by AUC to earn in its Interest in the Property pursuant
      to Article III, including the Manager’s fee contemplated in
      Section 12.5.

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

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

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

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

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

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

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

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

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

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

55 

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

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

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

	 	 	 
	 	(dd) 	
      “Indicated Mineral Resources” means U3O8
      resource based upon Strathmore’s standard area influences for the
      resource calculations which is a square with sides one hundred (100) feet
      from the data point.

	 	 	 
	 	(ee) 	
      “Inferred Mineral Resources” means U3O8
      resource based upon Strathmore’s standard area of influences for the
      resource calculations which is square with sides two hundred (200) feet
      from the data point.

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

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

	 	 	 
	 	(hh) 	
      “LOI” has the meaning attribute to it in Recital
  B.

	 	 	 
	 	(ii) 	
      “Management Committee” means the committee established
      pursuant to Article XI.

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

	 	 	 
	 	(kk) 	
      “Measured Mineral Resources” means U3O8
      resource based upon Strathmore’s standard area of influences for the
      resource calculations which is square with sides fifty (50) feet from the
      data point.

	 	 	 
	 	(ll) 	
      “Member” means AUC or Strathmore, any permitted successor
      or assign of AUC or Strathmore, or any person admitted as a Member of the
      Company under this Agreement.

56 

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

	 	 	 	 
	 	(nn) 	
      “Mine” means the workings established and Assets
      acquired, including, without limiting generality, wellfields, plant, ion
      exchange units, utilities, infrastructure, housing, and other facilities
      in order to bring the Property into commercial production.

	 	 	 	 
	 	(oo) 	
      “Mine Closure Plan” has the meaning attributed to it in
      Section 22.2.

	 	 	 	 
	 	(pp) 	
      “Mine Maintenance Plan” has the meaning attributed to it
      in Section 22.1.

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

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

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

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

	 	 	 	 
	 		(ii) 	
      if not provided for in a Program or Operating Plan,
      unilaterally and in good faith to maintain the Property in good standing,
      to prevent waste or to otherwise discharge any obligation which is imposed
      upon it pursuant to this Agreement and in respect of which the Management
      Committee has not given it directions; including, without limiting
      generality, investigating, prospecting, exploring, developing, property
      maintenance, preparing reports, estimates and studies, designing,
      equipping, improving, surveying, construction and mining, milling,
      concentrating, rehabilitation, reclamation, and environmental
      protection.

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

57 

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

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

	 	 	 
	 	(iii) 	
      any expenditures of the Company described in Section
      705(a)(2)(B) of the Code or treated as Section 705(a)(2)(f) expenditures
      pursuant to Treas. Reg. §1.704-1(b)(2)(iv)(i) and that are not otherwise
      taken into account in computing Net Gain or Net Loss pursuant to this
      definition shall be treated as items of expense in computing such Net Gain
      or Net Loss;

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

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

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

	 	(uu) 	
      “Notice of Election to Contribute” has the meaning
      attributed to it in Article 15.1.

	 	 	 
	 	(vv) 	
      “AUC Shares” means six million (6,000,000) common shares
      in the capital stock of AUC.

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

58 

	 	(xx) 	
      “Operative Date” means the date upon which AUC becomes
      entitled to be vested in the entire sixty percent (60%) interest in the
      Property in accordance with Section 6.1.

	 	 	 
	 	(yy) 	
      “Option” has the meaning attributed to it in Recitals
      B.

	 	 	 
	 	(zz) 	
      “Option Period” means a period of time commencing on the
      Effective Date and terminating either upon the Operative Date, or such
      earlier date as this Agreement is terminated prior to the Operative Date,
      pursuant to Section 3.3.

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

	 	 	 
	 	(bbb) 	
      “Participant” means a Party that is contributing to
      Expenditure Costs or Costs, as the case may be.

	 	 	 
	 	(ccc) 	
      “Party” or “Parties” means the Parties to this Agreement
      and their respective successors and permitted assigns which become Parties
      pursuant to this Agreement.

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

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

	 	 	 
	 	(fff) 	
      “Products” means all ores, minerals and mineral resources
      produced from the Property.

	 	 	 
	 	(ggg) 	
      “Program” means a work plan and budget of Mining
      Operations, and adopted by the Management Committee in accordance with
      this Agreement.

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

	 	 	 
	 	(iii) 	
      “Proportionate Share(s)” means that share or shares which
      is equal to a Party’s percentage Interest.

59 

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

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

	 	 	 
	 	(lll) 	
      “$” means United States
Dollars.

	 	(mmm) 	
      “Third Party Evaluation” means a detailed evaluation,
      conducted by a third party engineering firm selected by Strathmore and
      agree to by AUC, that calculates the weight in lbs. of Measured, Indicated
      and/or Inferred Mineral Resources consisting of U3O8
      based on a cut-off grade of 0.025% on the Property based upon the
      information and results from previous exploration and development work
      conducted on the Property, including the results from the work funded by
      AUC and conducted on the Property after the Effective Date.
  

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

60 

APPENDIX B 
PINETREE-RENO CREEK ISR PROPERTY 

DESCRIPTION OF THE PROPERTY

Lode Mining Claims

  	BLM Serial # 	 Claim Name 	 Subd. 	Section 	Township 	Range 	Owner 
	Four Mile Creek 
Property 	 	 	 	 	 	 
	WMC261775 	FMC - 1 	SW 	9 	43N 	74W 	DAVID MILLER & ASSOC. LLC 
	WMC261776 	FMC - 2 	SW 	9 	43N 	74W 	DAVID MILLER & ASSOC. LLC 
	WMC261777 	FMC - 3 	SW 	9 	43N 	74W 	DAVID MILLER & ASSOC. LLC 
	WMC261778 	FMC - 4 	SW 	9 	43N 	74W 	DAVID MILLER & ASSOC. LLC 
	WMC261779 	FMC - 5 	SW 	9 	43N 	74W 	DAVID MILLER & ASSOC. LLC 
	WMC261780 	FMC - 6 	SW 	9 	43N 	74W 	DAVID MILLER & ASSOC. LLC 
	WMC261781 	FMC - 7 	SW 	9 	43N 	74W 	DAVID MILLER & ASSOC. LLC 
	WMC261782 	FMC - 8 	SW 	9 	43N 	74W 	DAVID MILLER & ASSOC. LLC 
	WMC261783 	FMC - 9 	SE 	9 	43N 	74W 	DAVID MILLER & ASSOC. LLC 
	WMC261784 	FMC - 10 	SE 	9 	43N 	74W 	DAVID MILLER & ASSOC. LLC 
	WMC261785 	FMC - 11 	SE 	9 	43N 	74W 	DAVID MILLER & ASSOC. LLC 
	WMC261786 	FMC - 12 	SE 	9 	43N 	74W 	DAVID MILLER & ASSOC. LLC 
	WMC261787 	FMC - 13 	SE 	9 	43N 	74W 	DAVID MILLER & ASSOC. LLC 
	WMC261788 	FMC - 14 	SE 	9 	43N 	74W 	DAVID MILLER & ASSOC. LLC 
	WMC261789 	FMC - 15 	SE 	9 	43N 	74W 	DAVID MILLER & ASSOC. LLC 
	WMC261790 	FMC -16 	SE 	9 	43N 	74W 	DAVID MILLER & ASSOC. LLC 
	WMC261791 	FMC - 17 	SE 	9 	43N 	74W 	DAVID MILLER & ASSOC. LLC 
	WMC261792 	FMC -18 	SE 	9 	43N 	74W 	DAVID MILLER & ASSOC. LLC 
	WMC261793 	FMC - 19 	SE 	9 	43N 	74W 	DAVID MILLER & ASSOC. LLC 
	  	  	SW 	10 	43N 	74W 	DAVID MILLER & ASSOC. LLC 
	WMC261794 	FMC - 20 	SE 	9 	43N 	74W 	DAVID MILLER & ASSOC. LLC 
	  	  	SW 	10 	43N 	74W 	DAVID MILLER & ASSOC. LLC 
	WMC261795 	FMC - 21 	SW 	10 	43N 	74W 	DAVID MILLER & ASSOC. LLC 
	WMC261796 	FMC - 22 	SW 	10 	43N 	74W 	DAVID MILLER & ASSOC. LLC 
	WMC261797 	FMC - 23 	SW 	10 	43N 	74W 	DAVID MILLER & ASSOC. LLC 
	WMC261798 	FMC - 24 	SW 	10 	43N 	74W 	DAVID MILLER & ASSOC. LLC 
	WMC261799 	FMC - 25 	SW 	10 	43N 	74W 	DAVID MILLER & ASSOC. LLC 
	WMC261800 	FMC - 26 	SW 	10 	43N 	74W 	DAVID MILLER & ASSOC. LLC 
	WMC261801 	FMC - 27 	SW 	10 	43N 	74W 	DAVID MILLER & ASSOC. LLC 
	WMC261802 	FMC - 28 	SW 	10 	43N 	74W 	DAVID MILLER & ASSOC. LLC 
	WMC261803 	FMC - 29 	NE 	9 	43N 	74W 	DAVID MILLER & ASSOC. LLC 
	WMC261804 	FMC - 30 	NE 	9 	43N 	74W 	DAVID MILLER & ASSOC. LLC 
	WMC261805 	FMC - 31 	NE 	9 	43N 	74W 	DAVID MILLER & ASSOC. LLC 
	WMC261806 	FMC - 32 	SE 	9 	43N 	74W 	DAVID MILLER & ASSOC. LLC 
	WMC261807 	FMC - 33 	SW 	4 	43N 	74W 	DAVID MILLER & ASSOC. LLC 
	WMC261808 	FMC - 34 	SW 	4 	43N 	74W 	DAVID MILLER & ASSOC. LLC 
	W MC261809 	FMC - 35 	SW 	4 	43N 	74W 	DAVID MILLER & ASSOC. LLC 
	WMC261810 	FMC - 36 	SW 	4 	43N 	74W 	DAVID MILLER & ASSOC. LLC 
	WMC261811 	FMC - 37 	SW 	4 	43N 	74W 	DAVID MILLER & ASSOC. LLC 

61 

  	BLM Serial
      # 	 Claim Name 	 Subd. 	Section 	 Township 	Range 	Owner 
	WMC261812 	FMC -
        38 	SW 	4 	43N 	74W 	DAVID MILLER & ASSOC. LLC 
	WMC261813 	FMC -
        39 	SW 	4 	43N 	74W 	DAVID MILLER & ASSOC. LLC 
	WMC261814 	FMC -
        40 	SW 	4 	43N 	74W 	DAVID MILLER & ASSOC. LLC 
	WMC261815 	FMC -
        41 	SE 	4 	43N 	74W 	DAVID MILLER & ASSOC. LLC 
	WMC261816 	FMC -
        42 	SE 	4 	43N 	74W 	DAVID MILLER & ASSOC. LLC 
	WMC261817 	FMC -
        43 	SE 	4 	43N 	74W 	DAVID MILLER & ASSOC. LLC 
	WMC261818 	FMC -
        44 	SE 	4 	43N 	74W 	DAVID MILLER & ASSOC. LLC 
	WMC261819 	FMC -
        45 	SE 	4 	43N 	74W 	DAVID MILLER & ASSOC. LLC 
	WMC261820 	FMC -
        46 	SE 	4 	43N 	74W 	DAVID MILLER & ASSOC. LLC 
	WMC261821 	FMC -
        47 	SE 	4 	43N 	74W 	DAVID MILLER & ASSOC. LLC 
	WMC261822 	FMC -
        48 	SE 	4 	43N 	74W 	DAVID MILLER & ASSOC. LLC 
	WMC261823 	FMC -
        49 	SE 	4 	43N 	74W 	DAVID MILLER & ASSOC. LLC 
	WMC261824 	FMC -
        50 	SE 	4 	43N 	74W 	DAVID MILLER & ASSOC. LLC 
	WMC261825 	FMC -
        53 	NW 	3 	43N 	74W 	DAVID MILLER & ASSOC. LLC 
	WMC261826 	FMC -
        54 	NW 	3 	43N 	74W 	DAVID MILLER & ASSOC. LLC 
	WMC261827 	FMC -
        55 	NW 	3 	43N 	74W 	DAVID MILLER & ASSOC. LLC 
	WMC261828 	FMC -
        56 	NW 	3 	43N 	74W 	DAVID MILLER & ASSOC. LLC 
	WMC261829 	FMC -
        57 	NW 	3 	43N 	74W 	DAVID MILLER & ASSOC. LLC 
	WMC261830 	FMC -
        58 	NW 	3 	43N 	74W 	DAVID MILLER & ASSOC. LLC 
	WMC261831 	FMC -
        59 	NW 	3 	43N 	74W 	DAVID MILLER & ASSOC. LLC 
	WMC261832 	FMC -
        60 	NW 	3 	43N 	74W 	DAVID MILLER & ASSOC. LLC 
	
WMC261833 	

        FMC - 61 	NW 

        SW 	

        3 	

        43N 	

        74W 	

        DAVID MILLER & ASSOC. LLC
    
	
WMC261834 	

        FMC - 62 	NW 

        SW 	

        3 	

        43N 	

        74W 	

        DAVID MILLER & ASSOC. LLC
    
	WMC261835 	FMC -
        63 	SW 	3 	43N 	74W 	DAVID MILLER & ASSOC. LLC 
	WMC261836 	FMC -
        64 	SW 	3 	43N 	74W 	DAVID MILLER & ASSOC. LLC 
	WMC261837 	FMC -
        65 	SW 	3 	43N 	74W 	DAVID MILLER & ASSOC. LLC 
	WMC261838 	FMC -
        66 	SW 	3 	43N 	74W 	DAVID MILLER & ASSOC. LLC 
	WMC261839 	FMC -
        67 	SW 	3 	43N 	74W 	DAVID MILLER & ASSOC. LLC 
	WMC261840 	FMC -
        68 	SW 	3 	43N 	74W 	DAVID MILLER & ASSOC. LLC 
	WMC261841 	FMC -
        69 	SW 	3 	43N 	74W 	DAVID MILLER & ASSOC. LLC 
	WMC261842 	FMC -
        70 	SW 	3 	43N 	74W 	DAVID MILLER & ASSOC. LLC 
	WMC261843 	FMC -
        71 	NW 	10 	43N 	74W 	DAVID MILLER & ASSOC. LLC 
	WMC261844 	FMC -
        72 	NW 	10 	43N 	74W 	DAVID MILLER & ASSOC. LLC 
	WMC261845 	FMC -
        73 	NW 	10 	43N 	74W 	DAVID MILLER & ASSOC. LLC 
	WMC261846 	FMC -
        74 	NW 	10 	43N 	74W 	DAVID MILLER & ASSOC. LLC 
	WMC261847 	FMC -
        75 	NW 	10 	43N 	74W 	DAVID MILLER & ASSOC. LLC 
	WMC261848 	FMC -
        76 	NW 	10 	43N 	74W 	DAVID MILLER & ASSOC. LLC 
	WMC261849 	FMC -
        77 	NW 	10 	43N 	74W 	DAVID MILLER & ASSOC. LLC 
	WMC261850 	FMC -
        78 	NW 	10 	43N 	74W 	DAVID MILLER & ASSOC. LLC 
	WMC261851 	FMC -
        79 	NW 	35 	44N 	74W 	DAVID MILLER & ASSOC. LLC 
	WMC261852 	FMC -
        80 	NW 	35 	44N 	74W 	DAVID MILLER & ASSOC. LLC 
	WMC261853 	FMC -
        81 	NW 	35 	44N 	74W 	DAVID MILLER & ASSOC. LLC 
	WMC261854 	FMC -
        82 	NW 	35 	44N 	74W 	DAVID MILLER & ASSOC. LLC 
	WMC261855 	FMC -
        83 	NW 	35 	44N 	74W 	DAVID MILLER & ASSOC. LLC 
	WMC261856 	FMC -
        84 	NW 	35 	44N 	74W 	DAVID MILLER & ASSOC. LLC 
	WMC261857 	FMC -
        85 	NW 	35 	44N 	74W 	DAVID MILLER & ASSOC. LLC 
	WMC261858 	FMC -
        86 	NW 	35 	44N 	74W 	DAVID MILLER & ASSOC. LLC 
	WMC261859 	FMC -
        87 	NW 	35 	44N 	74W 	DAVID MILLER & ASSOC. LLC 

62 

  	BLM Serial
      # 	 Claim Name 	 Subd. 	 Section 	Township 	Range 	Owner 
	WMC261860 	FMC -
        88 	NW 	35 	44N 	74W 	DAVID MILLER & ASSOC. LLC 
	WMC261861 	FMC -
        89 	SW 	35 	44N 	74W 	DAVID MILLER & ASSOC. LLC 
	WMC261862 	FMC -
        90 	SW 	35 	44N 	74W 	DAVID MILLER & ASSOC. LLC 
	WMC261863 	FMC -
        91 	SW 	35 	44N 	74W 	DAVID MILLER & ASSOC. LLC 
	WMC261864 	FMC -
        92 	SW 	35 	44N 	74W 	DAVID MILLER & ASSOC. LLC 
	WMC261865 	FMC -
        93 	SW 	35 	44N 	74W 	DAVID MILLER & ASSOC. LLC 
	WMC261866 	FMC -
        94 	SW 	35 	44N 	74W 	DAVID MILLER & ASSOC. LLC 
	WMC261867 	FMC -
        95 	SW 	35 	44N 	74W 	DAVID MILLER & ASSOC. LLC 
	
WMC261868 	

        FMC - 96 	

        SW 	

        35 	

        44N 	

        74W 	

        DAVID MILLER & ASSOC. LLC 
	Pine Tree 
Property 	
	
	
	
	
	

	WMC260500 	PT-1 	NW 	17 	42N 	74W 	MILLER DAVID R 
	
WMC260501 	

        PT-2 	NW 

        SW 	

        17 	

        42N 	

        74W 	

        MILLER DAVID R 
	WMC260502 	PT-3 	NW 	17 	42N 	74W 	MILLER DAVID R 
	
WMC260503 	

        PT-4 	NW 

        SW 	

        17 	

        42N 	

        74W 	

        MILLER DAVID R 
	WMC260504 	PT-5 	NW 	17 	42N 	74W 	MILLER DAVID R 
	
WMC260505 	

        PT-6 	NW 

        SW 	

        17 	

        42N 	

        74W 	

        MILLER DAVID R 
	WMC260506 	PT-7 	NW 	17 	42N 	74W 	MILLER DAVID R 
	
WMC260507 	

        PT-8 	NW 

        SW 	

        17 	

        42N 	

        74W 	

        MILLER DAVID R 
	WMC260508 	PT-9 	NE NW
      	17 	42N 	74W 	MILLER DAVID R 
	
WMC260509 	

        PT-10 	NE NW 

        SW SE 	

        17 	

        42N 	

        74W 	

        MILLER DAVID R 
	WMC260510 	PT-11
      	NE 	17 	42N 	74W 	MILLER DAVID R 
	WMC260511 	PT-12
      	NE SE
      	17 	42N 	74W 	MILLER DAVID R 
	WMC260512 	PT-13
      	NE 	17 	42N 	74W 	MILLER DAVID R 
	WMC260513 	PT-14
      	NE SE
      	17 	42N 	74W 	MILLER DAVID R 
	WMC260514 	PT-15
      	NE 	17 	42N 	74W 	MILLER DAVID R 
	WMC260515 	PT-16
      	NESE 	17 	42N 	74W 	MILLER DAVID R 
	WMC260516 	PT-17
      	NE 	17 	42N 	74W 	MILLER DAVID R 
	WMC260517 	PT-18
      	NE SE
      	17 	42N 	74W 	MILLER DAVID R 
	WMC260518 	PT-19
      	SW 	17 	42N 	74W 	MILLER DAVID R 
	WMC260519 	PT-20
      	SW 	17 	42N 	74W 	MILLER DAVID R 
	  	  	NW 	20 	42N 	74W 	MILLER DAVID R 
	WMC260520 	PT-21
      	SW 	17 	42N 	74W 	MILLER DAVID R 
	WMC260521 	PT-22
      	SW 	17 	42N 	74W 	MILLER DAVID R 
	  	  	NW 	20 	42N 	74W 	MILLER DAVID R 
	WMC260522 	PT-23
      	SW 	17 	42N 	74W 	MILLER DAVID R 
	WMC260523 	PT-24
      	SW 	17 	42N 	74W 	MILLER DAVID R 
	  	  	NW 	20 	42N 	74W 	MILLER DAVID R 
	WMC260524 	PT-25
      	SW 	17 	42N 	74W 	MILLER DAVID R 
	WMC260525 	PT-26
      	SW 	17 	42N 	74W 	MILLER DAVID R 
	  	  	NW 	20 	42N 	74W 	MILLER DAVID R 
	WMC260526 	PT-27
      	SW SE
      	17 	42N 	74W 	MILLER DAVID R 
	WMC260527 	PT-28
      	SW SE
      	17 	42N 	74W 	MILLER DAVID R 
	  	  	NE NW
      	20 	42N 	74W 	MILLER DAVID R 
	WMC260528 	PT-29
      	NW 	20 	42N 	74W 	MILLER DAVID R 
	WMC260529 	PT-30
      	NW 	20 	42N 	74W 	MILLER DAVID R 

63 

  	BLM Serial
      # 	 Claim Name 	 Subd. 	 Section 	 Township 	Range 	Owner 
	WMC260530 	PT-31
      	NW 	20 	42N 	74W 	MILLER DAVID R 
	WMC260531 	PT-32
      	NW 	20 	42N 	74W 	MILLER DAVID R 
	  	  	  	  	  	  	  
	WMC260532 	PT-33
      	NE NW
      	17 	42N 	74W 	MILLER DAVID R 
	West Reno 
Property 	
	
	
	
	
	

	WMC261869 	WR-1 	SE 	30 	43N 	73W 	DAVID MILLER & ASSOC. LLC 
	WMC261870 	WR-2 	SE 	30 	43N 	73W 	DAVID MILLER & ASSOC. LLC 
	WMC261871 	WR-3 	SE 	30 	43N 	73W 	DAVID MILLER & ASSOC. LLC 
	WMC261872 	WR-4 	SE 	30 	43N 	73W 	DAVID MILLER & ASSOC. LLC 
	WMC261873 	WR- 5
      	SE 	30 	43N 	73W 	DAVID MILLER & ASSOC. LLC 
	WMC261874 	WR- 6
      	SE 	30 	43N 	73W 	DAVID MILLER & ASSOC. LLC 
	WMC261875 	WR-7 	SW 	29 	43N 	73W 	DAVID MILLER & ASSOC. LLC 
	  	  	SE 	30 	43N 	73W 	DAVID MILLER & ASSOC. LLC 
	WMC261876 	WR-8 	SW 	29 	43N 	73W 	DAVID MILLER & ASSOC. LLC 
	  	  	SE 	30 	43N 	73W 	DAVID MILLER & ASSOC. LLC 
	WMC261877 	WR-9 	SW 	29 	43N 	73W 	DAVID MILLER & ASSOC. LLC 
	WMC261878 	WR -10
      	SW 	29 	43N 	73W 	DAVID MILLER & ASSOC. LLC 
	WMC261879 	WR - 11
      	SW 	29 	43N 	73W 	DAVID MILLER & ASSOC. LLC 
	WMC261880 	WR - 12
      	SW 	29 	43N 	73W 	DAVID MILLER & ASSOC. LLC 
	WMC261881 	WR - 13
      	SW 	29 	43N 	73W 	DAVID MILLER & ASSOC. LLC 
	WMC261882 	WR - 14
      	SW 	29 	43N 	73W 	DAVID MILLER & ASSOC. LLC 
	WMC261883 	WR - 15
      	SW SE
      	29 	43N 	73W 	DAVID MILLER & ASSOC. LLC 
	WMC261884 	WR - 16
      	SW SE
      	29 	43N 	73W 	DAVID MILLER & ASSOC. LLC 
	WMC261885 	WR - 17
      	SE 	29 	43N 	73W 	DAVID MILLER & ASSOC. LLC 
	WMC261886 	WR - 18
      	SE 	29 	43N 	73W 	DAVID MILLER & ASSOC. LLC 
	WMC261887 	WR - 19
      	SE 	29 	43N 	73W 	DAVID MILLER & ASSOC. LLC 
	WMC261888 	WR - 20
      	SE 	29 	43N 	73W 	DAVID MILLER & ASSOC. LLC 
	WMC261889 	WR - 21
      	SE 	29 	43N 	73W 	DAVID MILLER & ASSOC. LLC 
	WMC261890 	WR - 22
      	SE 	29 	43N 	73W 	DAVID MILLER & ASSOC. LLC 
	WMC261891 	WR - 23
      	SE 	29 	43N 	73W 	DAVID MILLER & ASSOC. LLC 
	WMC261892 	WR - 24
      	SE 	29 	43N 	73W 	DAVID MILLER & ASSOC. LLC 
	WMC261893 	WR - 25
      	NW 	28 	43N 	73W 	DAVID MILLER & ASSOC. LLC 
	WMC261894 	WR - 26
      	NW 	28 	43N 	73W 	DAVID MILLER & ASSOC. LLC 
	W MC261895 	WR - 27
      	NW 	28 	43N 	73W 	DAVID MILLER & ASSOC. LLC 
	WMC261896 	WR - 28
      	NW 	28 	43N 	73W 	DAVID MILLER & ASSOC. LLC 
	WMC261897 	WR - 29
      	NW 	28 	43N 	73W 	DAVID MILLER & ASSOC. LLC 
	WMC261898 	WR - 30
      	NW 	28 	43N 	73W 	DAVID MILLER & ASSOC. LLC 
	WMC261899 	WR - 31
      	NW 	28 	43N 	73W 	DAVID MILLER & ASSOC. LLC 
	WMC261900 	WR - 32
      	NW 	28 	43N 	73W 	DAVID MILLER & ASSOC. LLC 
	
WMC261901 	

        WR - 33 	NW 

        SW 	

        28 	

        43N 	

        73W 	

        DAVID MILLER & ASSOC. LLC
    
	
WMC261902 	

        WR - 34 	NW 

        SW 	

        28 	

        43N 	

        73W 	

        DAVID MILLER & ASSOC. LLC
    
	WMC261903 	WR - 35
      	SW 	28 	43N 	73W 	DAVID MILLER & ASSOC. LLC 
	WMC261904 	WR - 36
      	SW 	28 	43N 	73W 	DAVID MILLER & ASSOC. LLC 
	WMC261905 	WR - 37
      	SW 	28 	43N 	73W 	DAVID MILLER & ASSOC. LLC 
	WMC261906 	WR - 38
      	SW 	28 	43N 	73W 	DAVID MILLER & ASSOC. LLC 
	WMC261907 	WR - 39
      	SW 	28 	43N 	73W 	DAVID MILLER & ASSOC. LLC 
	WMC261908 	WR - 40
      	SW 	28 	43N 	73W 	DAVID MILLER & ASSOC. LLC 

64 

  	BLM Serial
      # 	 Claim Name 	 Subd. 	Section 	 Township 	Range 	                     
               Owner 
	WMC261909 	WR - 41
      	SW 	28 	43N 	73W 	DAVID MILLER & ASSOC. LLC 
	WMC261910 	WR - 42
      	SW 	28 	43N 	73W 	DAVID MILLER & ASSOC. LLC 
	WMC261911 	WR-43
      	SW 	28 	43N 	73W 	DAVID MILLER & ASSOC. LLC 
	  	  	NW 	33 	43N 	73W 	DAVID MILLER & ASSOC. LLC 
	WMC261912 	WR - 44
      	SW 	28 	43N 	73W 	DAVID MILLER & ASSOC. LLC 
	  	  	NW 	33 	43N 	73W 	DAVID MILLER & ASSOC. LLC 
	WMC261913 	WR - 45
      	NW 	33 	43N 	73W 	DAVID MILLER & ASSOC. LLC 
	WMC261914 	WR - 46
      	NW 	33 	43N 	73W 	DAVID MILLER & ASSOC. LLC 
	WMC261915 	WR - 47
      	NW 	33 	43N 	73W 	DAVID MILLER & ASSOC. LLC 
	WMC261916 	WR - 48
      	NW 	33 	43N 	73W 	DAVID MILLER & ASSOC. LLC 
	WMC261917 	WR - 49
      	NW 	33 	43N 	73W 	DAVID MILLER & ASSOC. LLC 
	WMC261918 	WR - 50
      	NW 	33 	43N 	73W 	DAVID MILLER & ASSOC. LLC 
	WMC261919 	WR - 51
      	NW 	33 	43N 	73W 	DAVID MILLER & ASSOC. LLC 
	WMC261920 	WR - 52
      	NW 	33 	43N 	73W 	DAVID MILLER & ASSOC. LLC 
	WMC261921 	WR - 53
      	NE 	33 	43N 	73W 	DAVID MILLER & ASSOC. LLC 
	WMC261922 	WR - 54
      	NE 	33 	43N 	73W 	DAVID MILLER & ASSOC. LLC 
	  	  	NW 	34 	43N 	73W 	DAVID MILLER & ASSOC. LLC 
	WMC261923 	WR - 55
      	NE 	33 	43N 	73W 	DAVID MILLER & ASSOC. LLC 
	WMC261924 	WR - 56
      	NE 	33 	43N 	73W 	DAVID MILLER & ASSOC. LLC 
	  	  	NW 	34 	43N 	73W 	DAVID MILLER & ASSOC. LLC 
	WMC261925 	WR - 57
      	NE 	33 	43N 	73W 	DAVID MILLER & ASSOC. LLC 
	WMC261926 	WR - 58
      	NE 	33 	43N 	73W 	DAVID MILLER & ASSOC. LLC 
	  	  	NW 	34 	43N 	73W 	DAVID MILLER & ASSOC. LLC 
	WMC261927 	WR - 59
      	NE 	33 	43N 	73W 	DAVID MILLER & ASSOC. LLC 
	WMC261928 	WR - 60
      	NE 	33 	43N 	73W 	DAVID MILLER & ASSOC. LLC 
	  	  	NW 	34 	43N 	73W 	DAVID MILLER & ASSOC. LLC 
	WMC261929 	WR - 61
      	NE 	33 	43N 	73W 	DAVID MILLER & ASSOC. LLC 
	WMC261930 	WR - 62
      	NE 	33 	43N 	73W 	DAVID MILLER & ASSOC. LLC 
	  	  	NW 	34 	43N 	73W 	DAVID MILLER & ASSOC. LLC 
	WMC261931 	WR - 63
      	NW 	27 	43N 	73W 	DAVID MILLER & ASSOC. LLC 
	WMC261932 	WR - 64
      	NW 	27 	43N 	73W 	DAVID MILLER & ASSOC. LLC 
	WMC261933 	WR - 65
      	NW 	27 	43N 	73W 	DAVID MILLER & ASSOC. LLC 
	WMC261934 	WR - 66
      	NW 	27 	43N 	73W 	DAVID MILLER & ASSOC. LLC 
	WMC261935 	WR - 67
      	NW 	27 	43N 	73W 	DAVID MILLER & ASSOC. LLC 
	WMC261936 	WR - 68
      	NW 	27 	43N 	73W 	DAVID MILLER & ASSOC. LLC 
	WMC261937 	WR - 69
      	NW 	27 	43N 	73W 	DAVID MILLER & ASSOC. LLC 
	WMC261938 	WR - 70
      	NW 	27 	43N 	73W 	DAVID MILLER & ASSOC. LLC 
	
WMC261939 	

        WR - 71 	NW 

        SW 	

        27 	

        43N 	

        73W 	

        DAVID MILLER & ASSOC. LLC
    
	
WMC261940 	

        WR - 72 	NW 

        SW 	

        27 	

        43N 	

        73W 	

        DAVID MILLER & ASSOC. LLC
    
	WMC261941 	WR - 73
      	SW 	27 	43N 	73W 	DAVID MILLER & ASSOC. LLC 
	WMC261942 	WR - 74
      	SW 	27 	43N 	73W 	DAVID MILLER & ASSOC. LLC 
	WMC261943 	WR - 75
      	SW 	27 	43N 	73W 	DAVID MILLER & ASSOC. LLC 
	WMC261944 	WR - 76
      	SW 	27 	43N 	73W 	DAVID MILLER & ASSOC. LLC 
	WMC261945 	WR - 77
      	SW 	27 	43N 	73W 	DAVID MILLER & ASSOC. LLC 
	WMC261946 	WR - 78
      	SW 	27 	43N 	73W 	DAVID MILLER & ASSOC. LLC 
	WMC261947 	WR - 79
      	SW 	27 	43N 	73W 	DAVID MILLER & ASSOC. LLC 
	W MC261948 	WR - 80 	SW 	27 	43N 	73W 	DAVID MILLER & ASSOC. LLC 

65 

  	BLM Serial # 	 Claim Name 	 Subd. 	Section 	 Township 	Range 	Owner 
	Four Mile Creek 
Property
	
	
	
	
	
	

	WMC272476 	ANC 1 	SW 	20 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272477 	ANC 2 	NW 

        SW 	20 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272478 	ANC 3 	SW 	20 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272479 	ANC 4 	NW 

        SW 	20 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272480 	ANC 5 	SW 	20 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272481 	ANC 6 	NW 

        SW 	20 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272482 	ANC 7 	SW 	20 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272483 	ANC 8 	NW 

        SW 	20 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272484 	ANC 9 	NW 	20 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272485 	ANC 10 	SW 	17 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	  	  	NW 	20 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272486 	ANC 11 	NW 	20 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272487 	ANC 12 	SW 	17 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	  	  	NW 	20 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272488 	ANC 13 	NW 	20 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272489 	ANC 14 	SW 	17 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	  	  	NW 	20 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272490 	ANC 15 	NW 	20 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272491 	ANC 16 	SW 	17 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	  	  	NW 	20 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272492 	ANC 17 	SW 	17 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272493 	ANC 18 	NW 

        SW 	17 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272494 	ANC 19 	SW 	17 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272495 	ANC 20 	NW 

        SW 	17 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272496 	ANC 21 	SW 	17 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272497 	ANC 22 	NW 

        SW 	17 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272498 	ANC 23 	SW 	17 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272499 	ANC 24 	NW

        SW 	17 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272500 	ANC 25 	SW SE 	17 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272501 	ANC 26 	NE NW 

        SW SE 	17 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272502 	ANC 27 	SE 	17 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 

66 

  	BLM Serial
      # 	 Claim Name 	 Subd. 	Section 	 Township 	Range 	Owner 
	WMC272503 	ANC 28 	NE SE 	17 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272504 	ANC 29 	SE 	17 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272505 	ANC 30 	NESE 	17 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272506 	ANC 31 	SE 	17 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272507 	ANC 32 	NE SE 	17 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272508 	ANC 33 	SW 	16 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	  	  	SE 	17 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272509 	ANC 34 	NW 

        SW 	16 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	  	  	NE SE 	17 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272510 	ANC 35 	NW 	17 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272511 	ANC 36 	NW 	17 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272512 	ANC 37 	NW 	17 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272513 	ANC 38 	NW 	17 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272514 	ANC 39 	NE NW 	17 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272515 	ANC 40 	NE 	17 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272516 	ANC 41 	NE 	17 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272517 	ANC 42 	NE 	17 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272518 	ANC 43 	NW 	16 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	  	  	NE 	17 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272519 	ANC 44 	SW SE 	17 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272520 	ANC 45 	SW 	16 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	  	  	SE 	17 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272521 	SANC 1 	NE 	30 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272522 	SANC 2 	NE NW 	30 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272523 	SANC 3 	NE 	30 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272524 	SANC 4 	NE NW 	30 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272525 	SANC 5 	NE 	30 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272526 	SANC 6 	NE NW 	30 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272527 	SANC 7 	NE 	30 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272528 	SANC 8 	NE NW 	30 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272529 	SANC 9 	NW 	30 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272530 	SANC 10 	NW 	30 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 

67 

  	BLM Serial
      # 	 Claim Name 	 Subd. 	Section 	Township 	Range 	Owner 
	WMC272531 	SANC 11 	NW 	30 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272532 	SANC 12 	NW 	30 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272533 	SANC 13 	NW 

        SW 	30 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272534 	SANC 14 	NE NW 

        SW SE 	30 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272535 	SANC 15 	SW 	30 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272536 	SANC 16 	SW SE 	30 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272537 	SANC 17 	SW 	30 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272538 	SANC 18 	SW SE 	30 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272539 	SANC 19 	SW 	30 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272540 	SANC 20 	SW SE 	30 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272541 	SANC 21 	SW 	30 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	  	  	NW 	31 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272542 	SANC 22 	SW SE 	30 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	  	  	NE NW 	31 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272543 	SANC 23 	NW 	31 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272544 	SANC 24 	NE NW 	31 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272545 	SANC 25 	NW 	31 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272546 	SANC 26 	NE NW 	31 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272547 	SANC 27 	NW 	31 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272548 	SANC 28 	NE NW 	31 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272549 	SANC 29 	NW 	31 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272550 	SANC 30 	NE NW 	31 	43N 	74W 	STRATHMORE RESOURCES (US) LTD .
      
	WMC272551 	SANC 51 	NW 	32 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	W MC272552 	SANC 52 	NE NW 	32 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272553 	SANC 53 	NW 	32 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272554 	SANC 54 	NE NW 	32 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272555 	SANC 55 	NW 	32 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272556 	SANC 56 	NE NW 	32 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272557 	SANC 57 	NW 	32 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272558 	SANC 58 	NE NW 	32 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272559 	SANC 59 	NW

        SW 	32 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272560 	SANC 60 	NE NW 

        SW SE 	32 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 

68 

  	BLM Serial # 	 Claim Name 	 Subd. 	 Section 	 Township 	Range 	Owner 
	WMC272561 	SANC 69 	NE 	32 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272562 	SANC 70 	NE 	32 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272563 	SANC 71 	NE 	32 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272564 	SANC 72 	NE 	32 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272565 	SANC 75 	NW 	32 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272566 	SANC 76 	NW 	32 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272567 	SANC 77 	NW 	30 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272568 	SANC 78 	NW 	30 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272569 	SANC 79 	NE SE 	30 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272570 	SANC 80 	NW

        SW 	29 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	  	  	NE SE 	30 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272571 	FMC 97 	NW 	4 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272572 	FMC 98 	NE NW 	4 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272573 	FMC 99 	NE 	4 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272574 	FMC 100 	NE 	4 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272575 	FMC 101 	NE 	4 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272576 	FMC 102 	SE 	33 	44N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272576 	FMC 102 	NE 	4 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272577 	FMC 103 	SE 	4 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272578 	FMC 104 	SE 	33 	44N 	74W 	STRATHMORE RESOURCES (US) LTD 
	  	  	NE 	4 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272579 	FMC 105 	NW 	9 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272580 	FMC 106 	NW 	9 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272581 	FMC 107 	NW 	9 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272582 	FMC 108 	NW 	9 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272583 	FMC 109 	NE NW 	9 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272584 	FMC 110 	NE 	9 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272585 	FMC 111 	NE NW 	9 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272586 	FMC 112 	NE 	9 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272587 	SANC 31 	NW

        SW 	31 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272588 	SANC 32 	NE NW 

        SW SE 	31 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272589 	SANC 33 	SW 	31 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 

69 

  	BLM Serial
      # 	 Claim Name 	 Subd. 	 Section 	Township 	Range 	Owner 
	WMC272590 	SANC 34 	SW SE 	31 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272591 	SANC 35 	SW 	31 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272592 	SANC 36 	SW SE 	31 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272593 	SANC 37 	SW 	31 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272594 	SANC 38 	SW SE 	31 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272595 	SANC 39 	SW 	31 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	  	  	NW 	6 	42N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272596 	SANC 40 	SW SE 	31 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	  	  	NE NW 	6 	42N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272597 	SANC 41 	SE 	31 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272598 	SANC 42 	NE SE 	31 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	  	  	NW 

        SW 	32 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272599 	SANC 43 	SE 	31 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272600 	SANC 44 	SE 	31 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	  	  	SW 	32 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272601 	SANC 45 	SE 	31 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272602 	SANC 46 	SE 	31 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	  	  	SW 	32 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272603 	SANC 47 	SE 	31 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272604 	SANC 48 	SE 	31 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	  	  	SW 	32 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272605 	SANC 49 	SE 	31 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	  	  	NE 	6 	42N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272606 	SANC 50 	SW SE 	31 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	  	  	NW 	5 	42N 	74W 	STRATHMORE RESOURCES (US) LTD 
	  	  	NE 	6 	42N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272607 	SANC 61 	SW 	32 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272608 	SANC 62 	SW SE 	32 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272609 	SANC 63 	SW 	32 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272610 	SANC 64 	SW SE 	32 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272611 	SANC 65 	SW 	32 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272612 	SANC 66 	SW SE 	32 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 

70 

  	BLM Serial # 	 Claim Name
      	 Subd. 	 Section 	Township 	Range 	Owner 
	WMC272613 	SANC 67 	SW 	32 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	  	  	NW 	5 	42N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272614 	SANC 68 	SW SE 	32 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	  	  	NE NW 	5 	42N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272615 	SANC 73 	SE 	32 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272616 	SANC 74 	SE 	32 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	  	  	NE 	5 	42N 	74W 	STRATHMORE RESOURCES (US) LTD 
	Pine Tree 
Property 	
	
	
	
	
	

	WMC272617 	WM 1 	NE SE 	6 	42N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272618 	WM 2 	NE NW 

        SW SE 	6 	42N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272619 	WM 3 	SE 	6 	42N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272620 	WM 4 	SW SE 	6 	42N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272621 	WM 5 	SE 	6 	42N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272622 	WM 6 	SW SE 	6 	42N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272623 	WM 7 	SE 	6 	42N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272624 	WM 8 	SW SE 	6 	42N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272625 	WM 9 	SE 	6 	42N 	74W 	STRATHMORE RESOURCES (US) LTD 
	  	  	NE 	7 	42N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272626 	WM 10 	SW SE 	6 	42N 	74W 	STRATHMORE RESOURCES (US) LTD 
	  	  	NE NW 	7 	42N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272627 	WM 11 	NE 	7 	42N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272628 	WM12 	NE NW 	7 	42N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272629 	WM 13 	NE 	7 	42N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272630 	WM 14 	NE NW 	7 	42N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272631 	WM 15 	NE 	7 	42N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272632 	WM 16 	NE NW 	7 	42N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272633 	WM 17 	NE SE 	7 	42N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272634 	WM 18 	
        NE NW 
SW SE 
	7 	42N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272635 	WM 19 	NW 

        SW 	6 	42N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272636 	WM 20 	SW 	6 	42N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272637 	WM 21 	SW 	6 	42N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WM272638	WM22  	SW	6	42N	74W	STRATHMORE RESOURCES (US) LTD

71 

  	BLM Serial # 	 Claim Name
      	 Subd. 	Section 	 Township 	Range 	Owner 
	WMC272639 	WM 23 	SW 	6 	42N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272640 	WM 24 	NW 	7 	42N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272641 	WM 25 	NW 	7 	42N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272642 	WM 26 	NW 	7 	42N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC272643 	WM 27 	NW 

        SW 	7 	42N 	74W 	STRATHMORE RESOURCES (US) LTD 
	West Reno 
Property 	
	
	
	
	
	

	WMC272826 	BFR 1 	NW 	6 	42N 	73W 	STRATHMORE RESOURCES (US) LTD 
	WMC272827 	BFR 2 	NW 

        SW 	6 	42N 	73W 	STRATHMORE RESOURCES (US) LTD 
	WMC272828 	BFR 3 	NW 	6 	42N 	73W 	STRATHMORE RESOURCES (US) LTD 
	WMC272829 	BFR 4 	NW 

        SW 	6 	42N 	73W 	STRATHMORE RESOURCES (US) LTD 
	WMC272830 	BFR 5 	NW 	6 	42N 	73W 	STRATHMORE RESOURCES (US) LTD 
	WMC272831 	BFR 6 	NW

        SW 	6 	42N 	73W 	STRATHMORE RESOURCES (US) LTD 
	WMC272832 	BFR 7 	NW 	6 	42N 	73W 	STRATHMORE RESOURCES (US) LTD 
	WMC272833 	BFR 8 	NW 

        SW 	6 	42N 	73W 	STRATHMORE RESOURCES (US) LTD 
	WMC272834 	BFR 9 	NE NW 	6 	42N 	73W 	STRATHMORE RESOURCES (US) LTD 
	WMC272835 	BFR 10 	NE NW 

        SW SE 	6 	42N 	73W 	STRATHMORE RESOURCES (US) LTD 
	WMC272836 	BFR 11 	NE 	6 	42N 	73W 	STRATHMORE RESOURCES (US) LTD 
	WMC272837 	BFR 12 	NE SE 	6 	42N 	73W 	STRATHMORE RESOURCES (US) LTD 
	WMC272838 	BFR 13 	NE 	6 	42N 	73W 	STRATHMORE RESOURCES (US) LTD 
	WMC272839 	BFR 14 	NESE 	6 	42N 	73W 	STRATHMORE RESOURCES (US) LTD 
	WMC272840 	BFR 15 	NE 	6 	42N 	73W 	STRATHMORE RESOURCES (US) LTD 
	WMC272841 	BFR 16 	NESE 	6 	42N 	73W 	STRATHMORE RESOURCES (US) LTD 
	WMC272842 	BFR 17 	NW 	5 	42N 	73W 	STRATHMORE RESOURCES (US) LTD 
	  	  	NE 	6 	42N 	73W 	STRATHMORE RESOURCES (US) LTD 
	WMC272843 	BFR 18 	NW 

        SW 	5 	42N 	73W 	STRATHMORE RESOURCES (US) LTD 
	  	  	NESE 	6 	42N 	73W 	STRATHMORE RESOURCES (US) LTD 
	WMC272844 	BFR 21 	SW 	6 	42N 	73W 	STRATHMORE RESOURCES (US) LTD 
	WMC272845 	BFR 22 	SW 	6 	42N 	73W 	STRATHMORE RESOURCES (US) LTD 
	  	  	NW 	7 	42N 	73W 	STRATHMORE RESOURCES (US) LTD 
	WMC272846 	BFR 23 	SW 	6 	42N 	73W 	STRATHMORE RESOURCES (US) LTD 
	WMC272847 	BFR 24 	SW 	6 	42N 	73W 	STRATHMORE RESOURCES (US) LTD 

72 

  	BLM Serial # 	 Claim Name 	 Subd. 	 Section 	Township 	Range 	Owner 
	  	  	NW 	7 	42N 	73W 	STRATHMORE RESOURCES (US) LTD 
	WMC272848 	BFR 25 	SW 	6 	42N 	73W 	STRATHMORE RESOURCES (US) LTD 
	WMC272849 	BFR 26 	SW 	6 	42N 	73W 	STRATHMORE RESOURCES (US) LTD 
	  	  	NW 	7 	42N 	73W 	STRATHMORE RESOURCES (US) LTD 
	WMC272850 	BFR 27 	SW 	6 	42N 	73W 	STRATHMORE RESOURCES (US) LTD 
	WMC272851 	BFR 28 	SW 	6 	42N 	73W 	STRATHMORE RESOURCES (US) LTD 
	  	  	NW 	7 	42N 	73W 	STRATHMORE RESOURCES (US) LTD 
	WMC272852 	BFR 29 	SW SE 	6 	42N 	73W 	STRATHMORE RESOURCES (US) LTD 
	WMC272853 	BFR 30 	SW SE 	6 	42N 	73W 	STRATHMORE RESOURCES (US) LTD 
	  	  	NE NW 	7 	42N 	73W 	STRATHMORE RESOURCES (US) LTD 
	WMC272854 	BFR 31 	SE 	6 	42N 	73W 	STRATHMORE RESOURCES (US) LTD 
	WMC272855 	BFR 32 	SE 	6 	42N 	73W 	STRATHMORE RESOURCES (US) LTD 
	  	  	NE 	7 	42N 	73W 	STRATHMORE RESOURCES (US) LTD 
	WMC272856 	BFR 33 	SE 	6 	42N 	73W 	STRATHMORE RESOURCES (US) LTD 
	WMC272857 	BFR 34 	SE 	6 	42N 	73W 	STRATHMORE RESOURCES (US) LTD 
	  	  	NE 	7 	42N 	73W 	STRATHMORE RESOURCES (US) LTD 
	WMC272858 	BFR 35 	SE 	6 	42N 	73W 	STRATHMORE RESOURCES (US) LTD 
	W MC272859 	BFR 36 	SE 	6 	42N 	73W 	STRATHMORE RESOURCES (US) LTD 
	  	  	NE 	7 	42N 	73W 	STRATHMORE RESOURCES (US) LTD 
	WMC272860 	BFR 37 	SW 	5 	42N 	73W 	STRATHMORE RESOURCES (US) LTD 
	  	  	SE 	6 	42N 	73W 	STRATHMORE RESOURCES (US) LTD 
	WMC272861 	BFR 3B 	SW 	5 	42N 	73W 	STRATHMORE RESOURCES (US) LTD 
	  	  	SE 	6 	42N 	73W 	STRATHMORE RESOURCES (US) LTD 
	  	  	NE 	7 	42N 	73W 	STRATHMORE RESOURCES (US) LTD 
	  	  	NW 	B 	42N 	73W 	STRATHMORE RESOURCES (US) LTD 
	WMC272862 	SC 1 	SW 	27 	43N 	73W 	STRATHMORE RESOURCES (US) LTD 
	  	  	NW 	34 	43N 	73W 	STRATHMORE RESOURCES (US) LTD 
	WMC272863 	SC 2 	SW SE 	28 	43N 	73W 	STRATHMORE RESOURCES (US) LTD 
	  	  	NE NW 	34 	43N 	73W 	STRATHMORE RESOURCES (US) LTD 
	WMC272864 	SC 3 	NW 	34 	43N 	73W 	STRATHMORE RESOURCES (US) LTD 
	WMC272865 	SC 4 	NE NW 	34 	43N 	73W 	STRATHMORE RESOURCES (US) LTD 
	WMC272866 	SC 5 	NW 	34 	43N 	73W 	STRATHMORE RESOURCES (US) LTD 

73 

  	BLM Serial # 	 Claim Name
      	 Subd. 	 Section 	Township 	Range 	Owner 
	WMC272867 	SC 6 	NE NW 	34 	43N 	73W 	STRATHMORE RESOURCES (US) LTD 
	WMC272868 	SC 7 	NW 	34 	43N 	73W 	STRATHMORE RESOURCES (US) LTD 
	WMC272869 	SC 8 	NE NW 	34 	43N 	73W 	STRATHMORE RESOURCES (US) LTD 
	WMC272870 	SC 9 	NW 

        SW 	34 	43N 	73W 	STRATHMORE RESOURCES (US) LTD 
	WMC272871 	SC 10 	NE NW 

        SW SE 	34 	43N 	73W 	STRATHMORE RESOURCES (US) LTD 
	WMC272872 	SC 11 	SW 	34 	43N 	73W 	STRATHMORE RESOURCES (US) LTD 
	WMC272873 	SC 12 	SW SE 	34 	43N 	73W 	STRATHMORE RESOURCES (US) LTD 
	WMC272874 	SC 13 	SW 	34 	43N 	73W 	STRATHMORE RESOURCES (US) LTD 
	WMC272875 	SC 14 	SW SE 	34 	43N 	73W 	STRATHMORE RESOURCES (US) LTD 
	WMC272876 	SC 15 	SW 	34 	43N 	73W 	STRATHMORE RESOURCES (US) LTD 
	WMC272877 	SC 16 	SW SE 	34 	43N 	73W 	STRATHMORE RESOURCES (US) LTD 
	WMC272878 	SC 17 	NW 	3 	42N 	73W 	STRATHMORE RESOURCES (US) LTD 
	  	  	SW 	34 	43N 	73W 	STRATHMORE RESOURCES (US) LTD 
	WMC272879 	SC 18 	NE NW 	3 	42N 	73W 	STRATHMORE RESOURCES (US) LTD 
	  	    	SW SE 	34 	43N 	73W 	STRATHMORE RESOURCES (US) LTD 
	WMC272880 	SC 19 	SE 	28 	43N 	73W 	STRATHMORE RESOURCES (US) LTD 
	  	  	NE 	34 	43N 	73W 	STRATHMORE RESOURCES (US) LTD 
	WMC272881 	SC 20 	SW 	26 	43N 	73W 	STRATHMORE RESOURCES (US) LTD 
	  	  	SE 	28 	43N 	73W 	STRATHMORE RESOURCES (US) LTD 
	  	  	NE 	34 	43N 	73W 	STRATHMORE RESOURCES (US) LTD 
	  	  	NW 	35 	43N 	73W 	STRATHMORE RESOURCES (US) LTD 
	WMC272882 	SC 21 	NE 	34 	43N 	73W 	STRATHMORE RESOURCES (US) LTD 
	WMC272883 	SC 22 	NE 	34 	43N 	73W 	STRATHMORE RESOURCES (US) LTD 
	  	  	NW 	35 	43N 	73W 	STRATHMORE RESOURCES (US) LTD 
	WMC272884 	SC 23 	NE 	34 	43N 	73W 	STRATHMORE RESOURCES (US) LTD 
	WMC272885 	SC 24 	NE 	34 	43N 	73W 	STRATHMORE RESOURCES (US) LTD 
	  	  	NW 	35 	43N 	73W 	STRATHMORE RESOURCES (US) LTD 
	WMC272886 	SC 25 	NE 	34 	43N 	73W 	STRATHMORE RESOURCES (US) LTD 
	WMC272887 	SC 26 	NE 	34 	43N 	73W 	STRATHMORE RESOURCES (US) LTD 
	  	  	NW 	35 	43N 	73W 	STRATHMORE RESOURCES (US) LTD 
	WMC272888 	SC 27 	NE SE 	34 	43N 	73W 	STRATHMORE RESOURCES (US) LTD 
	WMC272889 	SC 28 	NE SE 	34 	43N 	73W 	STRATHMORE RESOURCES (US) LTD 

74 

  	BLM Serial # 	 Claim Name
      	 Subd. 	Section 	Township 	Range 	Owner 
	  	  	NW 

        SW 	35 	43N 	73W 	STRATHMORE RESOURCES (US) LTD 
	WMC272890 	SC 29 	SE 	34 	43N 	73W 	STRATHMORE RESOURCES (US) LTD 
	WMC272891 	SC 30 	SE 	34 	43N 	73W 	STRATHMORE RESOURCES (US) LTD 
	  	  	SW 	35 	43N 	73W 	STRATHMORE RESOURCES (US) LTD 
	WMC272892 	SC 31 	SE 	34 	43N 	73W 	STRATHMORE RESOURCES (US) LTD 
	WMC272893 	SC 32 	SE 	34 	43N 	73W 	STRATHMORE RESOURCES (US) LTD 
	  	  	SW 	35 	43N 	73W 	STRATHMORE RESOURCES (US) LTD 
	WMC272894 	SC 33 	SE 	34 	43N 	73W 	STRATHMORE RESOURCES (US) LTD 
	WMC272895 	SC 34 	SE 	34 	43N 	73W 	STRATHMORE RESOURCES (US) LTD 
	  	  	SW 	35 	43N 	73W 	STRATHMORE RESOURCES (US) LTD 
	WMC272896 	SC 35 	NE 	3 	42N 	73W 	STRATHMORE RESOURCES (US) LTD 
	  	  	SE 	34 	43N 	73W 	STRATHMORE RESOURCES (US) LTD 
	WMC272897 	SC 36 	NW 	2 	42N 	73W 	STRATHMORE RESOURCES (US) LTD 
	  	  	NE 	3 	42N 	73W 	STRATHMORE RESOURCES (US) LTD 
	  	  	SE 	34 	43N 	73W 	STRATHMORE RESOURCES (US) LTD 
	  	  	SW 	35 	43N 	73W 	STRATHMORE RESOURCES (US) LTD 
	WMC272898 	SC 37 	SW 	26 	43N 	73W 	STRATHMORE RESOURCES (US) LTD 
	  	  	NW 	35 	43N 	73W 	STRATHMORE RESOURCES (US) LTD 
	WMC272899 	SC 38 	NW 	35 	43N 	73W 	STRATHMORE RESOURCES (US) LTD 
	WMC272900 	SC 39 	NW 	35 	43N 	73W 	STRATHMORE RESOURCES (US) LTD 
	WMC272901 	SC 40 	NW 	35 	43N 	73W 	STRATHMORE RESOURCES (US) LTD 
	WMC272902 	SC 41 	NW SW 	35 	43N 	73W 	STRATHMORE RESOURCES (US) LTD 
	WMC272903 	SC 42 	SW 	35 	43N 	73W 	STRATHMORE RESOURCES (US) LTD 
	WMC272904 	SC 43 	SW 	35 	43N 	73W 	STRATHMORE RESOURCES (US) LTD 
	WMC272905 	SC 44 	SW 	35 	43N 	73W 	STRATHMORE RESOURCES (US) LTD 
	WMC272906 	SC 45 	NW 	2 	42N 	73W 	STRATHMORE RESOURCES (US) LTD 
	 	 	SW 	35 	43N 	73W 	STRATHMORE RESOURCES (US) LTD 
	Four Mile Creek 
Properly
	
	
	
	
	
	

	WMC279363 	SWD-1 	NE 	2 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC279364 	SWD-2 	NE NW 	2 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 

75 

  	BLM Serial # 	 Claim Name
      	 Subd. 	Section 	 Township 	Range 	Owner 
	WMC279365 	SWD-3 	NE 	2 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC279366 	SWD-4 	NE NW 	2 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC279367 	SWD-5 	NE 	2 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC279368 	SWD-6 	NE NW 	2 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC279369 	SWD-7 	NE 	2 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC279370 	SWD-8 	NE NW 	2 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC279371 	SWD-9 	NE SE 	2 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC279372 	SWD-10 	NE NW 

        SW SE 	2 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC279374 	SWD-12 	SW SE 	2 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC279375 	SWD-13 	SE 	2 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC279376 	SWD-14 	SW SE 	2 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC279377 	SWD-15 	SE 	2 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC279378 	SWD-16 	SW SE 	2 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC279379 	SWD-17 	SE 	2 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC279380 	SWD-18 	SW SE 	2 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC279381 	SWD-19 	NW 	2 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC279382 	SWD-20 	NE 	3 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC279382 	SWD-20 	NW 	2 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC279383 	SWD-21 	NW 	2 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC279384 	SWD-22 	NE 	3 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	  	  	NW 	2 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC279385 	SWD-23 	NW 	2 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC279386 	SWD-24 	NE 	3 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC279386 	SWD-24 	NW 	2 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC279387 	SWD-25 	NW 	2 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC279388 	SWD-26 	NE 	3 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC279388 	SWD-26 	NW 	2 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC279389 	SWD-27 	NW 

        SW 	2 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC279390 	SWD-28 	NE SE 	3 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	  	  	NW

        SW 	2 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC279391 	SWD-29 	SW 	2 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC279392 	SWD-30 	SE 	3 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 

76 

  	BLM Serial # 	 Claim Name
      	 Subd. 	Section 	 Township 	Range 	Owner 
	WMC279392 	SWD-30 	SW 	2 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC279393 	SWD-31 	SW 	2 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC279394 	SWD-32 	SE 	3 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	  	  	SW 	2 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC279395 	SWD-33 	SW 	2 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC279396 	SWD-34 	SE 	3 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	  	  	SW 	2 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC279397 	SWD-35 	SW 	2 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC279398 	SWD-36 	SE 	3 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	  	  	SW 	2 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC279399 	SWD-37 	NE 	11 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC279399 	SWD-37 	SE 	2 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC279400 	SWD-38 	NE NW 	11 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	  	  	SW SE 	2 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC279401 	SWD-39 	NE 	11 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC279402 	SWD-40 	NE NW 	11 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC279403 	SWD-41 	NE 	11 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	W MC279404 	SWD-42 	NE NW 	11 	43N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC279405 	SWD-43 	SE 	23 	44N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC279406 	SWD-44 	SW SE 	23 	44N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC279407 	SWD-45 	SE 	23 	44N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC279408 	SWD-46 	SWSE 	23 	44N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC279409 	SWD-47 	SE 	23 	44N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC279410 	SWD-48 	SW SE 	23 	44N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC279411 	SWD-49 	SE 	23 	44N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC279412 	SWD-50 	SW SE 	23 	44N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC279413 	SWD-51 	NE SE 	23 	44N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC279414 	SWD-52 	NE NW

        SW SE 	23 	44N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC279415 	SWD-53 	NE 	23 	44N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC279416 	SWD-54 	NE NW 	23 	44N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC279417 	SWD-55 	NE 	23 	44N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC279418 	SWD-56 	NE NW 	23 	44N 	74W 	STRATHMORE RESOURCES (US) LTD 

77 

  	BLM Serial # 	 Claim Name 	 Subd. 	Section 	 Township 	Range 	Owner 
	WMC279419 	SWD-57 	NE 	23 	44N 	74W 	STRATHMORE RESOURCES (US)LTD 
	WMC279420 	SWD-58 	NE NW 	23 	44N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC279421 	SWD-59 	NE 	23 	44N 	74W 	STRATHMORE RESOURCES (US) LTD 
	WMC279422 	SWD-60 	NE NW 	23 	44N 	74W 	STRATHMORE RESOURCES (US) LTD 

78 

Wyoming State Leases

	State 	Lease 
No. 	Property District
    	Acreage 	Section 	Township 	 Range 	Due 
Date 	Leasee

	Wyoming 	0-40864 	Pine Tree-Reno Creek 	640
    	16
    	42N
    	73W
    	Jun.2 	Miller 
	Wyoming 	0-40865 	Pine Tree-Reno Creek 	640
    	16
    	42N
    	74W
    	Jun.2 	Miller 
	Wyoming 	0-40866 	Pine Tree-Reno Creek 	640
    	16
    	43N
    	74W
    	Jun.2 	Miller 
	Wyoming 	0-40866 	Pine Tree-Reno Creek 	640
    	36
    	43N
    	74W
    	Jun.2 	Miller 
	Wyoming 	0-40867 	Pine Tree-Reno Creek 	640
    	36
    	44N
    	75W
    	Jun.2 	Miller 

Private Leases 

	Name 	Subd. 	Section 	Township 	Range 	Acreage 
	Bin 	SE 	30 	43N 	74W 	160 
	Bin 	NE 	31 	43N 	74W 	160 
	Reichmuth 	NW,S2 	31 	43N 	73W 	480 

79 

APPENDIX C 
ACCOUNTING PROCEDURE 

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

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

1.           INTERPRETATION

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

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

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

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

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

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

	 	 	 
	 	(f) 	
      “Government Contributions” means the cost or
      contributions made by the Manager pursuant to assessments imposed by
      governmental authority which are applicable to the salaries or wages of
      Employees or Personnel, as the case may be.

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

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

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

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

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

2.           STATEMENTS
AND BILLINGS 

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

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

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

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

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

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

3 

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

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

	3. 	
      DIRECT CHARGES

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

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

	 	 	 	 	 	 
	 	(b) 	
      Labor Charges:

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

	 	 	 	 	 	 
	 		(ii) 	
      the Reasonable Expenses of the Employees; and

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

	 	 	 	 	 	 
	 	(c) 	
      Office Maintenance:

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

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

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

	 	 	 	 	 	 
	 				1. 	
      the anticipated total operating expenses of the
      Supervision Offices

4 

divided by 

	 	2. 	
      the anticipated total staff man days for the Employees
      whether in connection with the Mining Operations or
not;

multiplied by 

	 	3. 	
      the actual total time spent on the Mining Operations by
      the Employee expressed in man days.

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

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

	 	 	 	 
	 		B. 	
      the Reasonable Expense of the Personnel; and

	 	 	 	 
	 		C. 	
      Employee Benefits.

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

	 	(d) 	
      Material: Material purchased or furnished by the
      Manager for use on the Property as provided under Paragraph 4 of
      this Appendix C.

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

	 	 	 
	 	(f) 	
      Service Charges:

	 	(i) 	
      the cost of services and utilities procured from outside
      sources other than services covered by Subparagraph 3.1(h). The
      cost of consultant services will not be charged to the Joint Account
      unless the retaining of the consultant is approved in advance by the
      Management Committee; and

	 	 	 
	 	(ii) 	
      use and service of equipment and facilities furnished by
      the Manager as provided in Subparagraph 4.4 of this Appendix
      C.

	 	(g) 	
      Damages and Losses to Joint Property: All costs
      necessary for the repair or replacement of Assets made necessary because
      of damages or losses by collapse, fire, flood, storms, theft, accident or
      other cause. If the

5 

damage or loss is estimated by the
Manager to exceed Ten Thousand Dollars (US$10,000), the Manager will furnish
each Participant with written particulars of the damages or losses incurred as
soon as practicable after the damage or loss has been discovered. The proceeds,
if any, received on claims against any policies of insurance in respect of those
damages or losses will be credited to the Joint Account. 

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

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

	 	 	 	 
	 	(j) 	
      Insurance: Net premiums paid for

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

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

	 	 	 	 
	 		(iii) 	
      the applicable deductibles in event of an insured
      loss.

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

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

	 	 	 	 
	 	(m) 	
      Other Expenditures: Such other costs and expenses
      which are not covered or dealt with in the foregoing provisions of this
      Subparagraph 3.1 of this Appendix C as are incurred with the
      approval of the Management Committee for Mining Operations or as may be
      contemplated in the Agreement.

4.           PURCHASE
OF MATERIAL 

6 

          4.1      Subject
to Subparagraph 4.4 of this Appendix C the Manager will purchase
all Materials and procure all services required in the Mining Operations. 

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

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

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

5.           DISPOSAL
OF MATERIAL 

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

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

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

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

6.           INVENTORIES

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

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

7 

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

7.          
ADJUSTMENTS 

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

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

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

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

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

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

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

8BA
            CREDIT CARD TRUST

            as
            Issuer

             

            
            CLASS A(2008-3) TERMS DOCUMENT

            
            dated as of March 18, 2008

            
            to

            
            AMENDED AND RESTATED BASERIES INDENTURE SUPPLEMENT

            
            dated as of June 10, 2006

            
            to

            
            SECOND AMENDED AND RESTATED INDENTURE

            
            dated as of October 20, 2006

             

            THE
            BANK OF NEW YORK

            as
            Indenture Trustee

             

            
             

            
                	
                            
                             

                        

            

             

            
            

            

            

            	
                        
                        ARTICLE I

                    	
                        
                         

                    
	
                        
                        Definitions and Other Provisions of General
                        Application

                    	
                        
                         

                    
	
                        
                         

                    	
                        
                         

                    
	
                        
                        Section 1.01. Definitions

                    	
                        
                        1

                    
	
                        
                         

                    	
                        
                         

                    
	
                        
                        Section 1.02. Governing Law; Submission to Jurisdiction;
                        Agent for Service of Process

                    	
                        
                        5

                    
	
                        
                         

                    	
                        
                         

                    
	
                        
                        Section 1.03. Counterparts

                    	
                        
                        6

                    
	
                        
                         

                    	
                        
                         

                    
	
                        
                        Section 1.04. Ratification of Indenture and Indenture
                        Supplement

                    	
                        
                        6

                    
	
                        
                         

                    	
                        
                         

                    
	
                        
                        ARTICLE II

                    	
                        
                         

                    
	
                        
                        The Class A(2008-3) Notes

                    	
                        
                         

                    
	
                        
                         

                    	
                        
                         

                    
	
                        
                        Section 2.01. Creation and Designation

                    	
                        
                        7

                    
	
                        
                         

                    	
                        
                         

                    
	
                        
                        Section 2.02. Specification of Required Subordinated Amount
                        and other Terms

                    	
                        
                        7

                    
	
                        
                         

                    	
                        
                         

                    
	
                        
                        Section 2.03. Interest Payment

                    	
                        
                        7

                    
	
                        
                         

                    	
                        
                         

                    
	
                        
                        Section 2.04. Calculation Agent; Determination of
                        LIBOR

                    	
                        
                        8

                    
	
                        
                         

                    	
                        
                         

                    
	
                        
                        Section 2.05. Payments of Interest and Principal

                    	
                        
                        9

                    
	
                        
                         

                    	
                        
                         

                    
	
                        
                        Section 2.06. Form of Delivery of Class A(2008-3) Notes;
                        Depository; Denominations

                    	
                        
                        9

                    
	
                        
                         

                    	
                        
                         

                    
	
                        
                        Section 2.07. Delivery and Payment for the Class A(2008-3)
                        Notes

                    	
                        
                        9

                    
	
                        
                         

                    	
                        
                         

                    
	
                        
                        Section 2.08. Targeted Deposits to the Accumulation Reserve
                        Account

                    	
                        
                        9

                    
	
                        
                         

                    	
                        
                         

                    
	
                        
                        Section 2.09. Modification of Section 3.10(b) of the
                        Indenture Supplement......

                    	
                        
                        9

                    
	
                        
                         

                    	
                        
                         

                    
	
                        
                        ARTICLE III

                    	
                        
                         

                    
	
                        
                        Representations and Warranties

                    	
                        
                         

                    
	
                        
                         

                    	
                        
                         

                    
	
                        
                        Section 3.01. Issuer’s Representations and
                        Warranties

                    	
                        
                        11

                    
	
                    	
                    
	
                    	
                    

            
            

            

            

            
            THIS CLASS A(2008-3) TERMS DOCUMENT (this
            “Terms Document”), by
            and between BA CREDIT CARD TRUST, a statutory trust created under the laws of the State
            of Delaware (the
            “Issuer”), having its
            principal office at Rodney Square North, 1100 North Market Street, Wilmington, Delaware
            19890, and THE BANK OF NEW YORK, a New York banking corporation, as Indenture Trustee
            (the “Indenture
            Trustee”), is made and entered into as of March 18,
            2008.

            
             

            
            Pursuant to this Terms Document, the Issuer and the Indenture Trustee
            shall create a new tranche of Class A Notes and shall specify the principal terms
            thereof.

            
             

            
            ARTICLE I

             

            
            Definitions and Other Provisions of General Application

            
            Section 1.01.     
            Definitions. For all purposes of this Terms
            Document, except as otherwise expressly provided or unless the context otherwise
            requires:

            
            (a)          
            the terms defined in this Article have the meanings assigned to them in
            this Article, and include the plural as well as the singular;

            
            (b)          
            all other terms used herein which are defined in the Amended and
            Restated BAseries Indenture Supplement, dated as of June 10, 2006 (the
            “Indenture Supplement”),
            between the Issuer and the Indenture Trustee, or the Second Amended and Restated
            Indenture, dated as of October 20, 2006 (the
            “Indenture”), between
            the Issuer and the Indenture Trustee, as acknowledged and accepted by FIA, as Servicer,
            either directly or by reference therein, have the meanings assigned to them
            therein;

            
            (c)          
            all accounting terms not otherwise defined herein have the meanings
            assigned to them in accordance with generally accepted accounting principles and,
            except as otherwise herein expressly provided, the term “generally accepted
            accounting principles” with respect to any computation required or permitted
            hereunder means such accounting principles as are generally accepted in the United
            States of America at the date of such computation;

            
            (d)          
            all references in this Terms Document to designated
            “Articles,” “Sections” and other subdivisions are to the
            designated Articles, Sections and other subdivisions of this Terms Document as
            originally executed;

            
            (e)          
            the words “herein,” “hereof” and
            “hereunder” and other words of similar import refer to this Terms Document
            as a whole and not to any particular Article, Section or other subdivision;

            
            (f)           
            in the event that any term or provision contained herein shall conflict
            with or be inconsistent with any term or provision contained in the Indenture
            Supplement or the Indenture, the terms and provisions of this Terms Document shall be
            controlling;

            
            (g)          
            each capitalized term defined herein shall relate only to the Class A(2008-3)
            Notes and no other tranche of Notes issued by the Issuer; and

             

            
            

            

            

            
            (h)          
            “including” and words of similar import will be deemed to be
            followed by “without limitation.”

            
            “Accumulation Commencement
            Date” shall have the meaning specified in the Indenture
            Supplement; provided,
            however, that solely with respect to the
            Class A(2008-3) Notes, wherever the word "twelve (12)" appears in the definition of
            "Accumulation Commencement Date" in the Indenture Supplement, it shall be replaced with
            the word "eleven (11)".

            
             

            
            “Accumulation Reserve Funding
            Period” shall mean, (a) if the Accumulation Period
            Length is determined to be one (1) month, there shall be no Accumulation Reserve
            Funding Period and (b) otherwise, the period (x) commencing on the earlier to
            occur of (i) the Monthly Period beginning three (3) calendar months prior to the first
            Transfer Date for which a budgeted deposit is targeted to be made into the Principal
            Funding sub-Account of the Class A(2008-3) Notes pursuant to Section 3.10(b)
            of the Indenture Supplement and (ii) the Monthly Period following the
            first Transfer Date following and including the March 2008 Transfer Date for which the
            Quarterly Excess Available Funds Percentage is less than 4%, but in such event the
            Accumulation Reserve Funding Period shall not be required to commence earlier than 11
            months prior to the Expected Principal Payment Date and (y) ending on the close of
            business on the last day of the Monthly Period preceding the earlier to occur of
            (i) the Expected Principal Payment Date for the Class A(2008-3) Notes and
            (ii) the date on which the Class A(2008-3) Notes are paid in full.

            
             

            
            “Base
            Rate” means, with respect to any Monthly Period, the
            sum of (i) the Weighted Average Interest Rates for the Outstanding BAseries Notes,
            (ii) the Net Servicing Fee Rate (as such term is defined in the Series 2001-D
            Supplement) and (iii) so long as FIA or The Bank of New York is the Servicer, the
            Servicer Interchange Rate, in each case, for such Monthly Period.

            
             

            
            “BAseries Servicer
            Interchange” means, with respect to any Monthly Period,
            an amount equal to the product of (a) the Servicer Interchange (as such term is
            defined in the Series 2001-D Supplement) with respect to such Monthly Period and
            (b) a fraction the numerator of which is the Weighted Average Available Funds
            Allocation Amount for the BAseries for such Monthly Period and the denominator of which
            is the Weighted Average Available Funds Allocation Amount for all series of Notes for
            such Monthly Period.

             

            
            “Calculation
            Agent” is defined in Section
            2.04(a).

            
             

            
            “Class A(2008-3)
            Note” means any Note, substantially in the form set
            forth in Exhibit A-1 to the
            Indenture Supplement, designated therein as a Class A(2008-3) Note and duly executed
            and authenticated in accordance with the Indenture.

             

            
            “Class A(2008-3)
            Noteholder” means a Person in whose name a Class
            A(2008-3) Note is registered in the Note Register.

            
             

            
            “Class A(2008-3) Termination
            Date” means the earliest to occur of (a) the
            Principal Payment Date on which the Outstanding Dollar Principal Amount of
            the

             

            
            2

             

            
            

            

            

            Class
            A(2008-3) Notes is paid in full, (b) the Legal Maturity Date and (c) the date
            on which the Indenture is discharged and satisfied pursuant to
            Article VI thereof.

            
             

            
            “Class A Required Subordinated Amount of
            Class B Notes” is defined in
            Section 2.02(a).

            
             

            
            “Class A Required Subordinated Amount of
            Class C Notes” is defined in
            Section 2.02(b).

            
             

            
            “Controlled Accumulation
            Amount” means $145,454,545.45;
            provided,
            however, if the Accumulation Period Length
            is determined to be less than eleven (11) months pursuant to
            Section 3.10(b)(ii) of the Indenture
            Supplement, as modified by this Terms Document, the Controlled Accumulation Amount
            shall be the amount specified in the definition of “Controlled Accumulation
            Amount” in the Indenture Supplement; provided
            further,
            however, that solely with respect to the
            Class A(2008-3) Notes, wherever the word "twelve (12)" appears in the definition of
            "Controlled Accumulation Amount" in the Indenture Supplement, it shall be replaced with
            the word "eleven (11)".

            
             

            
            “Excess Available Funds
            Percentage” means, with respect to any Transfer Date,
            the amount, if any, by which the Portfolio Yield for the preceding Monthly Period
            exceeds the Base Rate for such Monthly Period.

            
             

            
            “Expected Principal Payment
            Date” means March 16, 2009.

            
             

            
            “Initial Dollar Principal
            Amount” means $1,600,000,000.

            
             

            
            “Interest Payment
            Date” means the fifteenth day of each month, or if such
            fifteenth day is not a Business Day, the next succeeding Business Day, commencing May
            15, 2008.

            
             

            
            “Interest
            Period” means, with respect to any Interest Payment
            Date, the period from and including the previous Interest Payment Date (or in the case
            of the initial Interest Payment Date, from and including the Issuance Date) through the
            day preceding such Interest Payment Date.

            
             

            
            “Issuance
            Date” means March 18, 2008.

            
             

            
            “Legal Maturity
            Date” means August 15, 2011.

            
             

            
            “LIBOR”
            means, for any Interest Period, the London interbank offered rate for one-month United
            States dollar deposits or, for the first Interest Period, the rate that corresponds to
            the actual number of days in the first Interest Period determined by the Calculation
            Agent on the LIBOR Determination Date for that Interest Period in accordance with the
            provisions of Section
            2.04.

            
             

             

            
            3

             

            
            

            

            

            
            “LIBOR Determination
            Date” means March 14, 2008 for the period from and
            including the Issuance Date to but excluding May 15, 2008, and for each Interest Period
            thereafter, the second London Business Day prior to the Interest Payment Date on which
            such Interest Period commences.

            
             

            
            “London Business
            Day” means any Business Day on which dealings in
            deposits in United States Dollars are transacted in the London interbank
            market.

            
             

            
            “Note Interest
            Rate” means a per annum rate equal to 0.75% in excess
            of LIBOR as determined by the Calculation Agent on the related LIBOR Determination Date
            with respect to each Interest Period.

            
             

            
            “Paying
            Agent” means The Bank of New York.

            
             

            
            “Portfolio
            Yield” means, with respect to any Monthly Period, the
            annualized percentage equivalent of a fraction, the numerator of which is (a) the
            amount of Available Funds allocated to the BAseries pursuant to
            Section 501 of the Indenture,
            plus (b) any Interest Funding
            sub-Account Earnings on the related Transfer Date,
            plus (c) any amounts to be treated as
            BAseries Available Funds pursuant to Sections
            3.20(d) and 3.27(a)
            of the Indenture Supplement, plus
            (d) the BAseries Servicer Interchange for such Monthly
            Period, minus (e) the excess,
            if any, of the sum of the PFA Prefunding Earnings Shortfall
            plus the PFA Accumulation Earnings
            Shortfall over the sum of the aggregate amount to be treated as BAseries Available
            Funds for such Monthly Period pursuant to Sections
            3.04(a)(ii) and 3.25(a)
            of the Indenture Supplement plus
            any other amounts applied to cover earnings shortfalls on amounts in the
            Principal Funding sub-Account for any tranche of BAseries Notes for such Monthly
            Period, minus (f) the BAseries
            Investor Default Amount for such Monthly Period, and the denominator of which is the
            Weighted Average Available Funds Allocation Amount for the BAseries for such Monthly
            Period.

            
             

            
            “Predecessor
            Note” means, with respect to any particular Note, every
            previous Note evidencing all or a portion of the same debt as that evidenced by such
            particular Note; and, for the purpose of this definition, any Note authenticated and
            delivered under Section 306 of the
            Indenture in lieu of a mutilated, lost, destroyed or stolen Note shall be deemed to
            evidence the same debt as the mutilated, lost, destroyed or stolen Note.

            
             

            
            “Quarterly Excess Available Funds
            Percentage” means, with respect to the March 2008
            Transfer Date and each Transfer Date thereafter, the percentage equivalent of a
            fraction the numerator of which is the sum of the Excess Available Funds Percentages
            with respect to the immediately preceding three Monthly Periods and the denominator of
            which is three.

            
             

            
            “Record
            Date” means, for any Transfer Date, the last Business
            Day of the preceding Monthly Period.

            
             

            
            “Reference
            Banks” means four major banks in the London interbank
            market selected by the Beneficiary.

            
             

            
            4

             

            
            

            

            

            
            “Required Accumulation Reserve
            sub-Account Amount” means, with respect to any Monthly
            Period during the Accumulation Reserve Funding Period, an amount equal to (i) 0.5%
            of the Outstanding Dollar Principal Amount of the Class A(2008-3) Notes as of the close
            of business on the last day of the preceding Monthly Period or (ii) any other amount
            designated by the Issuer;
            provided,
            however, that if such designation is of a
            lesser amount, the Note Rating Agencies shall have provided prior written confirmation
            that a Ratings Effect will not occur with respect to such change.

             

            
            “Reuters Screen LIBOR01
            Page” means the display page currently so designated on
            the Reuters Monitor Money Rates (or such other page as may replace that page on that
            service, or such other service as may be nominated as the information vendor, for the
            purpose of displaying comparable rates or prices).

            
             

            
            “Servicer Interchange
            Rate” means, for any Monthly Period, the percentage
            equivalent of a fraction, the numerator of which is the BAseries Servicer Interchange
            for such Monthly Period, and the denominator of which is the Weighted Average Available
            Funds Allocation Amount for the BAseries for such Monthly Period.

            
             

            
            “Stated Principal
            Amount” means $1,600,000,000.

            
             

            
            “Weighted Average Interest
            Rates” means, with respect to any Outstanding Notes of
            a class or tranche of the BAseries, or of all of the Outstanding Notes of the BAseries,
            on any date, the weighted average (weighted based on the Outstanding Dollar Principal
            Amount of the related Notes on such date) of the following rates of
            interest:

            
             

            
            (a)          
            in the case of a tranche of Dollar Interest-bearing Notes with no
            Derivative Agreement for interest, the rate of interest applicable to that tranche on
            that date;

            
            (b)          
            in the case of a tranche of Discount Notes, the rate of accretion
            (converted to an accrual rate) of that tranche on that date;

            
            (c)          
            in the case of a tranche of Notes with a payment due under a Performing
            Derivative Agreement for interest, the rate at which payments by the Issuer to the
            applicable Derivative Counterparty accrue on that date (prior to the netting of such
            payments, if applicable); and

            
            (d)          
            in the case of a tranche of Notes with a non-Performing Derivative
            Agreement for interest, the rate specified for that date in the related terms
            document.

            
            Section 1.02.     
            Governing Law; Submission to Jurisdiction; Agent for Service of
            Process. This Terms Document shall be governed by and
            construed in accordance with the laws of the State of Delaware, without regard to
            principles of conflict of laws. The parties hereto declare that it is their intention
            that this Terms Document shall be regarded as made under the laws of the State of
            Delaware and that the laws of said State shall be applied in interpreting its
            provisions in all cases where legal interpretation shall be required. Each of the
            parties hereto agrees (a) that this Terms Document involves at least $100,000.00, and
            (b) that this Terms Document has been entered into by the parties hereto in express
            reliance upon 6 DEL. C. §
            2708.

             

            
            5

             

            
            

            

            

            Each
            of the parties hereto hereby irrevocably and unconditionally agrees (a) to be subject
            to the jurisdiction of the courts of the State of Delaware and of the federal courts
            sitting in the State of Delaware, and (b)(1) to the extent such party is not otherwise
            subject to service of process in the State of Delaware, to appoint and maintain an
            agent in the State of Delaware as such party’s agent for acceptance of legal
            process, and (2) that, to the fullest extent permitted by applicable law, service of
            process may also be made on such party by prepaid certified mail with a proof of
            mailing receipt validated by the United States Postal Service constituting evidence of
            valid service, and that service made pursuant to (b)(1) or (2) above shall, to the
            fullest extent permitted by applicable law, have the same legal force and effect as if
            served upon such party personally within the State of Delaware.

            
            Section 1.03.     
            Counterparts. This Terms Document may be
            executed in any number of counterparts, each of which so executed will be deemed to be
            an original, but all such counterparts will together constitute but one and the same
            instrument.

            
            Section 1.04.     
            Ratification of Indenture and Indenture
            Supplement. As supplemented by this Terms Document, each of
            the Indenture and the Indenture Supplement is in all respects ratified and confirmed
            and the Indenture as so supplemented by the Indenture Supplement as so supplemented and
            this Terms Document shall be read, taken and construed as one and the same
            instrument.

            [END
            OF ARTICLE I]

             

             

             

            
            6

             

            
            

            

            

            
            ARTICLE II

             

            The
            Class A(2008-3) Notes

            
            Section 2.01.     
            Creation and Designation. There is hereby
            created a tranche of BAseries Class A Notes to be issued pursuant to the Indenture and
            the Indenture Supplement to be known as the “BAseries Class A(2008-3)
            Notes.”

            
            Section 2.02.     
            Specification of Required Subordinated Amount and other
            Terms.
                                                 

            
            (a)          
            For the Class A(2008-3) Notes for any date of determination, the Class A
            Required Subordinated Amount of Class B Notes will be an amount equal to 8.72093% of
            (i) the Adjusted Outstanding Dollar Principal Amount of the Class A(2008-3) Notes on
            such date or (ii) if an Early Redemption Event with respect to the Class A(2008-3)
            Notes shall have occurred, if an Event of Default and acceleration of the Class
            A(2008-3) Notes shall have occurred or if the Class A Usage of the Class B Required
            Subordinated Amount for such tranche of Class A Notes is greater than zero, the
            Adjusted Outstanding Dollar Principal Amount of the Class A(2008-3) Notes as of close
            of business on the day immediately preceding the occurrence of such Early Redemption
            Event, such Event of Default and acceleration or the date on which the Class A Usage of
            Class B Required Subordinated Amount exceeded zero.

            
            (b)          
            For the Class A(2008-3) Notes for any date of determination, the Class A
            Required Subordinated Amount of Class C Notes will be an amount equal to 7.55814% of
            (i) the Adjusted Outstanding Dollar Principal Amount of the Class A(2008-3) Notes on
            such date or (ii) if an Early Redemption Event with respect to the Class A(2008-3)
            Notes shall have occurred, if an Event of Default and acceleration of the Class
            A(2008-3) Notes shall have occurred or if the Class A Usage of the Class C Required
            Subordinated Amount for such tranche of Class A Notes is greater than zero, the
            Adjusted Outstanding Dollar Principal Amount of the Class A(2008-3) Notes as of close
            of business on the day immediately preceding the occurrence of such Early Redemption
            Event, such Event of Default and acceleration or the date on which the Class A Usage of
            Class C Required Subordinated Amount exceeded zero.

            
            (c)          
            The Issuer may change the percentages set forth in clause (a) or (b)
            above without the consent of any Noteholder so long as the Issuer has (i) received
            written confirmation from each Note Rating Agency that has rated any Outstanding Notes
            of the BAseries that the change in either of such percentages will not result in a
            Ratings Effect with respect to any Outstanding Notes of the BAseries and (ii) delivered
            to the Indenture Trustee and the Note Rating Agencies a Master Trust Tax Opinion and an
            Issuer Tax Opinion.

            
            Section 2.03.     
            Interest Payment.
                                                      
                                                      
              

            
            (a)          
            For each Interest Payment Date, the amount of interest due with respect
            to the Class A(2008-3) Notes shall be an amount equal to the product of (i)(A) a
            fraction, the numerator of which is the actual number of days in the related Interest
            Period and the denominator of which is 360, times
            (B) the Note Interest Rate in effect with respect to the related
            Interest Period, times
            (ii) the Outstanding Dollar Principal Amount
            of the Class A(2008-3) Notes determined as of the Record Date preceding the related
            Transfer Date. Interest on the

             

            
            7

             

            
            

            

            

             

            Class
            A(2008-3) Notes will be calculated on the basis of the actual number of days in the
            related Interest Period and a 360-day year.

            
            (b)          
            Pursuant to Section 3.03
            of the Indenture Supplement, on each Transfer Date, the Indenture
            Trustee shall deposit into the Class A(2008-3) Interest Funding sub-Account the portion
            of BAseries Available Funds allocable to the Class A(2008-3) Notes.

            
            Section 2.04.     
            Calculation Agent; Determination of LIBOR.
                                                      
                  

            
            (a)          
            The Issuer hereby agrees that for so long as any Class A(2008-3) Notes
            are Outstanding, there shall at all times be an agent appointed to calculate LIBOR for
            each Interest Period (the “Calculation
            Agent”). The Issuer hereby initially appoints the
            Indenture Trustee as the Calculation Agent for purposes of determining LIBOR for each
            Interest Period. The Calculation Agent may be removed by the Issuer at any time. If the
            Calculation Agent is unable or unwilling to act as such or is removed by the Issuer, or
            if the Calculation Agent fails to determine LIBOR for an Interest Period, the Issuer
            shall promptly appoint a replacement Calculation Agent that does not control or is not
            controlled by or under common control with the Issuer or its Affiliates. The
            Calculation Agent may not resign its duties, and the Issuer may not remove the
            Calculation Agent, without a successor having been duly appointed.

            
            (b)          
            On each LIBOR Determination Date, the Calculation Agent shall determine
            LIBOR on the basis of the rate for deposits in United States dollars for a one-month
            period which appears on Reuters Screen LIBOR01 Page as of 11:00 a.m., London time, on
            such date (or, for the first Interest Period, the rate that corresponds to the actual
            number of days in the first Interest Period). If such rate does not appear on Reuters
            Screen LIBOR01 Page, the rate for that LIBOR Determination Date shall be determined on
            the basis of the rates at which deposits in United States dollars are offered by the
            Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in
            the London interbank market for a one-month period. The Calculation Agent shall request
            the principal London office of each of the Reference Banks to provide a quotation of
            its rate. If at least two such quotations are provided, the rate for that LIBOR
            Determination Date shall be the arithmetic mean of the quotations. If fewer than two
            quotations are provided as requested, the rate for that LIBOR Determination Date will
            be the arithmetic mean of the rates quoted by four major banks in New York City,
            selected by the Beneficiary, at approximately 11:00 a.m., New York City time, on that
            day for loans in United States dollars to leading European banks for a one-month
            period.

            
            (c)          
            The Note Interest Rate applicable to the then current and the
            immediately preceding Interest Periods may be obtained by telephoning the Indenture
            Trustee at its corporate trust office at (212) 815-3247 or such other telephone number
            as shall be designated by the Indenture Trustee for such purpose by prior written
            notice by the Indenture Trustee to each Noteholder from time to time.

            
            (d)          
            On each LIBOR Determination Date, the Calculation Agent shall send to
            the Indenture Trustee, the Beneficiary and the Servicer, by facsimile transmission,
            notification of LIBOR for the following Interest Period.

             

            
            8

             

            
            

            

            

            
             

            
            Section 2.05.     
            Payments of Interest and Principal.
                                                      
                           

            
            (a)          
            Any installment of interest or principal, if any, payable on any Class
            A(2008-3) Note which is punctually paid or duly provided for by the Issuer and the
            Indenture Trustee on the applicable Interest Payment Date or Principal Payment Date
            shall be paid by the Paying Agent to the Person in whose name such Class A(2008-3) Note
            (or one or more Predecessor Notes) is registered on the Record Date, by wire transfer
            of immediately available funds to such Person’s account as has been designated by
            written instructions received by the Paying Agent from such Person not later than the
            close of business on the third Business Day preceding the date of payment or, if no
            such account has been so designated, by check mailed first-class, postage prepaid to
            such Person’s address as it appears on the Note Register on such Record Date,
            except that with respect to Notes registered on the Record Date in the name of the
            nominee of Cede & Co., payment shall be made by wire transfer in immediately
            available funds to the account designated by such nominee.

            
            (b)          
            The right of the Class A(2008-3) Noteholders to receive payments from
            the Issuer will terminate on the first Business Day following the Class A(2008-3)
            Termination Date.

            
            Section 2.06.     
            Form of Delivery of Class A(2008-3) Notes; Depository;
            Denominations.

            
            (a)          
            The Class A(2008-3) Notes shall be delivered in the form of a global
            Registered Note as provided in Sections 202
            and 301(i) of the
            Indenture, respectively.

            
            (b)          
            The Depository for the Class A(2008-3) Notes shall be The Depository
            Trust Company, and the Class A(2008-3) Notes shall initially be registered in the name
            of Cede & Co., its nominee.

            
            (c)          
            The Class A(2008-3) Notes will be issued in minimum denominations of
            $5,000 and multiples of $1,000 in excess of that amount.

            
            Section 2.07.     
            Delivery and Payment for the Class A(2008-3)
            Notes. The Issuer shall execute and deliver the Class
            A(2008-3) Notes to the Indenture Trustee for authentication, and the Indenture Trustee
            shall deliver the Class A(2008-3) Notes when authenticated, each in accordance
            with Section 303 of the
            Indenture.

            
            Section 2.08.     
            Targeted Deposits to the Accumulation Reserve
            Account. The deposit targeted to be made to the Accumulation
            Reserve Account for any Monthly Period during the Accumulation Reserve Funding Period
            will be an amount equal to the Required Accumulation Reserve sub-Account
            Amount.

            
            Section 2.09.     
            Modification of Section 3.10(b) of the Indenture
            Supplement. Solely with respect to the Class A(2008-3) Notes,
            Section 3.10(b) of the Indenture Supplement is modified to read as follows:

             

            
            9

             

            
            

            

            
            (a)    Wherever the word "twelfth"
            appears in Section 3.10(b)(i) of the Indenture Supplement, it shall be replaced with
            the word "eleventh".

            
            (b)    Wherever the word "twelve
            (12)" appears in Section 3.10(b)(ii) of the Indenture Supplement, it shall be replaced
            with the word "eleven (11)".

            
             

            [END
            OF ARTICLE II]

             

             

            
            10

             

            
            

            

            

            
            ARTICLE III

             

            
            Representations and Warranties

            
            Section 3.01.     
            Issuer’s Representations and
            Warranties. The Issuer makes the following representations
            and warranties as to the Collateral Certificate on which the Indenture Trustee is
            deemed to have relied in acquiring the Collateral Certificate. Such representations and
            warranties speak as of the execution and delivery of this Terms Document, but shall
            survive until the termination of this Terms Document. Such representations and
            warranties shall not be waived by any of the parties to this Terms Document unless the
            Issuer has obtained written confirmation from each Note Rating Agency that there will
            be no Ratings Effect with respect to such waiver.

            
            (a)          
            The Indenture creates a valid and continuing security interest (as
            defined in the Delaware UCC) in the Collateral Certificate in favor of the Indenture
            Trustee, which security interest is prior to all other liens, and is enforceable as
            such as against creditors of and purchasers from the Issuer.

            
            (b)          
            The Collateral Certificate constitutes either an “account,”
            a “general intangible,” an “instrument,” or a
            “certificated security,” each within the meaning of the Delaware
            UCC.

            
            (c)          
            At the time of the transfer and assignment of the Collateral Certificate
            to the Indenture Trustee pursuant to the Indenture, the Issuer owned and had good and
            marketable title to the Collateral Certificate free and clear of any lien, claim or
            encumbrance of any Person.

            
            (d)          
            The Issuer has caused, within ten days of the execution of the
            Indenture, the filing of all appropriate financing statements in the proper filing
            office in the appropriate jurisdictions under applicable law in order to perfect the
            security interest in the Collateral Certificate granted to the Indenture Trustee
            pursuant to the Indenture.

            
            (e)          
            Other than the security interest granted to the Indenture Trustee
            pursuant to the Indenture, the Issuer has not pledged, assigned, sold, granted a
            security interest in, or otherwise conveyed the Collateral Certificate. The Issuer has
            not authorized the filing of and is not aware of any financing statements against the
            Issuer that include a description of collateral covering the Collateral Certificate
            other than any financing statement relating to the security interest granted to the
            Indenture Trustee pursuant to the Indenture or any financing statement that has been
            terminated. The Issuer is not aware of any judgment or tax lien filings against the
            Issuer.

            
            (f)           
            All original executed copies of the Collateral Certificate have been
            delivered to the Indenture Trustee.

            
            (g)          
            At the time of the transfer and assignment of the Collateral Certificate
            to the Indenture Trustee pursuant to the Indenture, the Collateral Certificate had no
            marks or notations indicating that it has been pledged, assigned or otherwise conveyed
            to any Person other than the Indenture Trustee.

            [END
            OF ARTICLE III]

             

            
            11

             

            
            

            

            

            
            IN WITNESS WHEREOF, the parties hereto have caused this Terms Document
            to be duly executed, all as of the day and year first above written.

            
             

            
             

            
                	
                            
                            BA CREDIT CARD TRUST,

                        
	
                            
                            by BA CREDIT CARD FUNDING, LLC,

                        
	
                            
                            as Beneficiary and not in its individual
                            capacity

                        
	
                            
                             

                        
	
                            
                             

                        
	
                            
                             

                        
	
                            
                            By:    /s/ Keith
                            W.
                            Landis                

                        
	
                            
                            Name: Keith W. Landis

                        
	
                            
                            Title: Vice President

                        
	
                            
                             

                        
	
                            
                             

                        
	
                            
                             

                        
	
                            
                            THE BANK OF NEW YORK, as Indenture Trustee

                        
	
                            
                            and not in its individual capacity

                        
	
                            
                             

                        
	
                            
                             

                        
	
                            
                             

                        
	
                            
                            By:    /s/
                            Catherine
                            Cerilles                   

                        
	
                            
                            Name: Catherine Cerilles

                        
	
                            
                            Title: Vice President

                        

            

            
             

             

             

             

             

            
            [Signature Page to the Class A(2008-3) Terms Document]

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