Letter of Termination of Master Agreement and Lease and Option Agreements between Yellowcake Mining Inc. and American Nuclear Fuels (Colorado) LLC
Yellowcake Mining Inc. has formally notified American Nuclear Fuels (Colorado) LLC that it is terminating the Lease and Option Agreements related to certain mining properties, as well as the overarching Master Agreement between the two parties. This termination is in accordance with section 8.2 of the Master Agreement. Additionally, Yellowcake Mining Inc. is ending all ongoing negotiations regarding the Beck Project-Uravan Mineral Belt. The letter is signed by the President and CEO of Yellowcake Mining Inc.
| Yellowcake Mining Inc. |
| 720 – 999 West Broadway, Vancouver, British Columbia V5Z 1K5 |
| (604) 685-4048 |
May 15, 2009
VIA E-MAIL & COURIER
American Nuclear Fuels (Colorado) LLC
6 Cherry Lane Drive
Cherry Hills Village
Colorado 80113-4210
Attention:
Dear Sirs/Mesdames:
| Re: Termination of Master Agreement and Lease and Option Agreements |
We hereby notify you that we have terminated the Lease and Option Agreements with the claimholders of the properties that are defined as the “Mining Properties” in the Master Agreement Concerning Lease and Option for Purchase and Sale of Mining Properties between Yellowcake Mining Inc. and American Nuclear Fuels (Colorado) LLC (the “Agreement.”) Pursuant to section 8.2 of the Agreement, the termination of the said Lease and Option Agreements terminates the Agreement.
We also hereby terminate the negotiations and understanding referred to in your letter to me dated February 26, 2009 regarding the status of negotiations respecting the Beck Project-Uravan Mineral Belt.
Yours truly,
YELLOWCAKE MINING INC.
/s/ William J. Tafuri
William J. Tafuri
President, Chief Executive Officer
and Chief Financial Officer
