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MINING IXASE AGREEMENT
<br /> THIS AGREEMENT is made and entered into effective as of the c�161day of March,
<br /> 2007, by and between S&S MINING COMPANY, a Colorado partnership, whose partners are
<br /> Virgil L. Sutherland and James Sutherland (hereinafter referred to collectively as "Lessor") and
<br /> ENERGY FUELS RESOURCES CORPORATION,a Colorado corporation(hereinafter referred
<br /> to as"Energy Fuels").
<br /> RECITALS
<br /> WHEREAS, Lessor owns certain unpatented mining claims situated in Mesa County,
<br /> Colorado, and Grand County, Utah, more particularly described in Exhibit "A" attached hereto
<br /> and by this reference incorporated herein (hereinafter referred to as the "Subject Properties");
<br /> and
<br /> WHEREAS,Lessor desires to grant to Energy Fuels,and Energy Fuels desires to acquire
<br /> from Lessor, a mining lease of the Subject Properties-pursuant to which Energy Fuels shall have
<br /> the exclusive right to explore, develop, extract, mine, market, sell or otherwise dispose of all
<br /> minerals from the Subject Properties.
<br /> AGREEMENT
<br /> NOW, THEREFORE, in consideration of the royalties and mutual covenants contained
<br /> and provided for herein,the parties hereto agree as follows:
<br /> .1. Grant. Lessor hereby grants, leases, lets and demises unto Energy Fuels, its
<br /> successors and assigns, all of the Subject Properties described in Exhibit "A" together with all
<br /> ores, minerals and mineral substances of every nature and character whatsoever to the extent
<br /> Lessor has the rights to said minerals (which ores, minerals and mineral substances are
<br /> hereinafter referred to severally and collectively as the "Minerals") located thereupon or
<br /> thereunder.
<br /> Lessor further grants to Energy Fuels the exclusive right and privilege to enter upon the
<br /> Subject Properties for purposes of surveying, exploring, prospecting, sampling, drilling,
<br /> developing, mining (whether by underground, strip, open pit or solution methods), stockpiling,
<br /> removing, shipping, processing, marketing or otherwise disposing of any of the Minerals; to
<br /> construct, use, maintain,repair, replace and relocate buildings, roads, tailings ponds,waste
<br /> dumps, ditches, pipelines, power and communication lines, and other improvements and
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