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RECEPTION#: 798341, 0111212009 at <br />01:32:27 PM, 1 OF 4, MEMO R $21.00 <br />FRANCINE TIPTON-LONG, MONTROSE <br />COUNTY, CO CLERK AND RECORDER <br />MEMORANDUM OF <br />EXPLORATION AND OPTION TO PURCHASE AGREEMENT <br />THIS MEMORANDUM OF EXPLORATION AND OPTION TO PURCHASE <br />AGREEMENT ("Memorandum") executed effective as of the 1st day of January, 2009 <br />("Effective Date"), is by and between THOMAS M. MEEHAN and PEGGY JO MEEHAN, <br />husband and wife, ("MEEHAN`) and WESTERN FUELS - COLORADO, LLC, a Colorado <br />limited liability company ("WC"). <br />RECITALS: <br />WHEREAS, MEEHAN and WFC have entered into a EXPLORATION AND <br />OPTION TO PURCHASE AGREEMENT of even date herewith ("Agreement"); and, <br />WHEREAS, MEEHAN and WFC have agreed to record this Memorandum to reflect <br />the interests in land affected by that Agreement, <br />NOW, THEREFORE, MEEHAN and WFC state as follows: <br />MEEHAN hereby grants and assigns exclusively to WFC the right to explore for all <br />minerals and mineral deposits, ores, concentrates, metals and materials of every kind and <br />nature, including, but not limited to coal, in, on and under that certain real property situated in <br />Montrose County, Colorado, which real property is more particularly described in Exhibit <br />"A", attached hereto and made a part hereof ("Property"); the right to utilize so much of the <br />surface of the Property, except as specifically limited, which may be necessary to WFC in <br />conducting its operations on the Property and adjacent lands; the right to remove limited <br />quantities of minerals, ores, and other materials for the purpose of testing or assay only; the <br />option to purchase all right, title and interest in and to the Property; and all other rights and <br />privileges not specifically described herein which may be necessary or convenient to WFC to <br />effectuate the purposes of this Agreement. HOWEVER, WFC shall not have the right to <br />conduct development or commercial mining operations upon the Property, including the <br />construction of improvements, without the express written consent of MEEHAN, without first <br />exercising the its option to purchase. No right to conduct non-mining activities on the <br />Property is granted or assigned to WFC by MEEHAN by this Agreement. <br />The above mentioned EXPLORATION AND OPTION TO PURCHASE <br />AGREEMENT will not be recorded but is made a part of this Memorandum by this reference <br />for all purposes as if fully set forth herein.