Uranium Energy Corp. 9801 Anderson Mill Road, Suite 230 Austin, Texas, U.S.A., 78750 Dear Sir; PROPOSED OPTION AND JOINT VENTURE TERMSOption and Joint Venture Agreement • January 16th, 2009 • Uranium Energy Corp • Miscellaneous metal ores
We refer to the recent discussions between representatives of Uran Limited ("Uran") and representatives of Uranium Energy Corporation ("UEC") regarding an option to earn-in agreement and subsequent formation of a joint venture between Uran (or one of its wholly-owned subsidiaries) and UEC (each a "Party" or in combination the "Parties") to explore, develop and, if warranted, mine on the tenements comprising the project known as the Grants Ridge Project located in New Mexico, United States of America (the "Project") and more particularly described in Schedule 1 (and any replacement or successor tenements) (collectively, the "Tenements").
