In the late 1970s, this area was the subject of serious exploration efforts by Gulf Mineral Resources, Pioneer Nuclear, Occidental Petroleum and Energy Reserves Group. A 2007 report prepared for Running Fox Resources by L. Halterman (Professional Geologist) notes that "Gulf Minerals drilled out a number of small to medium sized ore bodies totaling several million pounds of Uranium." His report also notes that "Gulf ceased exploration of this area ....when the price of Uranium collapsed in the early 1980s."

For UCR to earn a 50% interest, the terms of this Agreement (subject to TSX Venture Exchange Approval) are as follows:

Year 1

UCR to grant 1.5 million common shares to Running Fox Resources (TSXv:RUN) upon approval of Agreement UCR to undertake a US$200,000 exploration program

Year 2

UCR can elect to grant either 1 million common shares or make cash payment of $150,000 to Running Fox UCR to undertake a US$200,000 exploration program

Year 3

UCR can elect to grant either 1 million common shares or make cash payment of $200,000 to Running Fox UCR to undertake a US$200,000 exploration program

In Year 3, UCR can earn an additional 10% interest (taking its total to 60%) by producing a bankable feasibility study.

This Option Agreement sets in motion a comprehensive strategic plan by UCR to expand its uranium exploration focus beyond the Province of Saskatchewan in Canada into a mining and exploration friendly jurisdiction which enjoys a year-round exploration season. -- www.cnxmarketlink.com