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FIRST AMENDMENT TO LOAN AGREEMENT

This First Amendment to the Loan Agreement dated September 12, 2006 between Aton
Ventures Fund Ltd. (the “Lender”) and Canyon Copper Corp. (the “Borrower”) (the
"Loan Agreement") is made and entered into effective as of the 27th day of
November, 2006 (the "Effective Date"), between the Borrower and the Lender.

WHEREAS:

A.             The Borrower and the Lender entered into the Loan Agreement
whereby the Lender agreed to loan $250,000 to the Borrower (the “Loan”).

B.              The Lender has agreed to extend the term of the Loan to April
12, 2007 on the terms and conditions set out herein.

NOW, THEREFORE, in consideration of the premises contained herein and for other
good and valuable consideration, the parties agree to amend the terms of the
Loan Agreement as follows:

1.

Definitions. Capitalized terms used in this Agreement shall have the same
meaning as specified in the Loan Agreement unless the context clearly indicates
the contrary.

      2.

Amendment. The Loan Agreement is hereby amended as follows:

      (i)

The term “Maturity Date” is replaced in its entirety with the following:

     

“Maturity Date” means April 12, 2007;

      (ii)

Section 2.1 of the Loan Agreement is replaced in its entirety with the
following:

“2.1 “Loan and Repayment. The Lender hereby agrees to lend to the Borrower the
Principal Sum of $250,000 (U.S.). The Loan shall be made in United States
currency and shall be repaid by the Borrower on or before April 12, 2007.”

  (iii)

Section 7.1 of the Loan Agreement is replaced in its entirety with the
following:

       

“7.1 The Lender may at its option, at any time prior to April 12, 2007, convert
all or any portion of the Principal Sum into that number of fully-paid and
non-assessable shares of common stock of the Borrower (the “Conversion Shares”)
as shall be equal to the Principal Sum at a conversion rate which shall be the
lesser of $0.30 U.S. per share or the closing price of the Borrower’s shares on
the Over-the-Counter Bulletin Board on the business day preceding the date that
the Borrower provides notice of conversion to the Borrower (the “Notice of
Conversion”). Upon receipt of the Notice of Conversion, the Borrower shall issue
for no additional consideration one half of a share purchase warrant (each a
“Warrant”) for each Conversion Share issued by the Borrower to the Lender. Each
whole Warrant shall entitle the Lender to purchase one additional share of the
Borrower’s common stock for a period of one year from the date of issuance, at a
price of $0.40 per share.”

  (iv)

The Promissory Note evidencing the Loan Agreement is hereby replaced in its
entirety with the Promissory Note attached hereto as Schedule “A” to this
Agreement.

3.

No Other Modification. The parties confirm that the terms, covenants and
conditions of the Assignment Agreement remain unchanged and in full force and
effect, except as modified by this Agreement.

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4.

Counterparts. This Agreement may be executed in two or more counterparts, each
of which shall constitute an original, but all of which, when taken together,
shall constitute but one instrument, and shall become effective when one or more
counterparts have been signed by each party hereto and delivered to the other
parties.

    5.

Successors and Assigns. Except as otherwise expressly provided herein, the
provisions hereof shall inure to the benefit of, and be binding upon, the
successors, assigns, heirs, executors and administrators of the parties hereto.

    6.

Entire Agreement. This Agreement constitutes the full and entire understanding
and agreement between the parties with regard to the subject hereof.

IN WITNESS WHEREOF, the parties have duly executed and delivered this Agreement
as of the date first written above.

THE BORROWER:

CANYON COPPER CORP.
by its authorized signatory:

/s/ Anthony Harvey

THE LENDER:

ATON VENTURES FUND LTD.
by its authorized signatory:

/s/ David Dawes

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Schedule “A”

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