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CREDIT AGREEMENT

THIS AGREEMENT dated for reference July 7, 2006 is between:

QUEST CAPITAL CORP., a British
  Columbia company, having an 
  office at Suite 300, 570 Granville Street, Vancouver, British Columbia 
  V6C 3P1

(the "Lender")

AND:

ROCKWELL VENTURES INC., a British
  Columbia company, having 
  its chief executive office at Suite 1020, 800 West Pender Street, 
  Vancouver, BC V6C 2V6

(the "Borrower")

BACKGROUND

A. The Borrower has agreed to advance, indirectly through its
wholly-owned subsidiary Rockwell Resources RSA, an initial ZAR 75 million loan
to Durnpike (the "Durnpike Loan''), which Durnpike will use to, among other
things, complete the acquisition of 51% of the issued share capital of Klipdam
and 49% of the issued share capital of HCWD pursuant to the Acquisition
Agreement.

B. The Lender has agreed to lend to the Borrower and the
Borrower has agreed to borrow from the Lender the aggregate principal amount of
$6,000,000, to in part finance the Durnpike Loan, on the terms and subject to
the conditions of this Agreement.

AGREEMENTS

For good and valuable consideration, the receipt and
sufficiency of which each party acknowledges, the parties agree as follows:

|1. | Definitions.In this Agreement:
|-- | ------------------------------
|   |                               
|   | (a)                           
|   |                               
|   | (b)                           
|   |                               
|   | (c)                           
|   |                               
|   | (d)                           
|   |                               
|   | (e)                           

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-2-

| | (f) | "Conversion Shares" has the meaning set forth in
      paragraph 14 below;                                                                                                                         
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                    
| | (g) | "Durnpike" means Durnpike Investments (Proprietary)
      Limited, a South African company;                                                                                                        
| |     |                                                                                                                                                                                                    
| | (h) | "Durnpike Loan" means the initial ZAR 75 million loan
      from the Borrower to Durnpike, the proceeds of which will be used by
      Durnpike to, among other things, complete the
  Acquisition;

| | (i) | "Event of Default" has the meaning set forth in paragraph
      12 below;
| | --- | -------------------------------------------------------------------------

| | (j) | "Exchange" means the TSX Venture Exchange;                                                                             
| | --- | -----------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                        
| | (k) | "Facility" means the $6,000,000 credit facility granted
      by the Lender to the Borrower pursuant to this
Agreement;

| | (l) | "First Tranche Bonus Shares" has the meaning set forth in
      paragraph 5(a) below;
| | --- | -------------------------------------------------------------------------------------

| | (m) | "HCWD" means H C Van Wyk Diamonds (Proprietary) Limited,
      a South African company;                                              
| | --- | -------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                      
| | (n) | "Klipdam" means Klipdam Diamond Mining Company Limited, a
      South African company;                                               
| |     |                                                                                                                                      
| | (o) | "N9C" means N9C Resources Inc., a Cayman Island company
      wholly-owned by the Borrower;                                          
| |     |                                                                                                                                      
| | (p) | "N10C" means N10C Resources Inc., a Cayman Island company
      wholly-owned by N9C;                                                 
| |     |                                                                                                                                      
| | (q) | "Outstanding Balance" has the meaning set forth in
      subparagraph 4(a) below;                                                    
| |     |                                                                                                                                      
| | (r) | "Priority Agreement" has the meaning set forth in
      subparagraph 7(j) below;                                                     
| |     |                                                                                                                                      
| | (s) | "Rockwell Resources RSA" means Rockwell Resources RSA
      (Proprietary) Limited, a South African company wholly owned by
  N10C;   
| |     |                                                                                                                                      
| | (t) | "Second Tranche Bonus Shares" has the meaning set forth
      in paragraph 5(b) below;                                               
| |     |                                                                                                                                      
| | (u) | "Subordinate Creditors" has the meaning set forth in
      subparagraph 7(j) below;                                                  
| |     |                                                                                                                                      
| | (v) | "Subsidiaries" means N9C, N10C and Rockwell Resources RSA
      and "Subsidiary" shall mean any one of them;                         
| |     |                                                                                                                                      
| | (w) | ''Term Sheet" means the Term Sheet for Bridge Credit
      Facility dated June 27, 2006, between the Borrower and the Lender;
    and
| |     |                                                                                                                                      
| | (x) | "Van Wyk Shares" has the meaning set forth in paragraph
      7(i) below.                                                            

|2. | Facility Advance.Subject to and upon the
      fulfilment of the conditions precedent contained in paragraph 8 of this
      Agreement, as the case may be, the Lender will advance the principal
      amount of the Facility to the Borrower or as the Borrower may otherwise
      direct (the "Advance"). Prior
|-- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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-3 -

to the Advance, at the Borrower's
request, the Lender will deposit the proceeds of the Advance with the Lender's
counsel, in trust for the benefit of the Lender, with such funds to be invested
in a daily interest savings trust account by the Lender's counsel, with interest
accruing for the Lender's benefit until the Advance.

|3. | Use of Proceeds.The Borrower covenants and agrees
      with the Lender that the Facility proceeds will be used by the Borrower to
      fund the Durnpike Loan so as to permit Durnpike to pay purchase price
      payable pursuant to the Acquisition Agreement, and for no other purpose
      whatsoever without the express written consent of the Lender.
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                 
|4. | Term and Prepayment.                                                                                                                                                                                                                                                                                                                                            

| | (a) | The principal amount of the Advance, together with all
      accrued but unpaid interest, bonus and other costs or charges payable
      hereunder from time to time in connection with such Advance (collectively
      the "Outstanding Balance"), will be immediately due and payable by the
      Borrower to the Lender on March 31, 2007.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                                                                                
| | (b) | Notwithstanding paragraph (a) hereof, the Outstanding
      Balance, will be immediately due and payable by the Borrower to the Lender
      on the earlier of:                                                                                                                                                                                

| | (i)  | the date of any change of control of the Borrower
      ("control" being defined as ownership of or control or direction over,
      directly or indirectly, 20% or more of the outstanding voting securities
      of the Borrower); or
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |      |                                                                                                                                                                                                                                         
| | (ii) | the occurrence of an Event of
Default.                                                                                                                                                                                                  

| | (c) | If after the Advance, the Borrower or any of its
      Subsidiaries sell or otherwise dispose of any assets outside of the
      ordinary course of business, close one or more equity or debt financings
      other than the concurrent financing with the Subordinate Creditors, the
      Borrower will pay or cause to be paid to the Lender all proceeds from such
      sale, disposition or financing, net of legal fees, financing fees and any
      other actual out-of- pocket costs incurred by the Borrower in connection
      with such sale or financing, up to the full amount of the Outstanding
      Balance, to be applied on account of the Facility. Any payment made under
      this paragraph will be without notice or penalty.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| | (d) | In addition to its obligation to prepay the Facility
      under paragraph 4(c) above, the Borrower may prepay the Outstanding
      Balance and accrued interest thereon, in either case in whole at any time
      before maturity, provided that such prepayment is made on the last
      Business Day of the calendar month and the Borrower as provided to the
      Lender not less than ten (10) Business Days' prior written notice of its
      intention to prepay the Facility.                                                                                                                                                                                                                                                                

|5. | Bonus.As additional consideration for the Advance
      of the Facility, the Borrower shall pay to the Lender the following
      bonus:
|-- | ----------------------------------------------------------------------------------------------------------------------------------------

| | (a) | 428,571 common shares in the capital of the Borrower
      issued from treasury and delivered to the Lender concurrently with the
      Advance (the "First Tranche Bonus Shares"),
and
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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-4-

| | (b) | such number of common shares in the capital of the
      Borrower issued from treasury equal to five percent (5%) of the
      Outstanding Balance as at September 30, 2006 valued at the 10 day average
      closing price of the Borrower's common shares through the facilities of
      the Exchange immediately preceding September 30, 2006, less a 10% discount
      (the "Second Tranche Bonus Shares").
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|   | The Bonus Shares will be subject to a hold period in
      Canada of four months from their date of issue in accordance with
      applicable securities laws and the policies of the Exchange, and will bear
      a legend to that effect.                                                                                                                                                               
|-- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                            
|6. | Interest.From and after January 1, 2007, interest
      will accrue on the Outstanding Balance at the rate of twenty percent (20%)
      per annum, calculated daily and compounded monthly (effective annual rate
      of 21.94%), and be payable by the Borrower to the Lender monthly in
      arrears, on the last Business Day of every month, as well as after
      maturity, default and judgment.
|   |                                                                                                                                                                                                                                                                                                                                                                                                            
|7. | Security.As security for the repayment of the
      Facility the Borrower will execute and deliver to the Lender:                                                                                                                                                                                                                                                                                          
|   |                                                                                                                                                                                                                                                                                                                                                                                                            
|   | (a)                                                                                                                                                                                                                                                                                                                                                                                                        
|   |                                                                                                                                                                                                                                                                                                                                                                                                            
|   | (b)                                                                                                                                                                                                                                                                                                                                                                                                        
|   |                                                                                                                                                                                                                                                                                                                                                                                                            
|   | (c)                                                                                                                                                                                                                                                                                                                                                                                                        
|   |                                                                                                                                                                                                                                                                                                                                                                                                            
|   | (d)                                                                                                                                                                                                                                                                                                                                                                                                        
|   |                                                                                                                                                                                                                                                                                                                                                                                                            
|   | (e)                                                                                                                                                                                                                                                                                                                                                                                                        
|   |                                                                                                                                                                                                                                                                                                                                                                                                            
|   | (f)                                                                                                                                                                                                                                                                                                                                                                                                        
|   |                                                                                                                                                                                                                                                                                                                                                                                                            
|   | (g)                                                                                                                                                                                                                                                                                                                                                                                                        
|   |                                                                                                                                                                                                                                                                                                                                                                                                            
|   | (h)                                                                                                                                                                                                                                                                                                                                                                                                        
|   |                                                                                                                                                                                                                                                                                                                                                                                                            
|   | (i)                                                                                                                                                                                                                                                                                                                                                                                                        

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-5-

acquired by Durnpike pursuant to the
Acquisition and pledged in favour of Rockwell Resources RSA pursuant to the
Durnpike Loan, together with all reversionary rights in the remaining 2,000,000
ordinary shares in the capital of Klipdam and 200 ordinary shares in the capital
of HCWD pledged to the vendors pursuant to the Acquisition Agreement to secure
payment of the deferred portion of the purchase price payable thereunder
(collectively, the "Van Wyk Shares");

| | (j) | a priority agreement (the "Priority Agreement") between
      the Lender and all other financiers of the Borrower who are indirectly
      financing the Durnpike Loan (which shall be not less than $8,000,000 in
      the aggregate) (collectively, the "Subordinate Creditors"), acknowledging
      the Lender's prior security interest and providing the Lender with
      priority in respect of all payments made by the Borrower thereunder;
      and
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| | (k) | such other security as the Lender may require upon
      completion of its due diligence review of the Borrower and the
      Acquisition,                                                                                                                                                                                                                                                                                                                      

all in form and terms satisfactory to
the Lender and its counsel (collectively, the "Security").

|8. | Conditions Precedent to Advance.As conditions
      precedent to the Advance under the Facility by the Lender:
|-- | --------------------------------------------------------------------------------------------------------------
|   |                                                                                                               
|   | (a)                                                                                                           
|   |                                                                                                               
|   |                                                                                                               
|   |                                                                                                               
|   |                                                                                                               
|   |                                                                                                               
|   |                                                                                                               
|   |                                                                                                               
|   |                                                                                                               
|   |                                                                                                               
|   |                                                                                                               

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6

| |     | all in form and terms satisfactory to the Lender and its
      counsel;                                                                                                                                                                                                                               
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                                       
| | (b) | the representations and warranties of the Borrower
      contained in paragraph 9 will be true and correct in all material respects
      and the Borrower will have complied with all covenants required to be
      complied with by it prior to the Advance under the Facility by the
      Lender;
| |     |                                                                                                                                                                                                                                                                                                       
| | (c) | there shall have been no adverse material change in the
      business, operations, assets or ownership of the Borrower or any of the
      Subsidiaries since the date of the Term Sheet;                                                                                                            
| |     |                                                                                                                                                                                                                                                                                                       
| | (d) | the Lender will have received the approval of its board
      of directors and completed and, in its sole and absolute discretion, be
      satisfied with its due diligence review of the Borrower and the
      Subsidiaries; and                                                                   
| |     |                                                                                                                                                                                                                                                                                                       
| | (e) | the Lender will, in its sole and absolute discretion, be
      satisfied as to the creditworthiness of the Borrower and its Subsidiaries
      and the adequacy of the collateral security contemplated
  herein.                                                                                     

If any of the foregoing conditions precedent are not satisfied
or waived by the Lender in writing on or before July 14, 2006, this Agreement
will terminate, and the Lender will be under no further obligation to the
Borrower in connection with the transaction contemplated herein.

|9. | Representations and Warranties.The Borrower
      represents and warrants to the Lender as follows:
|-- | ---------------------------------------------------------------------------------------------------
|   |                                                                                                    
|   | (a)                                                                                                
|   |                                                                                                    
|   | (b)                                                                                                
|   |                                                                                                    
|   | (c)                                                                                                
|   |                                                                                                    
|   | (d)                                                                                                
|   |                                                                                                    
|   | (e)                                                                                                

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-7-

applicable bankruptcy, insolvency,
reorganization, moratorium and other similar laws affecting the rights and
remedies of creditors and to the general principles of equity;

| | (f) | neither the Borrower nor any Subsidiary is in breach of
      or in default under any material obligation in respect of borrowed money
      and the execution and delivery of this Agreement and all ancillary
      instruments or documents issued and delivered hereunder or thereunder, and
      the performance of the terms hereof and thereof will not be, or result in,
      a material violation or breach of, or default under the Borrower's or any
      Subsidiary's constating documents, any law, any judgment, agreement or
      instrument to which they are a party or may be bound;
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| | (g) | the Security creates a valid first registered charge,
      lien and security interest on the property and assets of the Borrower and
      each Subsidiary which have been granted over their respective properties
      and assets in accordance with the terms thereof;                                                                                                                                                                                                                                                                                                                               
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| | (h) | except as has been disclosed in the Public Record no
      litigation or administrative proceedings before any court or governmental
      authority are presently ongoing, or have been threatened in writing
      received by the Borrower, or to the best of the Borrower's knowledge are
      pending, against the Borrower or any Subsidiary or any of their respective
      properties or assets or affecting any of their properties or assets which
      could have a material adverse effect on their business, properties or
      assets;                                                  

| | (i) | the audited annual consolidated financial statements for
      Borrower for the fiscal year ended June 30, 2005 and the quarterly
      financial statements for the fiscal period ended February 28, 2006,
      including all management's discussion and analysis publicly disclosed in
      connection therewith (collectively, the "Financial Statements''), fairly
      present the financial affairs of Borrower and the Subsidiaries as of the
      date to which they are made, and have been prepared in accordance with
      Canadian generally accepted accounting principles, consistently applied;
      except as may be otherwise specified in such financial statements or the
      notes thereto;
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (i) | the Borrower is in compliance, in all material respects,
      with its continuous disclosure obligations under applicable securities
      laws and, without limiting the generality of the foregoing, there has been
      no adverse material change (actual, contemplated or threatened) in the
      property, assets, business or operations of the Borrower or any of its
      Subsidiaries since the date of release of the Financial Statements, other
      than as publicly disclosed in writing by the Borrower prior to the date of
      this Agreement;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (k) | the Borrower and the Subsidiaries are the legal and
      beneficial owners of or have the right to acquire the interests in the
      properties, business and assets referred to in the information circulars,
      prospectuses, annual information forms, offering memoranda, financial
      statements, material change reports and news releases filed with the
      Exchange and the Securities Commissions in those jurisdictions in which
      the Borrower is a reporting issuer on or during the twelve (12) months
      preceding the date hereof (collectively, the "Public Record"), and any and
      all agreements pursuant to which the Company holds or will hold any such
      interest in property, business or assets are in good standing in all
      material respects under the applicable statutes and regulations of the
      jurisdictions in which they are situated;
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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-8-

| | (l) | the Public Record is complete and accurate in all
      material respects and omits no facts, the omission of which makes the
      Public Record, or any particulars therein, misleading, misrepresentative
      or incorrect in any material respect;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| | (m) | the Borrower and the Subsidiaries have conducted and are
      conducting their respective businesses in material compliance with all
      applicable laws, bylaws, rules and regulations of each jurisdiction in
      which their businesses are now carried on and hold all licenses,
      registrations, permits, consents or qualifications (whether governmental,
      regulatory or otherwise) required in order to enable their businesses to
      be carried on as now conducted or as proposed to be conducted, and all
      such licenses, registrations, permits, consents and qualifications are
      valid and subsisting and in good standing and neither the Borrower nor any
      Subsidiary has received any notice of proceedings relating to the
      revocation or modification of any such licenses, registrations, permits,
      consents or qualifications which, if the subject of an unfavourable
      decision, ruling or finding, would materially adversely affect the
      condition of such businesses, operations, condition (financial or
      otherwise) or income of the Borrower or any Subsidiary;
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| | (n) | no order ceasing or suspending trading in securities of
      the Borrower or prohibiting the sale of securities by the Borrower has
      been issued and no proceedings for this purpose have been instituted or,
      to the best of the knowledge of the Borrower, are pending, contemplated or
      threatened;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| | (o) | neither Canada Revenue Agency nor any other taxation
      authority has asserted or, to the best of the Borrower's knowledge, has
      threatened to assert any assessment, claim or liability for taxes due or
      to become due in connection with any review or examination of the tax
      returns of the Borrower or any Subsidiary filed for any year which would
      have material adverse effect on the assets, properties, business, results
      of operations, prospects or condition (financial or otherwise) of the
      Borrower or any Subsidiary;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| | (p) | neither the Borrower nor any Subsidiary is a party to any
      material contract other than as disclosed in the Public Record;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| | (q) | the Borrower is a reporting issuer (where such concept
      exists) under the Securities Actof each of British Columbia,
      Alberta and Ontario, and is in compliance with its material obligations
      under those Acts and under the rules, regulations and policies of the
      Exchange, and will use its best efforts to maintain such status, without
      default, from the date hereof until repayment in full of the Facility to
      the Lender;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| | (r) | as at the date of this Agreement, except as disclosed in
      the Financial Statements, in any filings within any governmental body or
      securities regulatory authority or to the Lender in writing and as
      contemplated by this Agreement and in the agreements with the Subordinate
      Creditors, no holder of outstanding shares in the capital of the Borrower
      will be entitled to any pre-emptive or any similar rights to subscribe for
      any of the shares in the capital of the Borrower or other securities of
      the Borrower;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| | (s) | upon issuance, the Bonus Shares will be duly and validly
      issued as fully paid non- assessable common shares in the capital of the
      Borrower;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| | (t) | the Borrower has no direct or indirect subsidiary
      corporations other than the Subsidiaries;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  

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|    | (u)                                                                                                                                                            | except as disclosed to the Lender in writing prior to the
      date of this Agreement, the Borrower and all Subsidiaries own their
      respective business, operations and assets, as more particularly described
      in the Public Record, and hold good title thereto, free and clear of all
      liens, claims or encumbrances whatsoever;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|    | (v)                                                                                                                                                            | all factual information previously or contemporaneously
      furnished to the Lender by or on behalf of the Borrower for purposes of or
      in connection with this Agreement or any transaction contemplated hereby,
      is true and accurate in every material respect and such information is not
      incomplete by the omission of any material fact necessary to make such
      information not misleading;                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|    |                                                                                                                                                                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|    | (w)                                                                                                                                                            | the Borrower and each Subsidiary is solvent and is
      generally able to pay its debts as they come due and will be able to do so
      after giving effect to the transactions contemplated in this Agreement;
      and                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|    |                                                                                                                                                                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|    | (x)                                                                                                                                                            | the chief executive, principal place of business and
      place where the Borrower and each Subsidiary keep their books and records
      is located at Suite 1020, 800 West Pender Street, Vancouver, BC V6C
      2V6.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|    |                                                                                                                                                                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|10. | Positive Covenants of the Borrower.The Borrower
      covenants and agrees that so long as any monies will be outstanding under
      this Agreement, it will:
|    |                                                                                                                                                                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|    | (a)                                                                                                                                                            | at all times maintain its corporate existence and the
      corporate existence of all of the Subsidiaries;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|    |                                                                                                                                                                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|    | (b)                                                                                                                                                            | duly perform its obligations under this Agreement and all
      other agreements and instruments executed and delivered hereunder or
      thereunder;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|    |                                                                                                                                                                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|    | (c)                                                                                                                                                            | promptly pay when due all agency or finders' fees
      incurred by the Borrower that are payable in connection with the Facility
      or this Agreement and indemnify and save harmless the Lender from all
      claims in respect of any such fees;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|    |                                                                                                                                                                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|    | (d)                                                                                                                                                            | carry on and conduct its business in a proper
      business-like manner in accordance with good business practice and will
      keep or cause to be kept proper books of account in accordance with
      generally accepted accounting principles;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    |                                                                                                                                                                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|    | (e)                                                                                                                                                            | at all times comply with all applicable laws, except such
      voluntary non-compliance as shall, in its good faith business judgment,
      not have a material adverse effect on the business of the Borrower or any
      Subsidiary, taken as a whole;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|    |                                                                                                                                                                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|    | (f)                                                                                                                                                            | pay and discharge promptly when due, all taxes,
      assessments and other governmental charges or levies imposed upon it or
      upon its properties or assets or upon any part thereof, as well as all
      claims of any kind (including claims for labour, materials and supplies)
      which, if unpaid, would by law become a lien, charge, trust or other
      claims upon any such properties or assets, provided however that the
      Borrower shall not be required to pay any such tax, assessment, charge or
      levy or claim if the amount, applicability or validity thereof shall
      currently be contested in good faith by appropriate proceedings and if the
      Borrower shall have set aside on its books the reserve the extent required
      by generally accepted accounting principles in an amount which is
      reasonably adequate with respect thereto;

---

- 10 -

|    | (g)                                                                                                                                                                                             | furnish and give to the Lender within three (3) Business
      Days of filing on SEDAR copies of all documents or instruments publicly
      filed by the Borrower on SEDAR, together with such other reports,
      certificates, updated financial statements, including monthly internal
      financial and operational reports and documents and such other information
      with respect to the Borrower or the Subsidiaries as the Lender may request
      from time to time during the term of this Agreement;                                                                                                                                                                      
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    | (h)                                                                                                                                                                                             | provide the Lender with written notice of any proposed
      financing made by or to the Borrower concurrently with, but not prior to,
      public disclosure of such financing;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|    |                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    | (i)                                                                                                                                                                                             | furnish and give to the Lender (if such is the case)
      notice that an Event of Default has occurred and, if applicable, is
      continuing or notice in respect of any event which would constitute an
      Event of Default hereunder and specifying the nature of same;
and                                                                                                                                                                                                                                                                                                                                                                                                           
|    |                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    | (j)                                                                                                                                                                                             | perform and do all such acts and things as are necessary
      to perfect and maintain the Security provided to the Lender pursuant to
      this Agreement.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|    |                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|11. | **Negative Covenants of the Borrower.** The
        Borrower covenants and agrees with the Lender that the Borrower will not
        without first obtaining the written consent of the Lender:
|    |                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    | (a)                                                                                                                                                                                             | except as set forth in subparagraph (g) hereof and except
      the security interest granted to the Subordinate Creditors, make, give,
      create or permit or attempt to make, give or create any mortgage, charge,
      lien or encumbrance over any assets of the Borrower or any
    Subsidiary;                                                                                                                                                                                                                                                                                                                                                                                      
|    |                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    | (b)                                                                                                                                                                                             | change the name of the Borrower or any
  Subsidiary;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|    |                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    | (c)                                                                                                                                                                                             | allot and issue any new shares of any
  Subsidiary;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|    |                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    | (d)                                                                                                                                                                                             | in respect of itself or any Subsidiary, declare or
      provide for any dividends or other payments based on share
  capital;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|    |                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    | (e)                                                                                                                                                                                             | redeem or purchase any of its shares or the shares of any
      Subsidiary;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|    |                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    | (f)                                                                                                                                                                                             | make any sale of or dispose of any substantial or
      material part of its business, assets or undertaking, or that of any
      Subsidiary, including its interest in the shares or assets of any
      Subsidiary outside of the ordinary course of business;                                                                                                                                                                                                                                                                                                                                                                                                                             
|    |                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    | (g)                                                                                                                                                                                             | save and except for purchase money security interests,
      chattel mortgages, equipment leases entered into in the ordinary course of
      business, and inter-company loans between the Borrower and any of its
      Subsidiaries, borrow or cause any Subsidiary to borrow money from any
      person other than the Lender without first obtaining and delivering to the
      Lender a duly signed assignment and postponement of claim by such person
      in favour of the Lender, in form and terms satisfactory to the Lender (and
      for the purposes of this paragraph, the Lender specifically acknowledges
      and agrees to the loans from the Subordinate Creditors);
|    |                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    | (h)                                                                                                                                                                                             | in respect of itself or any Subsidiary, pay out any
      shareholders loans or other indebtedness to non-arm's length parties;
      or                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      

---

-11-

|    | (i)                                                                                                                                      | in respect of itself or any Subsidiary, guarantee the
      obligations of any other person, directly or indirectly.                                                                                                                                                                                                                                                                                                                                                          
|--- | ---------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|12. | Events of Default.Each and every of the events
      set forth in this paragraph will be an event of default ("Event of
      Default"):
|    |                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    | (a)                                                                                                                                      | if the Borrower fails to make any payment of principal or
      interest when due hereunder, and such failure continues for two (2)
      Business Days;                                                                                                                                                                                                                                                                                                                      
|    |                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    | (b)                                                                                                                                      | if either the Borrower or any Subsidiary defaults in
      observing or performing any material term, covenant or condition of this
      Agreement or any other collateral document delivered hereunder or in
      connection with the Facility, other than the payment of monies as provided
      for in subparagraph (a) hereof, on its part to be observed or performed
      and such failure continues for five (5) Business Days;                                    
|    |                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    | (c)                                                                                                                                      | if the Borrower is in material default of prescribed
      filings with applicable securities regulatory authorities, the stock
      exchange or market on which its shares trade (collectively, the
      "Authorities"), or is subject to any suspension in excess of two (2)
      trading days or cease trade order issued by any such Authority;                                                                                                                        
|    |                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    | (d)                                                                                                                                      | if any of the Borrower's representations, warranties or
      other statements in this Agreement or any other collateral document
      delivered hereunder or in connection with the Facility were at the time
      given false or misleading in any material respect;                                                                                                                                                                                                      
|    |                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    | (e)                                                                                                                                      | if the Borrower defaults, in any material respect, in
      observing or performing any term, covenant or condition of any debt
      instrument or obligation by which it is bound;                                                                                                                                                                                                                                                                                          
|    |                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    | (f)                                                                                                                                      | if the Borrower permits any sum which has been admitted
      as due by the Borrower, or is not disputed to be due by it, and which
      forms or is capable of being made a charge upon any of the assets or
      undertaking of the Borrower to remain unpaid or not challenged for 30 days
      after proceedings have been taken to enforce the same;                                                                                                                  
|    |                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    | (g)                                                                                                                                      | if the Borrower, either directly or indirectly through
      any Subsidiary, ceases or threatens to cease to carry on
  business;                                                                                                                                                                                                                                                                                                                                             
|    |                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    | (h)                                                                                                                                      | if any order is made or issued by a competent regulatory
      authority prohibiting the trading in shares of the Borrower or if the
      Borrower's common shares are suspended or de-listed from trading on any
      stock exchange;                                                                                                                                                                                                                                      
|    |                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    | (i)                                                                                                                                      | if, in the reasonable opinion of the Lender, an adverse
      material change occurs in the financial condition of the
  Borrower;                                                                                                                                                                                                                                                                                                                                            
|    |                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    | (j)                                                                                                                                      | if the Lender in good faith and on commercially
      reasonable grounds believes that the ability of the Borrower and its
      Subsidiaries to pay any of the Outstanding Balance to the Lender or to
      perform any of the covenants contained in this Agreement or any other
      collateral agreement or other document is impaired or any security granted
      by the Borrower or any Subsidiary to the Lender is or is about to be
      impaired or in jeopardy;
|    |                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    | (k)                                                                                                                                      | if the Borrower or any Subsidiary petitions or applies to
      any tribunal for the appointment of a trustee, receiver or liquidator or
      commences any proceedings under any
bankruptcy,                                                                                                                                                                                                                                                                                

---

- 12 -

insolvency, readjustment of debt or
liquidation law of any jurisdiction, whether now or hereafter in effect; or

| | (l) | if any petition or application for appointment of a
      trustee, receiver or liquidator is filed, or any proceedings under any
      bankruptcy, insolvency, readjustment of debt or liquidation law are
      commenced, against the Borrower or any Subsidiary which is not opposed by
      the Borrower or any such Subsidiary in good faith, or an order, judgment
      or decree is entered appointing any such trustee, receiver, or liquidator,
      or approving the petition in any such
proceeding.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|13. | Effect of Event of Default.If any one or more of
      the Events of Default occur or occurs and is or are continuing, the Lender
      may without limitation in respect of any other rights it may have in law
      or pursuant to this Agreement or any other document or instrument
      delivered hereunder, demand immediate payment of all monies owing
      hereunder.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|14. | Conversion.At the Lender's option, concurrently
      with the closing of any equity financing by the Borrower after the date
      hereof (each a "Financing"), the Outstanding Balance may be converted in
      whole or in part into fully-paid and non-assessable common shares in the
      capital of the Borrower (collectively, the "Conversion Shares") at a
      conversion price equal to the greater of (i) the price per common share
      paid by subscribers to such Financing less a 3% discount and (ii) $0.65
      per common share, subject to a maximum hold period under applicable
      securities laws and the rules and policies of the Exchange of four (4)
      months from the date of this Agreement, and further provided that the
      maximum number of Conversion Shares issuable hereunder shall not exceed
      19.9% of the issued and outstanding common shares in the capital of the
      Borrower at the time of allotment and issue. The Lender shall advise the
      Borrower no later than two Business Days before the scheduled closing of
      the Financing by notice in writing in the form attached as Schedule "C" of
      the amount of the Outstanding Balance that it wishes to convert in respect
      of any such Financing and the effective date of such conversion and the
      date of issuance and delivery of all Conversion Shares issuable thereunder
      shall be the closing date of the Financing.
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|15. | Lender's Legal Fees.The Borrower will pay for the
      Lender's legal fees and other costs, charges and expenses (including due
      diligence expenses) of and incidental to the preparation, execution and
      completion of this Agreement and the security hereunder, as may be
      required by the Lender to complete this transaction, including in respect
      of any enforcement or collection process thereof. All amounts will be
      payable within 30 days of presentment of an invoice. If not paid within
      that time, such amount will be added to and form part of the principal
      amount of the Facility and shall accrue interest from such date as if it
      had been advanced by the Lender to the Borrower hereunder.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|16. | Indemnity.The Borrower agrees to indemnify and
      save harmless the Lender and each of its directors, officers, employees
      and agents from and against all liabilities, claims, losses, damages and
      reasonable costs and expenses in any way caused by or arising directly or
      indirectly from or in consequence of the occurrence of any Event of
      Default under this Agreement.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|17. | Notices.In this
Agreement:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        

| | (a) | any notice or communication required or permitted to be
      given under this Agreement will be in writing and will be considered to
      have been given if delivered by hand, transmitted by facsimile
      transmission or mailed by prepaid registered post to the address or
      facsimile transmission number of each party set out
  below:
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

---

- 13 -

| | (i)  | if to the Lender:                                                                                                          
| | ---- | ---------------------------------------------------------------------------------------------------------------------------
| |      |                                                                                                                            
| |      | Quest Capital Corp.                                                                                                        
| |      | Suite 300, 570 Granville Street                                                                                            
| |      | Vancouver, BC V6C 3P1                                                                                                      
| |      |                                                                                                                            
| |      | Attention:                                                                                                                 
| |      | Fax No:                                                                                                                    
| |      |                                                                                                                            
| | (ii) | if to the Borrower:                                                                                                        
| |      |                                                                                                                            
| |      | Rockwell Ventures Inc.                                                                                                     
| |      | Suite 1020, 800 West Pender Street                                                                                         
| |      | Vancouver, BC V6C 2V6                                                                                                      
| |      |                                                                                                                            
| |      | Attention:                                                                                                                 
| |      | Fax No:                                                                                                                    
| |      |                                                                                                                            
| |      | or to such other address or facsimile transmission
      number as any party may designate in the manner set out above; and

| | (b) | notice or communication will be considered to have been
      received:
| | --- | -----------------------------------------------------------------------

| | (i)   | if delivered by hand during business hours on a Business
      Day, upon receipt by a responsible representative of the receiver, and if
      not delivered during business hours, upon the commencement of business on
      the next Business Day;                                                      
| | ----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |       |                                                                                                                                                                                                                                                                                                            
| | (ii)  | if sent by facsimile transmission during business hours
      on a Business Day, upon the sender receiving confirmation of the
      transmission, and if not transmitted during business hours, upon the
      commencement of business on the next Business Day; and                                     
| |       |                                                                                                                                                                                                                                                                                                            
| | (iii) | if mailed by prepaid registered post upon the fifth
      Business Day following posting; except that, in the case of a disruption
      or an impending or threatened disruption in postal services every notice
      or communication will be delivered by hand or sent by facsimile
      transmission.

|18. | Assignment.The Borrower acknowledges and agrees
      that the Lender may assign all or part of the Facility, this Agreement and
      all collateral agreements, documents or instruments delivered hereunder to
      one or more assignees, free from any right of set-off or counterclaim or
      equity, subject only to the Lender's notification of such assignment or
      assignments being given in writing to the Borrower.                           
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|19. | Agreement to Pay.Upon receipt of written notice
      and direction from the Lender, the Borrower covenants and agrees to make
      all payments of interest, principal and bonus due under this Agreement to
      the Lender and any assignee, pro rata in accordance with their respective
      proportionate interests in the Facility as set out in such written notice
      and direction, absent which all such payments may be made to the
      Lender.

---

- 14 -

|20. | Enurement.This Agreement will enure to the
      benefit of and be binding upon the parties hereto and their respective
      successors and permitted assigns.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|21. | Waivers.No failure or delay on the Lender's part
      in exercising any power or right hereunder will operate as a waiver
      thereof.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|22. | Remedies are Cumulative.The Lender's rights and
      remedies hereunder are cumulative and not exclusive of any rights or
      remedies at law or in equity.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|23. | Time.Time is of the essence of this Agreement and
      all documents or instruments delivered hereunder.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|24. | Criminal Code Compliance.In this paragraph the
      terms "interest", "criminal rate" and "credit advanced" have the meanings
      ascribed to them in Section 347 of the Criminal Code (Canada) as amended
      from time to time. The Borrower and the Lender agree that, notwithstanding
      any agreement to the contrary, no interest on the Facility or the credit
      advanced by the Lender under this Agreement will be payable in excess of
      that permitted under the laws of Canada. If the effective rate of
      interest, calculated in accordance with generally accepted actuarial
      practices and principles, would exceed the criminal rate on the credit
      advanced, then:
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|    | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|    | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|    | (c)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               

|25. | Invalidity.If at any time any one or more of the
      provisions hereof is or becomes invalid, illegal or unenforceable in any
      respect under any law, the validity, legality and enforceability of the
      remaining provisions hereof will not in any way be affected or impaired
      thereby to the fullest extent possible by law.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|26. | Governing Laws.This Agreement will be governed by
      and interpreted in accordance with the laws of the Province of British
      Columbia and the laws of Canada applicable therein. The Borrower submits
      to the non-exclusive jurisdiction of the Courts of the Province of British
      Columbia and agrees to be bound by any suit, action or proceeding
      commenced in such Courts and by any order or judgment resulting from such
      suit, action or proceeding, but the foregoing will in no way limit the
      right of the Lender to commence suits, actions or proceedings based on
      this Agreement in any jurisdiction it may deem
  appropriate.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|27. | Amendment.This Agreement supersedes the Term
      Sheet and all prior agreements and discussions between the parties with
      respect to the subject matter set forth herein.
This
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

---

-15-

|    | Agreement may be varied or amended only by or pursuant to
      an agreement in writing signed by the parties hereto.                                                                                                                                                                                                                                                                                                                                                                                                                                      
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|28. | Schedules.All Schedules attached hereto will be
      deemed fully a part of this Agreement.                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|29. | Further Assurances.The Borrower will, and will
      cause its Subsidiaries, from time to time and upon reasonable request of
      the Lender do, execute and deliver all further assurances, acts and
      documents for the purpose of giving full force and effect to the
      covenants, agreements and provisions herein contained, including but not
      limited to all such further assurances, acts and documents as may be
      required to obtain exchange control approval of the South African Reserve
      Bank, as contemplated above.
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|30. | Currency.All references herein to "dollars" or
      "$" are to Canadian dollars, unless otherwise indicated.                                                                                                                                                                                                                                                                                                                                                                                                                                              
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|31. | Counterparts.This Agreement may be signed in one
      or more counterparts, originally or by facsimile, each such counterpart
      taken together will form one and the same
agreement.                                                                                                                                                                                                                                                                                                                                                                  

TO EVIDENCE THEIR AGREEMENT each of the parties has executed
this Agreement on the date first above written.

QUEST CAPITAL CORP.

Per:

/s/ "signed"

______________________Authorized Signatory

Per:

/s/ "signed"

______________________Authorized Signatory

ROCKWELL VENTURES INC.

Per:

/s/ "signed"

______________________Authorized Signatory

---

SCHEDULE "A"

PROMISSORY NOTE

Principal Amount: Cdn.$6,000,000

For value received, ROCKWELL VENTURES INC. (the "Borrower")
hereby promises to pay to QUEST CAPITAL CORP. (the "Lender") the principal sum
of SIX MILLION CANADIAN DOLLARS (Cdn.$6,000,000) on the earlier of:

| | (a) | March 31, 2007;                                                                                                                                                                                                              
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                              
| | (b) | any change of control of the Borrower ("control" being
      defined as ownership of or control of direction over, directly or
      indirectly, 20% or more of the outstanding voting securities of the
      Borrower); and
| |     |                                                                                                                                                                                                                              
| | (c) | the occurrence of an Event of Default (as defined in the
      credit agreement between the Borrower and the Lender dated for reference
      July 7, 2006 (the "Credit Agreement")),                                        

together with interest accruing, if any, on the outstanding
principal amount from January 1, 2007 at a rate of TWENTY PERCENT (20%) per
annum, compounded monthly (effective annual rate of 21.94%), before and after
each of maturity, default and judgment, payable by the Borrower to the Lender
monthly in arrears, on the last Business Day of every month.

The Borrower may prepay this promissory note in whole at any
time before maturity, without notice or penalty, provided that such prepayment
is made on the last Business Day of the calendar month and the Borrower as
provided to a Lender not less than ten (10) Business Days' prior written notice
of its intention to prepay this promissory note, and without notice upon the
occurrence of certain events set out in the Credit Agreement. The undersigned
waives demand and presentment for payment, notice of nonpayment, protest, notice
of protest and notice of dishonour. This promissory note will be governed by and
construed in accordance with the laws of British Columbia and the federal laws
of Canada applicable therein. In this promissory note, "Business Day" means a
day which is not a Saturday, Sunday or a statutory holiday in British
Columbia.

Dated: July <> , 2006.

ROCKWELL VENTURES INC.

Per:

_______________________Authorized Signatory

---

SCHEDULE "B"

SUBSIDIARIES

N9C Resources Inc., a Cayman Island company wholly-owned by the
Borrower;

N10C Resources Inc., a Cayman Island company wholly-owned by
N9C; and

Rockwell Resources RSA (Proprietary) Limited, a South African
company wholly owned by N10C.

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SCHEDULE "C"

CONVERSION NOTICE

All share certificates issued prior to November 8, 2006 must
have imprinted on their face the following:

> "UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER
>       OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE SHALL NOT TRADE THESE
>       SECURITIES PRIOR TO NOVEMBER 8, 2006.

The undersigned hereby subscribes for ______________ common
shares of the Rockwell Ventures Inc. in conversion of $________________ of the
Outstanding Balance, at a conversion price of $_______ per common share in
accordance with the conversion rights referred to in paragraph 14 of the Credit
Agreement dated for reference July 7, 2006, between the undersigned and the
Borrower (the "Credit Agreement"). Unless otherwise defined herein, all defined
terms in this Conversion Notice shall have the meanings described in the Credit
Agreement.

DATED at _____________, this _____________ day of _____________________,
  200_.

| | Quest Capital Corp. 
| | --------------------
| | Name                
| |                     
| |                     
| | Authorized Signatory
| |                     
| |                     
| | Authorized Signatory

|**Registration Instructions:**   | **Delivery Instructions:**      
|-------------------------------- | --------------------------------
|                                 |                                 
|                                 | Account reference, if applicable
|                                 |                                 
|Name                             |                                 
|                                 |                                 
|                                 |                                 
|Account reference, if applicable | Contact Name                    
|                                 |                                 
|                                 |                                 
|                                 | Address                         
|                                 |                                 
|                                 |                                 
|                                 | (Telephone Number)              

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MODIFICATION AGREEMENT

THIS AGREEMENT dated for reference August 21, 2006 is
between:

QUEST CAPITAL CORP., a British
  Columbia company, having an 
  office at Suite 300, 570 Granville Street, Vancouver, British Columbia 
  V6C 3P1

(the "Lender")

AND:

ROCKWELL VENTURES INC., a British
  Columbia company, having 
  its chief executive office at Suite 1020, 800 West Pender Street, 
  Vancouver, BC V6C 2V6

(the "Borrower")

BACKGROUND

A. The Lender and the Borrower entered into a credit agreement
dated for reference July 7, 2006 (the "Credit Agreement") under which the Lender
agreed to advance up to the aggregate principal amount of $6,000,000 to the
Borrower (the "Facility").

B. The parties wish to modify the terms of the Credit Agreement
to extend the maturity date, to revise the bonus compensation payable to the
Lender, and to restructure the security and delivery arrangements in respect
thereof, all in accordance with the terms of this Agreement.

AGREEMENTS

For good and valuable consideration, the receipt and
sufficiency of which each party acknowledges, the parties agree as follows:

|1. | Maturity Date.Subparagraph 4(a) of the Credit
      Agreement is amended and modified by deleting reference to "March 31,
      2007" in the fourth line and replacing it with "May 31, 2007".
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                               
|2. | Bonus Shares.                                                                                                                                                                                 
|   |                                                                                                                                                                                               
|   | (a)                                                                                                                                                                                           
|   |                                                                                                                                                                                               
|   | (b)                                                                                                                                                                                           
|   |                                                                                                                                                                                               
|   |                                                                                                                                                                                               
|   |                                                                                                                                                                                               
|   |                                                                                                                                                                                               

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-2 -

|3. | Interest.Paragraph 6 of the Credit Agreement is
      amended and modified by deleting reference to "January 1, 2007" in the
      first line and replacing it with "March 1, 2007", by deleting the
      reference to "twenty percent (20%)" in the second line and replacing it
      with "eighteen percent (18%)" and by deleting "21.94%" in the third line
      and replacing it with "19.56%".
|-- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|4. | Security.Paragraph 7 of the Credit Agreement is
      amended and modified by deleting subparagraph 7(i) in its entirety, and
      replacing it with following:
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------

| | "(i.1) | several guarantees of each of Robert Dickinson,
        David Copeland, Scott Cousens, Jeffrey Mason, Ronald Thiessen and Aziz
        Shariff, with recourse in each case limited to $1,000,000;".
| | ------ | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|5. | **RSA Security.**
        The Borrower covenants and agrees to use its best efforts to cause to
        be executed and delivered the guarantee of Rockwell Resources RSA contemplated
        under subparagraph 7(h) of the Credit Agreement and the opinions of Rockwell
        Resources RSA's South African counsel, in form and terms satisfactory
        to the Lender, acting reasonably, on or before September 15, 2006. The
        Borrower acknowledges that the Lender may advance the Facility to the
        Borrower prior to the receipt of exchange control approval of the South
        African Reserved Bank as required and contemplated therein, and further
        covenants and agrees to proceed diligently with all steps in proceedings
        as may be prudent or necessary to obtain such exchange control approval
        of the South African Reserved Bank and to provide the Lender with confirmation
        of same upon receipt.
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|6. | **Conditions Precedent to Advance.**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|   | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|   | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|7. | **Representations and Warranties.**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|   | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|   | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             

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-3-

event Rockwell RSA or its assignee or
successor shall proceed to enforce the Pledge of Shares;".

|8.  | Defined Terms.Unless otherwise defined herein,
      all defined terms in this Agreement shall have the meanings ascribed in
      the Credit Agreement.                                                                                                                                                                                                                                                                                                                            
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|9.  | Amendment.This Agreement amends and modifies the
      Credit Agreement and together with it and the documents referred to
      therein and herein, constitutes the entire agreement between the parties
      with respect to the subject matter herein. This Agreement may only be
      modified by further written instrument, signed by each of the parties
      hereto.                                                                                                     
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|10. | Governing Laws.This Agreement will be governed by
      and interpreted in accordance with the laws of the Province of British
      Columbia and the laws of Canada applicable therein. The Borrower submits
      to the exclusive jurisdiction of the Courts of the Province of British
      Columbia and agrees to be bound by any suit, action or proceeding
      commenced in such Courts and by any order or judgment resulting from such
      suit, action or proceeding.

|11 | Further Assurances.The Borrower shall provide the
      Lender with such further documents, instruments and assurances as may
      reasonably be required by the Lender to complete the transactions
      contemplated herein.
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|12. | Counterparts.This Agreement may be signed in one
      or more counterparts, originally or by facsimile, each such counterpart
      taken together shall form one and the same
agreement.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

TO EVIDENCE THEIR AGREEMENT each of the parties has executed
this Agreement on the date first above written.

QUEST CAPITAL CORP.

Per:

/s/ "signed"

_______________________Authorized Signatory

*/s/ "signed"*

_______________________Authorized Signatory

ROCKWELL VENTURES INC.

Per:

*/s/ "signed"*

_______________________Authorized Signatory

---