Filed by Automated Filing Services Inc. (604) 609-0244 - Canyon Copper Corp. - Exhibit 10.49






TERMINATION AGREEMENT 

THIS TERMINATION AGREEMENT is dated as of the
25th day of September, 2007 (the “Effective Date”). 

BETWEEN: 

MARK REYNOLDS, of Suite
3210, 666 Burrard Street, Vancouver, British Columbia, Canada V6C 2X8 

(the "Consultant") 

OF THE FIRST PART 

AND: 

CANYON COPPER CORP., a
Nevada corporation, having its head office at Suite 408 – 1199 West Pender
Street, Vancouver, British Columbia, Canada V6E 2R1 

(the "Corporation") 

OF THE SECOND PART 

WHEREAS: 

A.                    
The Consultant and the Corporation entered into a Consulting Agreement dated
January 19, 2006 (the “Consulting Agreement”) pursuant to which the Consultant
agreed to provide the Corporation with consulting services in consideration for
a consulting fee equal to the sum of $10,000 US per month (the “Consulting
Fee”); 

B.                    
The Corporation is indebted to the Consultant in the amount of $60,000 for
unpaid consulting fees (the “Unpaid Consulting Fees”); and 

C.                    
The Consultant and the Corporation have mutually agreed to terminate the
Consulting Agreement effective immediately upon entering into this Termination
Agreement. 

NOW THEREFORE THIS TERMINATION AGREEMENT WITNESSES THAT
in consideration of the sum of $1.00 paid by each party to the other (the
receipt of which is hereby acknowledged) the parties hereto mutually covenant
and agree as follows: 

1.          
The Consultant and the Corporation agree that as of the Effective Date, the
Consulting Agreement shall be terminated and of no further force or effect.

2.          
Notwithstanding the date of this Termination Agreement, the Consultant waives
the payment of the Consulting Fee from July 1, 2007 to the Effective Date. 

3.          
The Corporation shall pay to the Consultant the Unpaid Consulting Fees on the
earlier of:

	 	(a) 	
      two years from the Effective Date of this Termination
      Agreement; or

	 	 	 
	 	(b) 	
      the Corporation completing financing with minimum net
      proceeds of $2,000,000 US.







4.          
Time shall be of the essence in this Termination Agreement. 

5.          
This Termination Agreement embodies the entire agreement and understanding
between the parties hereto and supersedes all prior agreements and undertakings,
whether oral or written, pertaining to the subject matter hereof. 

6.          
This Termination Agreement shall be governed by and be construed in accordance
with the laws of the Province of British Columbia and the parties hereto agree
to submit to the jurisdiction of the courts of British Columbia with respect to
any legal proceedings arising herefrom. 

7.          
This Termination Agreement has been prepared by Northwest Law Group acting
solely on behalf of the Corporation and the Consultant acknowledges that he has
been advised to obtain independent legal advice. 

8.          
This Termination Agreement may be executed in one or more counter-parts, each of
which so executed shall constitute an original and all of which together shall
constitute one and the same agreement. 

IN WITNESS WHEREOF the parties hereto have caused this
Termination Agreement to be duly executed and delivered as of the day and year
first written above. 


SIGNED, SEALED AND DELIVERED 
BY MARK
REYNOLDS 
in the presence of: 

	/s/ Linda Hay	 	 
	Signature of witness 	 	  
	  	 	
	 408 - 1199 W. Pender Street

      Vancouver, British Columbia_
 	 	/s/ Mark Reynolds
	Address of Witness 	 	MARK REYNOLDS 
	 	 	 
	Linda Hay	 	 
	Name of Witness 	 	  


 

CANYON COPPER CORP., 
a Nevada Corporation 


Per:       /s/ Anthony
Harvey 
              _________________________________
              Anthony
Harvey, CEO and Chairman