Document:

Filed by Automated Filing Services Inc. (604) 609-0244 - American Uranium Corporation - Exhibit 10.1

THE SECURITIES REPRESENTED HEREBY HAVE BEEN OFFERED IN AN
OFFSHORE TRANSACTION TO A PERSON WHO IS NOT A U.S. PERSON (AS DEFINED HEREIN)
PURSUANT TO REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS
AMENDED (THE "1933 ACT").

NONE OF THE SECURITIES REPRESENTED HEREBY HAVE BEEN REGISTERED
UNDER THE 1933 ACT, OR ANY U.S. STATE SECURITIES LAWS, AND, UNLESS SO
REGISTERED, MAY NOT BE OFFERED OR SOLD, DIRECTLY OR INDIRECTLY, IN THE UNITED
STATES (AS DEFINED HEREIN) OR TO U.S. PERSONS EXCEPT IN ACCORDANCE WITH THE
PROVISIONS OF REGULATION S UNDER THE 1933 ACT, PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE 1933 ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION
FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE
1933 ACT AND IN EACH CASE ONLY IN ACCORDANCE WITH APPLICABLE STATE SECURITIES
LAWS. IN ADDITION, HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE
CONDUCTED UNLESS IN COMPLIANCE WITH THE 1933 ACT. "UNITED STATES" AND "U.S.
PERSON" ARE AS DEFINED BY REGULATION S UNDER THE 1933 ACT.

UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF
THE SECURITIES SHALL NOT TRADE THE SECURITIES IN CANADA BEFORE THE LATER OF THE
DATE THAT IS FOUR MONTHS AND A DAY AFTER THE DISTRIBUTION DATE AND THE DATE THE
COMPANY BECOMES A REPORTING ISSUER IN A PROVINCE OF CANADA. 

STOCK OPTION AND SUBSCRIPTION AGREEMENT

THIS STOCK OPTION AND SUBSCRIPTION AGREEMENT is entered into as
of the 14th day of March, 2008 (the “Date of Grant”). 

BETWEEN: 

  
    
      AMERICAN URANIUM CORPORATION, a Nevada corporation,
        with a business address at 1201 - 1166 Alberni St., Vancouver, BC, Canada
        V6E 3Z3 

      (the “Company”); 

    

  

AND: 

  
    
      RAYMOND FOUCAULT, a businessperson with an address
        at 1195 Keith Road, West Vancouver, BC V7T 1M7 

      (the “Optionee”). 

    

  

WHEREAS: 

A.          
 The Optionee is a director, officer, employee or consultant of the
Company; 

B.            The
Board of Directors of the Company (the “Board”) has adopted the 2007 Stock
Option Plan (the “Plan”), pursuant to which the Board is authorized to grant to
employees and other selected persons stock options to purchase common shares of
the Company; and 

C.            The
Board has authorized the grant to the Optionee of stock options to purchase a
total of 250,000 common shares of the Company. 

2 

NOW THEREFORE THIS AGREEMENT WITNESSETH that in consideration
of other good and valuable consideration, it is hereby agreed by and between the
parties as follows:

1.         
DEFINITIONS 

1.1        In this
Agreement, the following terms shall have the following meanings: 

	 	(a) 	
      “Common Stock” means the shares of common stock of
      the Company with a par value of $0.00001 per share;

	 	 	 
	 	(b) 	
      “Exercise Payment” means the amount of money equal
      to the Exercise Price multiplied by the number of Optioned Shares
      specified in the Notice of Exercise;

	 	 	 
	 	(c) 	
      “Exercise Price” means US $0.80;

	 	 	 
	 	(d) 	
      “Expiry Date” means March 14, 2012;

	 	 	 
	 	(e) 	
      “Notice of Exercise” means a notice in writing
      addressed to the Company at its address first recited (or such other
      address of the Company as may from time to time be notified to the
      Optionee in writing), substantially in the form attached as Exhibit “A”
      hereto, which notice shall specify therein the number of Optioned Shares
      in respect of which the Options are being exercised;

	 	 	 
	 	(f) 	
      “Options” means the irrevocable right and option
      to purchase, from time to time, all, or any part of the Optioned Shares
      granted to the Optionee by the Company pursuant to Section 2.1 of this
      Agreement;

	 	 	 
	 	(g) 	
      “Optioned Shares” means the shares of Common
      Stock, subject to the Options;

	 	 	 
	 	(h) 	
      “Securities” means, collectively, the Options and
      the Optioned Shares;

	 	 	 
	 	(i) 	
      “Shareholders” means holders of record of the
      shares of Common Stock;

	 	 	 
	 	(j) 	
      “U.S. Person” shall have the meaning ascribed
      thereto in Regulation S under the 1933 Act, and for the purpose of the
      Agreement includes any person in the United States; and

	 	 	 
	 	(k) 	
      “Vested Options” means the Options that have
      vested in accordance with Section 2.4 of this
Agreement.

1.2        Capitalized
terms not otherwise defined herein shall have the meanings ascribed thereto in
the Plan. 

2.         
THE OPTIONS 

2.1        The Company
agrees to offer to the Optionee the option to purchase, upon the terms and
conditions set forth herein and in the Plan, once it has been adopted, Options
to purchase a total of 250,000 Optioned Shares at the Exercise Price. The
Optionee agrees that the Plan is incorporated by reference to this stock option
and subscription agreement. 

3 

2.2        The Options
may be exercised after vesting and only in accordance with the following
schedule: 

	 	(a) 	
      25,000 Options on March 14, 2008;

	 	 	 
	 	(b) 	
      75,000 Options on March 14, 2009;

	 	 	 
	 	(c) 	
      75,000 Options on March 14, 2010; and

	 	 	 
	 	(d) 	
      75,000 Options on March 14, 2011.

2.3        The Options
shall, at 5:00 p.m. (Pacific time) on the Expiry Date, forthwith expire and be
of no further force or effect whatsoever. 

2.4        Vested Options
shall terminate, to the extent not previously exercised, upon the occurrence of
the first of the following events: 

	 	(a) 	
      four years from the Date of Grant.

	 	 	 
	 	(b) 	
      The date of an Optionee's termination of employment or
      contractual relationship with the Company or any Related Company (as
      defined in the Plan) for cause (as determined in the sole discretion of
      the Plan Administrator (as defined in the Plan), acting reasonably) or the
      date of resignation by an Optionee from the Optionee’s employment or
      contractual relationship with the Company or any Related
Company.

	 	 	 
	 	(c) 	
      The expiration of one year from the date of the death of
      the Optionee, or the expiration of one year from termination of an
      Optionee's employment or contractual relationship by reason of Disability
      (as defined in Section 5.7 of the Plan).

	 	 	 
	 	(d) 	
      The expiration of three months from the date of an
      Optionee's termination of employment or contractual relationship with the
      Company or any Related Company for any reason whatsoever other than cause,
      death or Disability.

Each unvested Option granted pursuant hereto shall terminate
immediately upon termination of or resignation from the Optionee's employment or
contractual relationship with the Company for any reason whatsoever unless
vesting is accelerated in accordance with Section 5.6 of the Plan. 

2.5        Subject to
compliance with any applicable securities laws, the Options shall be
exercisable, in full or in part until termination; provided, however,
that any Optionee who is subject to the reporting and liability provisions of
Section 16 of the Securities Exchange Act of 1934 with respect to the
Common Stock shall be precluded from selling, transferring or otherwise
disposing of any Common Stock underlying any Options during the six months
immediately following the grant of that Option. If less than all of the shares
of any Options are purchased, the remainder may be purchased at any subsequent
time prior to the Expiry Date. No portion of any Options for less than 50 shares
(as adjusted pursuant to Section 5.8 of the Plan) may be exercised; provided,
that if the portion of any Options is less than 50 shares, it may be exercised
with respect to all shares. Only whole shares may be issued pursuant to the
exercise of any Options, and to the extent that any Options covers less than one
share, it is unexercisable. 

4 

2.6        Each exercise of
the Options shall be by means of delivery of a Notice of Exercise (which may be
in the form attached hereto as Schedule A) to the Secretary of the Company at
its principal executive office, specifying the number of shares of Common Stock
to be purchased and accompanied by payment in cash by certified check or
cashier's check in the amount of the full exercise price for the Common Stock to
be purchased. In addition to payment in cash by certified check or cashier's
check, an Optionee or transferee of the Options may pay for all or any portion
of the aggregate exercise price by complying with one or more of the following
alternatives: 

	 	(a) 	
      by delivering a properly executed Notice of Exercise
      together with irrevocable instructions to a broker promptly to sell or
      margin a sufficient portion of the Common Stock and deliver directly to
      the Company the amount of sale or margin loan proceeds to pay the exercise
      price; or

	 	 	 
	 	(b) 	
      by complying with any other payment mechanism approved by
      the Plan Administrator at the time of exercise.

It is a condition precedent to the issuance of Optioned Shares
that the Optionee execute and/or deliver to the Company all documents and
withholding taxes required in accordance with Section 5.12 of the Plan. 

2.7        Nothing in this
Agreement shall obligate the Optionee to purchase any Optioned Shares except
those Optioned Shares in respect of which the Optionee shall have exercised the
Options in the manner provided in this Agreement. 

2.8        The terms of
the Options are subject to the provisions of the Plan, as the same may from time
to time be amended, and any inconsistencies between this Agreement and the Plan,
as the same may be from time to time amended, shall be governed by the
provisions of the Plan, a copy of which has been delivered to the Optionee, and
which is available for inspection at the principal offices of the Company. 

3.         
ACKNOWLEDGEMENTS OF THE OPTIONEE 

The Optionee acknowledges and agrees that: 

	 	(a) 	
      none of the Options or the Optioned Shares have been
      registered under the 1933 Act or under any state securities or “blue sky”
      laws of any state of the United States, and, unless so registered, may not
      be offered or sold in the United States or, directly or indirectly, to
      U.S. Persons, except in accordance with the provisions of Regulation S,
      pursuant to an effective registration statement under the 1933 Act, or
      pursuant to an exemption from, or in a transaction not subject to, the
      registration requirements of the 1933 Act and in each case only in
      accordance with applicable state securities laws;

	 	 	 
	 	(b) 	
      the Company has not undertaken, and will have no
      obligation, to register any of the Securities under the 1933
Act;

	 	 	 
	 	(c) 	
      the Optionee has received and carefully read this
      Agreement and the public information which has been filed with the
      Securities and Exchange Commission (the “SEC”) in compliance or intended
      compliance with applicable securities legislation (collectively, the
      “Company Information”);

5 

	 	(d) 	
      the decision to execute this Agreement and acquire the
      Securities hereunder has not been based upon any oral or written
      representation as to fact or otherwise made by or on behalf of the
      Company, and such decision is based entirely upon a review of the Company
      Information (the receipt of which is hereby acknowledged);

	 	 	 
	 	(e) 	
      no securities commission or similar regulatory authority
      has reviewed or passed on the merits of the Securities;

	 	 	 
	 	(f) 	
      there is no government or other insurance covering the
      Securities;

	 	 	 
	 	(g) 	
      there are risks associated with an investment in the
      Securities;

	 	 	 
	 	(h) 	
      the Optionee has not acquired the Securities as a result
      of, and will not itself engage in, any “directed selling efforts” (as
      defined in Regulation S under the 1933 Act) in the United States in
      respect of the Securities which would include any activities undertaken
      for the purpose of, or that could reasonably be expected to have the
      effect of, conditioning the market in the United States for the resale of
      the Securities; provided, however, that the Optionee may sell or otherwise
      dispose of the Securities pursuant to registration thereof under the 1933
      Act and any applicable state and provincial securities laws or under an
      exemption from such registration requirements;

	 	 	 
	 	(i) 	
      the Optionee and the Optionee's advisor(s) (if
      applicable) have had a reasonable opportunity to ask questions of and
      receive answers from the Company in connection with the distribution of
      the Securities hereunder, and to obtain additional information, to the
      extent possessed or obtainable without unreasonable effort or expense,
      necessary to verify the accuracy of the information about the
    Company;

	 	 	 
	 	(j) 	
      the books and records of the Company were available upon
      reasonable notice for inspection, subject to certain confidentiality
      restrictions, by the Optionee during reasonable business hours at its
      principal place of business, and all documents, records and books in
      connection with the distribution of the Securities hereunder have been
      made available for inspection by the Optionee, the Optionee's attorney
      and/or advisor(s) (if applicable);

	 	 	 
	 	(a) 	
      the Company is entitled to rely on the representations
      and warranties and the statements and answers of the Optionee contained in
      this Agreement;

	 	 	 
	 	(k) 	
      the Optionee will indemnify and hold harmless the Company
      and, where applicable, its directors, officers, employees, agents,
      advisors and shareholders, from and against any and all loss, liability,
      claim, damage and expense whatsoever (including, but not limited to, any
      and all fees, costs and expenses whatsoever reasonably incurred in
      investigating, preparing or defending against any claim, lawsuit,
      administrative proceeding or investigation whether commenced or
      threatened) arising out of or based upon any representation or warranty of
      the Optionee contained herein or in any document furnished by the Optionee
      to the Company in connection herewith being untrue in any material respect
      or any breach or failure by the Optionee to comply with any covenant or
      agreement made by the Optionee to the Company in connection
    therewith;

6 

	 	(l) 	
      none of the Securities are listed on any stock exchange
      or automated dealer quotation system and no representation has been made
      to the Optionee that any of the Securities will become listed on any stock
      exchange or automated dealer quotation system; except that currently
      certain market makers make market in the common shares of the Company on
      the OTC Bulletin Board;

	 	 	 	 
	 	(m) 	
      There are resale restrictions imposed under U.S. and
      other applicable securities laws affecting the Optionee’s ability to
      resell the Securities;

	 	 	 	 
	 	(n) 	
      the Company will refuse to register any transfer of the
      Securities not made in accordance with the provisions of Regulation S,
      pursuant to an effective registration statement under the 1933 Act or
      pursuant to an available exemption from the registration requirements of
      the 1933 Act and in accordance with applicable state and provincial
      securities laws;

	 	 	 	 
	 	(o) 	
      the statutory and regulatory basis for the exemption
      claimed for the offer of the Securities, although in technical compliance
      with Regulation S, would not be available if the offering is part of a
      plan or scheme to evade the registration provisions of the 1933 Act or any
      applicable state and provincial securities laws;

	 	 	 	 
	 	(b) 	
      the Optionee has been advised to consult the Optionee's
      own legal, tax and other advisors with respect to the merits and risks of
      an investment in the Securities and with respect to applicable resale
      restrictions, and it is solely responsible (and the Company is not in any
      way responsible) for compliance with:

	 	 	 	 
	 		(i) 	
      any applicable laws of the jurisdiction in which the
      Optionee is resident in connection with the distribution of the Securities
      hereunder, and

	 	 	 	 
	 		(ii) 	
      applicable resale restrictions; and

	 	 	 	 
	 	(p) 	
      this Agreement is not enforceable by the Optionee unless
      it has been accepted by the Company.

4.         
REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE OPTIONEE 

The Optionee hereby represents and warrants to and covenants
with the Company (which representations, warranties and covenants shall survive
the closing) that: 

	 	(a) 	
      the Optionee is a director, officer, employee or
      consultant of the Company;

	 	 	 
	 	(b) 	
      the Optionee has the legal capacity and competence to
      enter into and execute this Agreement and to take all actions required
      pursuant hereto;

	 	 	 
	 	(c) 	
      the Optionee has received and carefully read this
      Agreement;

	 	 	 
	 	(d) 	
      the Optionee has duly executed and delivered this
      Agreement and it constitutes a valid and binding agreement of the Optionee
      enforceable against the Optionee in accordance with its terms;

	 	 	 
	 	(e) 	
      the Optionee is resident in the jurisdiction set out on
      page 1 of this Agreement;

7 

	 	(f) 	
      the acquisition of the Securities by the Optionee as
      contemplated in this Agreement complies with or is exempt from the
      applicable securities legislation of the jurisdiction of residence of the
      Optionee;

	 	 	 
	 	(g) 	
      the Optionee is acquiring the Securities for investment
      only and not with a view to resale or distribution and, in particular, it
      has no intention to distribute either directly or indirectly any of the
      Securities in the United States or to U.S. Persons;

	 	 	 
	 	(h) 	
      the Optionee is acquiring the Securities as principal for
      the Optionee's own account, for investment purposes only, and not with a
      view to, or for, resale, distribution or fractionalisation thereof, in
      whole or in part, and no other person has a direct or indirect beneficial
      interest in such Securities;

	 	 	 
	 	(i) 	
      the Optionee is not an underwriter of, or dealer in, the
      common shares of the Company, nor is the Optionee participating, pursuant
      to a contractual agreement or otherwise, in the distribution of the
      Securities;

	 	 	 
	 	(j) 	
      the Optionee (i) has adequate net worth and means of
      providing for his/her/its current financial needs and possible personal
      contingencies, (ii) has no need for liquidity in this investment, and
      (iii) is able to bear the economic risks of an investment in the
      Securities for an indefinite period of time, and can afford the complete
      loss of such investment;

	 	 	 
	 	(k) 	
      the Optionee is aware that an investment in the Company
      is speculative and involves certain risks, including the possible loss of
      the investment, and the Optionee has carefully read and considered the
      matters set forth under the caption “Risk Factors” appearing in the
      Company's various disclosure documents, filed with the SEC;

	 	 	 
	 	(l) 	
      the Optionee has the requisite knowledge and experience
      in financial and business matters as to be capable of evaluating the
      merits and risks of the investment in the Securities and the
    Company;

	 	 	 
	 	(m) 	
      the Optionee understands and agrees that the Company and
      others will rely upon the truth and accuracy of the acknowledgements,
      representations and agreements contained in this Agreement, and agrees
      that if any of such acknowledgements, representations and agreements are
      no longer accurate or have been breached, the Optionee shall promptly
      notify the Company;

	 	 	 
	 	(n) 	
      the Optionee acknowledges that the Optionee has not
      acquired the Securities as a result of, and will not itself engage in, any
      “directed selling efforts” (as defined in Regulation S under the 1933 Act)
      in the United States in respect of the Securities which would include any
      activities undertaken for the purpose of, or that could reasonably be
      expected to have the effect of, conditioning the market in the United
      States for the resale of the Securities; provided, however, that the
      Optionee may sell or otherwise dispose of the Securities pursuant to
      registration of the Securities pursuant to the 1933 Act and any applicable
      state and provincial securities laws or under an exemption from such
      registration requirements and as otherwise provided herein;

	 	 	 
	 	(o) 	
      the Optionee has made an independent examination and
      investigation of an investment in the Securities and the Company and has
      depended on the advice of its legal and financial advisors and agrees that
      the Company will not be responsible in anyway whatsoever for the
      Optionee's decision to invest in the Securities and the
  Company;

8 

	 	(p) 	
      the Optionee understands and agrees that none of the
      Options or the Optioned Securities have been or will be registered under
      the 1933 Act, or under any state securities or “blue sky” laws of any
      state of the United States, and, unless so registered, may not be offered
      or sold except in accordance with the provisions of Regulation S, pursuant
      to an effective registration statement under the 1933 Act, or pursuant to
      an exemption from, or in a transaction not subject to, the registration
      requirements of the 1933 Act and in each case only in accordance with
      applicable state securities laws;

	 	 	 	 
	 	(q) 	
      it understands and agrees that the Company will refuse to
      register any transfer of the Optioned Securities not made in accordance
      with the provisions of Regulation S, pursuant to an effective registration
      statement under the 1933 Act or pursuant to an available exemption from,
      or in a transaction not subject to, the registration requirements of the
      1933 Act;

	 	 	 	 
	 	(r) 	
      the Optionee is not aware of any advertisement of any of
      the Securities and is not acquiring the Securities as a result of any form
      of general solicitation or general advertising including advertisements,
      articles, notices or other communications published in any newspaper,
      magazine or similar media or broadcast over radio or television, or any
      seminar or meeting whose attendees have been invited by general
      solicitation or general advertising;

	 	 	 	 
	 	(s) 	
      no person has made to the Optionee any written or oral
      representations:

	 	 	 	 
	 		(i) 	
      that any person will resell or repurchase any of the
      Securities;

	 	 	 	 
	 		(ii) 	
      that any person will refund the purchase price of any of
      the Securities; or

	 	 	 	 
	 		(iii) 	
      as to the future price or value of any of the Securities;
      and

	 	 	 	 
	 	(t) 	
      if the Optionee is a consultant of the Company, the
      Optionee has entered into a written consulting agreement with the Company
      or a related entity of the Company and spends or will spend a significant
      amount of time and attention on the affairs and business of the Company or
      such related entity.

5.         
ACKNOWLEDGEMENT AND WAIVER 

The Optionee has acknowledged that the decision to purchase the
Securities was solely made on the basis of publicly available information
contained in the Company Information. The Optionee hereby waives, to the fullest
extent permitted by law, any rights of withdrawal, rescission or compensation
for damages to which the Optionee might be entitled in connection with the
distribution of any of the Securities. 

6.         
LEGENDING OF SUBJECT SECURITIES 

6.1        The Optionee
hereby acknowledges that that upon the issuance thereof, and until such time as
the same is no longer required under the applicable securities laws and
regulations, the certificates representing any of the Securities will bear a
legend in substantially the following form: 

  
    
      THE SECURITIES REPRESENTED HEREBY HAVE BEEN OFFERED IN
        AN OFFSHORE TRANSACTION TO A PERSON WHO IS NOT A U.S. PERSON (AS DEFINED
        HEREIN) PURSUANT TO REGULATION S UNDER THE UNITED STATES SECURITIES ACT
        OF 1933, AS AMENDED (THE "1933 ACT").

    

  

9 

  
    
      NONE OF THE SECURITIES REPRESENTED HEREBY HAVE BEEN REGISTERED
        UNDER THE 1933 ACT, OR ANY U.S. STATE SECURITIES LAWS, AND, UNLESS SO
        REGISTERED, MAY NOT BE OFFERED OR SOLD, DIRECTLY OR INDIRECTLY, IN THE
        UNITED STATES (AS DEFINED HEREIN) OR TO U.S. PERSONS EXCEPT IN ACCORDANCE
        WITH THE PROVISIONS OF REGULATION S UNDER THE 1933 ACT, PURSUANT TO AN
        EFFECTIVE REGISTRATION STATEMENT UNDER THE 1933 ACT, OR PURSUANT TO AN
        AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
        REQUIREMENTS OF THE 1933 ACT AND IN EACH CASE ONLY IN ACCORDANCE WITH
        APPLICABLE STATE SECURITIES LAWS. IN ADDITION, HEDGING TRANSACTIONS INVOLVING
        THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE 1933
        ACT. "UNITED STATES" AND "U.S. PERSON" ARE AS DEFINED BY REGULATION S
        UNDER THE 1933 ACT.

      UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER
        OF THE SECURITIES SHALL NOT TRADE THE SECURITIES IN CANADA BEFORE THE
        LATER OF THE DATE THAT IS FOUR MONTHS AND A DAY AFTER THE DISTRIBUTION
        DATE AND THE DATE THE COMPANY BECOMES A REPORTING ISSUER IN A PROVINCE
        OF CANADA. 

    

  

6.2        The Optionee
hereby acknowledges and agrees to the Company making a notation on its records
or giving instructions to the registrar and transfer agent of the Company in
order to implement the restrictions on transfer set forth and described in this
Agreement. 

6.3        The Optionee
requests that the Company not put a Canadian legend on the Shares as mandated by
National Instrument 45-102, and acknowledges that without such legend the Shares
may not be resold in Canada. 

7.         
COSTS 

The Optionee acknowledges and agrees that all costs and
expenses incurred by the Optionee (including any fees and disbursements of any
special counsel retained by the Optionee) relating to the acquisition of the
Securities shall be borne by the Optionee. 

8.         
GOVERNING LAW 

This Agreement is governed by the laws of the State of Nevada
and the federal laws of the United States applicable therein. The Optionee
irrevocably attorns to the jurisdiction of the courts of the State of Nevada.

9.         
SURVIVAL 

This Agreement, including without limitation the
representations, warranties and covenants contained herein, shall survive and
continue in full force and effect and be binding upon the parties hereto
notwithstanding the completion of the purchase of the shares underlying the
Options by the Optionee pursuant hereto. 

10.        ASSIGNMENT

This Agreement is not transferable or assignable. 

10 

11.        COUNTERPARTS
AND ELECTRONIC MEANS 

This Agreement may be executed in several counterparts, each of
which will be deemed to be an original and all of which will together constitute
one and the same instrument. Delivery of an executed copy of this Agreement by
electronic facsimile transmission or other means of electronic communication
capable of producing a printed copy will be deemed to be execution and delivery
of this Agreement as of the date first above written. 

12.        SEVERABILITY

The invalidity or unenforceability of any particular provision
of this Agreement shall not affect or limit the validity or enforceability of
the remaining provisions of this Agreement. 

13.        ENTIRE
AGREEMENT 

Except as expressly provided in this Agreement and in the
agreements, instruments and other documents contemplated or provided for herein,
this Agreement is the only agreement between the Optionee and the Company with
respect to the Options, and this Agreement and the Plan supersede all prior and
contemporaneous oral and written statements and representations and contain the
entire agreement between the parties with respect to the Options. 

14.        EFFECTIVENESS

This Agreement shall be deemed to be effective following the
delivery by the Optionee to the Company of two fully executed copies of this
Agreement. 

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

AMERICAN URANIUM CORPORATION 

By:   
________________________________________________
         
Authorized Signatory 

	SIGNED, SEALED and DELIVERED by 	) 	 
	Raymond Foucault in the presence of: 	) 	 
	  	) 	 
	  	) 	 
	Signature 	) 	 
	  	) 	 
	Print Name 	) 	RAYMOND FOUCAULT
    
	  	) 	 
	Address 	) 	 
	  	) 	 
	  	) 	 
	  	) 	 
	Occupation 	) 	 

SCHEDULE A 

	TO: 	American Uranium Corporation
  
	  	1201 - 1166 Alberni St. 
	  	Vancouver, BC, Canada V6E 3Z3
  

NOTICE OF EXERCISE 

Dear Sirs/Mesdames: 

This Notice of Election to Exercise shall constitute proper
notice pursuant to Section 5.8 of American Uranium Corporation's (the “Company”)
2007 Stock Option Plan (the “Plan”) and Section 2.6 of that certain Stock Option
Agreement (the “Agreement”) dated as of March 14, 2008, between the Company and
the undersigned. The undersigned hereby elects to exercise Optionee's option to
purchase ____________________ shares of the common stock of the Company at a
price of $0.80 per share, for aggregate consideration of $____________, on the
terms and conditions set forth in the Agreement and the Plan. Such aggregate
consideration, in the form specified in Section 2.6 of the Agreement,
accompanies this notice. 

Please issue a certificate for the shares being purchased as
follows in the name of the Optionee:

	NAME: 	 
		(Please Print) 
	  	 
	ADDRESS: 	 
	 	 
	 	 
	 	 

The Optionee represents and warrants to the Company that:

	 	1. 	
      The Optionee has not offered or sold the Optioned Shares
      within the meaning of the United States Securities Act of 1933 (the
      “Securities Act”);

	 	 	 
	 	2. 	
      The Optionee is acquiring the Optioned Shares for his or
      her own account for investment, with no present intention of dividing my
      interest with others or of reselling or otherwise disposing of all or any
      portion of the same;

	 	 	 
	 	3. 	
      The Optioned Shares were offered to the Optionee in
      direct communication between the Optionee and the Company and not through
      any advertisement of any kind;

	 	 	 
	 	4. 	
      The Optionee has the financial means to bear the economic
      risk of the investment which it hereby agrees to make;

	 	 	 
	 	5. 	
      The Optionee will only sell the Optioned Shares in
      accordance with the provisions of Regulation S of the Act pursuant to
      registration under the Act, or pursuant to an available exemption from
      registration pursuant to the Act;

	 	 	 
	 	6. 	
      The Company will refuse to register any transfer of the
      Optioned Shares not made in accordance with the provisions of Regulation S
      of the Act, pursuant to registration under the Act, or pursuant to an
      available exemption from registration;

- 2 - 

	 	7. 	
      The Optionee will not engage in hedging transactions
      except in accordance with the Act;

	 	 	 
	 	8. 	
      The Optionee is not a U.S. Person, as defined in
      Regulation S of the Act.

Please deliver a share certificate in respect of the Optioned
Shares referred to in the Stock Option and Subscription Agreement surrendered
herewith but not presently subscribed for, to the Optionee.

DATED this _____day of _______________, 20___.

	Signature of Optionee: 	 
    
	 	 
	 	 
	Name of Optionee: 	Raymond Foucault 
	 	 
	 	 
	Address of Optionee:Filed by Automated Filing Services Inc. (604) 609-0244 - Canyon Copper Corp. - Exhibit 10.1

LOAN AGREEMENT

THIS AGREEMENT dated as of the 1st day of April,
2008.

BETWEEN:

CANYON COPPER CORP., of

1199 West Pender Street, Suite 408 
Vancouver, BC, Canada V6E 2R1

(hereinafter called the "Borrower")

OF THE FIRST PART

AND:

ANTHONY HARVEY, of

3024 Procter Avenue
West Vancouver, BC, Canada V7V 1G1

(hereinafter called the "Lender")

OF THE SECOND PART

WHEREAS:

A. The Borrower has requested that the Lender lend $25,000
(U.S.) to the Borrower;

B. The Lender has agreed to lend such sum to the Borrower
subject to the terms and upon the conditions hereinafter set forth.

NOW THEREFORE THIS AGREEMENT WITNESSES THAT in
consideration of the sum of $10.00 paid by each party to the other (the receipt
of which is hereby acknowledged), and other good and valuable consideration, the
parties hereto mutually covenant and agree as follows:

1. INTERPRETATION

1.1 Definitions. Where used herein or in any amendment
hereto each of the following words and phrases shall have the meanings set forth
as follows:

	 	(a) 	
      "Agreement" means this Loan Agreement including the
      Schedules hereto together with any amendments hereof;

	 	 	 
	 	(b) 	
      "Closing Date" means April 1, 2008;

	 	 	 
	 	(c) 	
      "Event of Default" means any event set forth in paragraph
      6.1;

	 	 	 
	 	(d) 	
      "Loan" means the loan of $25,000 (U.S.) to be made by the
      Lender to the Borrower in accordance with this
Agreement;

	 	(e) 	
      “Maturity” means October 1, 2008; and

	 	 	 
	 	(f) 	
      "Principal Sum" means the sum of $25,000
  (U.S.).

1.2 Number and Gender. Wherever the singular or the
masculine are used herein the same shall be deemed to include the plural or the
feminine or the body politic or corporate where the context or the parties so
require.

1.3 Headings. The headings to the articles, paragraphs,
subparagraphs or clauses of this Agreement are inserted for convenience only and
shall not affect the construction hereof.

1.4 References. Unless otherwise stated a reference
herein to a numbered or lettered article, paragraph, subparagraph or clause
refers to the article, paragraph, subparagraph or clause bearing that number or
letter in this Agreement. A reference to this Agreement or herein means this
Loan Agreement, including the Schedule hereto, together with any amendments
thereof.

1.5 Currency. All dollar amounts expressed herein refer
to lawful currency of The United States of America.

2. TERMS OF LOAN

2.1 Loan and Repayment. The Lender hereby agrees to lend
to the Borrower the Principal Sum of $25,000 (U.S.). The Loan shall be made in
United States currency and shall be repaid by the Borrower on or before October
1, 2008.

2.2 Interest. The Borrower shall pay on the amount of
the Principal Sum, interest at a rate of 15% per annum, payable annually, on
Maturity. The Borrower shall pay interest at the aforesaid rate on all overdue
interest.

2.3 Advances. The Principal Sum shall be advanced by the
lender on execution of this Agreement, in the form of certified cheque, bank
draft or wire transfer.

2.4 Pre-Payment. The Borrower may pre-pay all or any
portion of the loan at any time.

3. PROMISSORY NOTE, EXTENSIONS &
WAIVER

3.1 Loan. To evidence the Loan, the Borrower agrees to
enter into a promissory note in the form attached hereto as Schedule “A”.

3.2 Extensions. The Lender may grant extensions as the
Lender may see fit without prejudice to the liability of the Borrower or to the
Lender's rights under this Agreement or under the Promissory Note.

3.3 Waiver. The Lender may waive any breach by the Borrower
  of this Agreement or 

2

of any default by the Borrower in the observance or performance
of any covenant or condition required to be observed or performed by the
Borrower hereunder or under the Promissory Note. No failure or delay on the part
of the Lender to exercise any right, power or remedy given herein or by statute
or at law or in equity or otherwise shall operate as a waiver thereof, nor shall
any single or partial exercise of any right preclude any other exercise thereof
or the exercise of any other right, power or remedy, nor shall any waiver by the
Lender be deemed to be a waiver of any subsequent similar or other event.

4. REPRESENTATIONS AND WARRANTIES

4.1 Representations of the Borrower. The Borrower
represents and warrants to the Lender, and acknowledges that the Lender is
relying upon such representations and warranties in entering into this
Agreement, as follows:

(a) the Borrower has the capacity to
enter into this Agreement, and the execution of this Agreement and the
completion of the transactions contemplated hereby shall not be in violation any
agreement to which the Borrower is a party; and

(b) the Promissory Note has been duly
executed by the Borrower and is enforceable against the Borrower in accordance
with its terms.

5. CLOSING ARRANGEMENTS

5.1 Conditions Precedent. The Lender's obligation to
advance the Principal Sum to the Borrower shall be subject to the satisfaction
of the following conditions:

	 	(a) 	
      the representations and warranties of the Borrower shall
      be true as of the date hereof and as of the Closing Date; and

	 	 	 
	 	(b) 	
      the Borrower shall have complied with all of its
      obligations hereunder; and

The foregoing conditions precedent are inserted for the benefit
of the Lender and may be waived in whole or in part by the Lender at any time
prior to closing by delivering to the Borrower written notice to that
effect.

5.2 Time of Closing. The closing of the Loan shall take
place on execution of this Loan Agreement.

5.3 Deliveries by the Lender. On the Closing Date the
Lender shall deliver or cause to be delivered to the Borrower a certified
cheque, bank draft or solicitors' trust cheque for the Principal Sum.

6. EVENTS OF DEFAULT AND REMEDIES

6.1 Events of Default. Any one or more of the following
  events, whether or not any such event shall be voluntary or involuntary or be
  effected by operation of law or pursuant to or 

3

in compliance with any judgment, decree or order of any court
or any order, rule or regulation of any administrative or governmental body,
shall constitute an Event of Default:

(a) if the Borrower defaults in the
payment of any monies due hereunder as and when the same is due;

(b) if the Borrower defaults in the
observance or performance of any other provision hereof;

(c) if the Borrower commits an act of
bankruptcy or makes a general assignment for the benefit of its creditors or
otherwise acknowledges its insolvency; or

(d) if the Borrower makes default in
the due payment, performance or observance, in whole or in part, of any debt,
liability or obligation of the Borrower to the Lender, whether secured hereby or
otherwise.

6.2 Remedies Upon Default. Upon the occurrence of any
Event of Default and at any time thereafter, provided that the Borrower has not
by then remedied such Event of Default, the Lender may, in its discretion, by
notice to the Borrower, declare this Agreement to be in default. At any time
thereafter, while the Borrower shall not have remedied such Event of Default,
the Lender, in its discretion, may:

	 	(a) 	
      declare the Loan and other monies owing by the Borrower
      to the Lender to be immediately due and payable;

	 	 	 
	 	(b) 	
      demand payment from the Borrower and exercise all
      remedies available to the Lender.

7. MISCELLANEOUS

7.1 Notices. Any notice required or permitted to be
given under this Agreement or the Promissory Note shall be in writing and may be
given by delivering same or mailing same by registered mail or sending same by
telegram, telex, telecopier or other similar form of communication to the
following addresses:

	 	The Borrower: 	1199 West Pender Street, Suite 408 
	 	  	Vancouver, BC V6E 2R1 
	 	  	 
	 	The Lender: 	3024 Procter Avenue 
	 	  	West Vancouver, BC, Canada V7V 1G1 

Any notice so given shall:

	 	(a) 	
      if delivered, be deemed to have been given at the time of
      delivery;

	 	 	 
	 	(b) 	
      if mailed by registered mail, be deemed to have been
      given on the fourth business day after and excluding the day on which it
      was so mailed, but should

4

	 		
      there be, at the time of mailing or between the time of
      mailing and the deemed receipt of the notice, a mail strike, slowdown or
      other labour dispute which might affect the delivery of such notice by the
      mails, then such notice shall be only effective if actually delivered;
      and

	 	 	 
	 	(c) 	
      if sent by telegraph, telex, telecopier or other similar
      form of communication, be deemed to have been given or made on the first
      business day following the day on which it was
sent.

Any party may give written notice of a change of address in the
aforesaid manner, in which event such notice shall thereafter be given to such
party as above provided at such changed address.

7.2 Amendments. Neither this Agreement nor any provision
hereof may be amended, waived, discharged or terminated orally, but only by an
instrument in writing signed by the party against whom enforcement of the
amendment, waiver, discharge or termination is sought.

7.3 Entire Agreement. This 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.

7.4 Action on Business Day. If the date upon which any
act or payment hereunder is required to be done or made falls on a day which is
not a business day, then such act or payment shall be performed or made on the
first business day next following.

7.5 No Merger of Judgment. The taking of a judgment on
any covenant contained herein or on any covenant set forth in any other security
for payment of any indebtedness hereunder or performance of the obligations
hereby secured shall not operate as a merger of any such covenant or affect the
Lender's right to interest at the rate and times provided in this Agreement on
any money owing to the Lender under any covenant herein or therein set forth and
such judgment shall provide that interest thereon shall be calculated at the
same rate and in the same manner as herein provided until such judgment is fully
paid and satisfied.

7.6 Severability. If any one or more of the provisions
of this Agreement should be invalid, illegal or unenforceable in any respect in
any jurisdiction, the validity, legality or enforceability of such provision
shall not in any way be affected or impaired thereby in any other jurisdiction
and the validity, legality and enforceability of the remaining provisions
contained herein shall not in any way be affected or impaired thereby.

7.7 Successors and Assigns. This Agreement shall enure
to the benefit of and be binding upon all parties hereto and their respective
heirs, personal representatives, successors and assigns, as the case may be.

7.8 Governing Law. This Agreement shall be governed by
and be construed in accordance with the laws of the State of Nevada and the
parties hereto agree to submit to the jurisdiction of the courts of Nevada with
respect to any legal proceedings arising herefrom.

7.9 Independent Legal Advice. This Agreement has been
  prepared by O’Neill Law 

5

Group PLLC acting solely on behalf of the Borrower and the
Lender acknowledges that it has been advised to obtain independent legal
advice.

7.10 Time. Time is of the essence of this Agreement.

7.11 Headings. The headings of the paragraphs of this
Agreement are inserted for convenience only and do not define, limit, enlarge or
alter the meanings of any paragraph or clause herein.

7.12 Counterparts. This 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
Agreement to be duly executed and delivered as of the day and year first written
above.

THE BORROWER:

CANYON COPPER CORP. 
by its authorized signatory:

/s/ Kurt
Bordian
__________________________________
KURT BORDIAN

THE LENDER:

SIGNED, SEALED AND DELIVERED 
BY ANTHONY HARVEY

in the presence of:

	/s/ Linda Hay                                                        	/s/ Anthony
      Harvey                                   
	Signature 	ANTHONY HARVEY
    
	 	 
	Linda Hay                                                              	
	Name 	 
		  
	#408 – 1199 W. Pender Street                            
      	 
	Address 	  
	 	 
	Vancouver, BC V6E 2R1                                     	 

6

SCHEDULE “A”

PROMISSORY NOTE

	EXECUTED BY: 	CANYON COPPER CORP. 
	  	(the "Borrower") 
	 	 
	IN FAVOUR OF: 	ANTHONY R. HARVEY 
	  	(the "Lender") 
	 	 
	PRINCIPAL AMOUNT: 	US $25,000 
	 	 
	DATE OF EXECUTION: 	April 1, 2008 
	 	 
	PLACE OF EXECUTION: 	Vancouver, British Columbia 

FOR VALUE RECEIVED the Borrower hereby promises to pay
  to or to the order of the Lender on October 1, 2008, the principal sum of US
  $25,000, together with interest thereon at the rate of 15% per annum, calculated
  and compounded annually, both before and after maturity from the date hereof.

The Borrower waives presentment, demand, notice, protest and
  notice of dishonour and all other demands and notices in connection with the
  delivery, acceptance, performance, default or enforcement of this Promissory
  Note.

The Borrower agrees this Promissory Note may be negotiated, assigned,
  discounted, or pledged by the Lender and in every case payment will be made
  to the holder of this Promissory Note instead of the Lender upon notice being
  given by the holder to the undersigned, and no holder of this Promissory Note
  will be affected by the state of accounts between the undersigned and the Lender
  or by any equities existing between the undersigned and the Lender and will
  be deemed to be a holder in due course and for the value of the Promissory Note
  held by him.

DATED at Vancouver, British Columbia this 1st day
  of April, 2008.

CANYON COPPER CORP. 

  by its authorized signatory:

 

________________________________

  KURT BORDIAN

7

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