Document:

Filed by Automated Filing Services Inc. (604) 609-0244 - Nord Resources Corporation - Exhibit 4.38

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AND HAVE BEEN ACQUIRED FOR
INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR
DISTRIBUTION THEREOF. NO SUCH SALE OR DISTRIBUTION MAY BE EFFECTED WITHOUT AN
EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL IN A
FORM SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER
THE SECURITIES ACT OF 1933.

AMENDED AND RESTATED 

  CONVERTIBLE PROMISSORY NOTE

  DATED FOR REFERENCE OCTOBER 4, 2004

--------------------------------------

WHEREAS:

(A) Ronald A. Hirsch (the “Holder”) advanced a loan (the
“Loan”) in the principal amount of One Hundred Six Thousand Dollars ($106,000)
to Nord Resources Corporation, a Delaware corporation (the “Company”) as
evidenced by a promissory note (the “Note”) dated October 4, 2004; 

(B) The Note was amended on September 26, 2005, November 30,
2005 and May 5, 2006; and

(C) The Holder and the Company have agreed to further amend the
terms of the Loan and to wish amend and restate the Note as amended, to reflect
and consolidate all amendments to date as follows:

For value received the Company promises to pay to the Holder
the principal sum of One Hundred and Six Thousand Dollars ($106,000). Simple
interest shall accrue from October 4, 2004, on the unpaid principal amount at a
rate equal to ten percent (10%) per annum. This Note is subject to the following
terms and conditions:

1. Maturity: Unless converted as provided in Section 2, this
Note will automatically mature and be due and payable in cash upon the earlier
of:

(a) September 30, 2006; and

(b) the closing date of 

(i) a registered equity offering
and/or a debt project financing (collectively or separately, a “Funding”) in
which the Company raises not less than the aggregate amount of $25,000,000,
or

(ii) a significant corporate
transaction (a “Significant Transaction”) in which

(A) any person, together with all
affiliates and associates of such person, becomes the beneficial owner, directly
or indirectly, of securities of the Company representing 51% or more of the
common shares the Company, or 

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(B) there is a sale, lease, exchange
or other transfer (in one transaction or a series of transactions contemplated
or arranged by any party as a single plan) of all or substantially all of the
assets of the Company or of assets of the Company valued at $12,000,000 or
greater

(the “Maturity Date”). Subject to Section 2 below, interest
shall accrue on this Note,

2. Conversion:

(a) Investment by the Holder. On the
Maturity Date:

(i) resulting from a Funding, the
Company will repay the outstanding principal and interest, as follows: 

(A) as to 50% in cash, and 

(B) as to 50% in fully paid and non
assessable shares of common stock of the Company with a deemed issue price of
$0.20 per share,

(ii) resulting from a Significant
Transaction:

(A) the outstanding principal will, at
the option of the Holder communicated the Company no later than two business
days prior to the Maturity Date, and

(B) the outstanding interest will, at
the option of the Company communicated to the Holder no later than two business
days prior to the Maturity Date

be converted into fully-paid and
non-assessable shares of common stock of the Company at the conversion price of
$0.20 per share, and

(iii) not resulting a Funding or a
Significant Transaction, 

(A) some or all of the outstanding
principal may, at the option of the Holder communicated to the Company no later
than two (2) business days prior to the Maturity Date, and

(B) some or all of the outstanding
interest may, at the option of the Company communicated to the Holder no later
than two (2) business days prior to the Maturity Date

be converted into fully-paid and
non-assessable shares of common stock of the Company at the conversion price of
$0.20 per share.

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Any shares of the Company issued pursuant to this Section 2
will be “restricted shares” as defined by the Rule 144 under the Securities
Act of 1993, as amended.

(b) Mechanics and Effect of Conversion.
No fractional shares of the Company’s capital stock will be issued upon
conversion of this Note. In lieu of any fractional share to which the Holder
would otherwise be entitled, the Company will pay to the Holder in cash the
amount of the unconverted principal and interest balance of this Note that would
otherwise be converted into such fractional share. Upon conversion of this Note
pursuant to this Section 2, the Holder shall surrender this Note, duly endorsed,
at the principal offices of the Company. At its expense, the Company will, as
soon as practicable thereafter, issue and deliver to such Holder, at such
principal office, a certificate or certificates for the number of shares to
which such Holder is entitled. upon such conversion, together with an other
securities and property to which the Holder is entitled upon such conversion
under the terms of this Note, including a check payable to the Holder for any
cash amounts payable as described herein. Upon conversion of this Note, the
Company will be forever released from all of its obligations and liabilities
under this Note with regard to that portion of the principal amount and accrued
interest being converted including without limitation the obligation to pay such
portion of the principal amount and accrued interest; and

(c) Shares. The Shares issued to the
Holder pursuant to sections 2(a) and 2(b) shall be ‘restricted securities’ as
defined by Rule 144 under the Securities Act of 1933, as amended (the
“Securities Act”). However, the Company agrees that if at any time from the date
hereof until the earliest to occur of:

(i) the date as of which all the
Shares may be sold by the Holder without regard to the volume limitations set
forth in Rule 144(e) under the Securities Act, and

(ii) such date as of which all the
Shares held by the Holder have been sold, and there is not an effective
registration statement covering all of the Shares, the Company shall determine
to prepare and file with the United States Securities and Exchange Commission a
registration statement relating to an offering for its own account or the
account of others under the Securities Act, of any of its equity securities
(other than on Form S-4 or Form S-8 under the Securities Act, or their then
equivalents, relating to equity securities to be issued solely in connection
with any acquisition of any entity or business, or equity securities issuable in
connection with stock incentive or other employee benefit plans), then the
Company shall send to each Holder written notice of such determination and, if
within fifteen days after receipt of such notice, a Holder shall so request in
writing, the Company shall include in such registration statement all or any
part of the Shares the Holder requests to be registered; provided that the
Company shall not be required to register any Shares pursuant to this Section
that are eligible for resale pursuant to Rule 144(k) promulgated under the
Securities Act.

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3. Payment: All payments shall be made in lawful money of the
United States of America at such place as the Holder hereof may from time to
time designate in writing to the Company. Payment shall be credited first to the
accrued interest then due and payable and the remainder applied to principal.
Prepayment of any part of this Note or the entire amount of this Note may be
made at any time without penalty.

4. Transfer; Successors and Assigns: The terms and conditions
of this Note shall enure to the benefit of and be binding upon the respective
successors and assigns of the parties. Notwithstanding the foregoing, the Holder
may not assign, pledge, or otherwise transfer this Note without the prior
written consent of the Company, except for transfers to affiliates. Subject to
the preceding sentence, this Note may be transferred only upon surrender of the
original Note for registration of transfer, duly endorsed, or accompanied by a
duly executed written instrument of transfer in form satisfactory to the Holder.
Thereupon, a new note for the same principal amount and interest will be issued
to, and registered in the name of, the transferee. Interest and principal are
payable only to. the registered holder of this Note.

5. Governing Law: This Note and all acts and transactions
pursuant hereto and the rights and obligations of the parties hereto shall be
governed, construed and interpreted in accordance with the laws of the State of
Arizona, without giving effect to principles of conflicts of law.

6. Notices: Any notice required or permitted by this Note shall
be in writing and shall be deemed sufficient upon delivery, when delivered
personally or by a nationally-recognized delivery service (such as Federal
Express or UPS), or forty-eight (48) hours after being deposited in the U.S.
Mail, as certified or registered mail, with postage prepaid, addressed to the
party to be notified at such party’s address as set forth below or as
subsequently modified by written notice.

7. Amendments and Waivers: Any term of this Note may be amended
only with the written consent of the Company and the Holder. Any amendment or
waiver effected in accordance with this Section 7 shall be binding upon the
Company, the Holder and each transferee of the Note.

8. Stockholders, Officers and Directors Not Liable: In no event
shall any stockholder, officer or director of the Company be liable for any
amounts due or payable pursuant to this Note.

9. Entire Agreement: This Agreement, together with any exhibits
attached hereto, constitutes the entire understanding and agreement of the
parties hereto. This Agreement supersedes all prior negotiations, discussions,
correspondence, communications, understandings and agreements between the
parties relating to the subject matter of this Agreement.

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10. This Agreement may be executed in one or more counterparts,
each of which shall be deemed an original, but all of which together shall
constitute one and the same instrument. Facsimiles containing original
signatures shall be deemed for all purposes to be originally-signed copies of
the documents which are the subject of such facsimiles.

Dated as of August 14, 2006

AGREED TO AND ACCEPTED:

	COMPANY: 	 	HOLDER: 
	 	 	 
	NORD RESOURCES CORPORATION
    	 	RONALD A. HIRSCH
	 	 	 
	By: /s/ John Perry 	 	BY: /s/ Ronald A. Hirsch 
	 	 	 
	Name: 	John Perry 	 	Name: 	Ronald A. Hirsch 
	 	 	 	 	 
	Title: 	Senior Vice President, Secretary, 	 	  	 
	  	Treasurer and Chief Financial Officer 	 	Address: 	668 N. Coast Hwy, #171 
	 	 	 	 	Laguna Beach, CA 92561 USA 
	Address: 	1 West Wetmore Road, Suite 203 	 	  	
	  	Tucson, Arizona 85705 USAFiled by Automated Filing Services Inc. (604) 609-0244 - Nord Resources Corporation - Exhibit 4.39

RESTATED AGREEMENT AMENDING 
REVOLVING LINE OF
CREDIT

THIS AGREEMENT is made effective August 17, 2006.

AMONG:

NORD RESOURCES CORPORATION, a
Delaware corporation, with an office at 1 West Wetmore Road, Suite 203, Tucson,
Arizona, 85705

(“Nord”)

AND:

RONALD HIRSCH, an adult
individual residing in the county of Orange, State of California

(“Hirsch”)

AND:

STEPHEN SEYMOUR, an adult
individual residing in the county of Baltimore, State of Maryland

(“Seymour”)

WHEREAS: 

(A) On June 21, 2005, Nord entered into a $600,000 revolving
line of credit agreement (the “Credit Agreement”) and Secured Promissory
Note (the “Note” and together with the Credit Agreement, the
“Revolver”) with Hirsch and Seymour, that was amended on November 8, 2005
and May 5, 2006;

(B) Nord, Hirsch and Seymour wish to amend the terms of the
Revolver as described in this Agreement; and

(C) Capitalized terms not otherwise herein defined shall have
the meaning ascribed to them in the Revolver.

THIS AGREEMENT WITNESSES that in consideration of the
premises and of the sum of $10 and other good and valuable consideration now
paid by each of the parties to the others (the receipt and sufficiency of which
are hereby acknowledged by the parties), the parties covenant and agree
that;

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Revolving Line of Credit

1. The Maturity Date is the earlier of: 

(a) September 30, 2006, or

(b) the closing of a registered equity
offering by the Company which raises not less than US$20,000,000, 

provided that if the maturity date of Nord’s $4,900,000 loan
facility with Nedbank is extended, Nord, Hirsch, and Seymour will negotiate a
further amendment to this section in good faith.

All outstanding amounts owing under the Revolver will be paid
in cash on the Maturity Date, as so extended.

2. To delete Section 4 of the Credit Agreement in its entirety
and replace it with the following:

“4. SHARES AND WARRANTS. In
consideration of Lender’s extending the Credit Line to Borrower, Borrower agrees
to issue to Lender four shares of fully paid and non-assessable common stock in
the capital of the Borrower (the “Shares”) and four warrants (each a
“Warrant”) for every One Dollar ($1.00) loaned to Borrower in Advances.
Each Warrant shall enable the Lender to purchase one share of common stock in
the capital of the Borrower (each a “Warrant Share”) for an exercise
price of twenty-five cents ($0.25) for three (3) years. The Shares and Warrants
owed to Lender for any particular Advance shall be issued in the names of Hirsch
and/or Seymour, in accordance with Lender’s instructions, within ten (10) days
of the Advance. Lender agrees that the Shares, Warrants and Warrant Shares shall
be “restricted securities” as defined by the Rule 144 under the Securities
Act of 1933, as amended (the “Securities Act”). However, Borrower
agrees that if at any time from the date hereof until the earliest to occur of
(A) the date as of which all the Shares and Warrant Shares (collectively, the
“Registrable Shares”) may be sold by Lender without regard to the volume
limitations set forth in Rule 144(e) under the Securities Act, and (B) such date
as of which all the Registrable Shares held by Lender have been sold, and there
is not an effective registration statement covering all of the Registrable
Shares, Borrower shall determine to prepare and file with the United States
Securities and Exchange Commission a registration statement relating to an
offering for its own account or the account of others under the Securities Act,
of any of its equity securities (other than on Form S-4 or Form S-8 under the
Securities Act, or their then equivalents, relating to equity securities to be
issued solely in connection with any acquisition of any entity or business, or
equity securities issuable in connection with stock incentive or other employee
benefit plans), then Borrower shall send to each Lender written notice of such
determination and, if within fifteen days after receipt of such notice, a Lender
shall so request in writing, Borrower shall include in such registration
statement all or any part of the Registrable Shares the Lender requests to be
registered; 

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provided that the Borrower shall not
be required to register any Registrable Shares pursuant to this Section that are
eligible for resale pursuant to Rule 144(k) promulgated under the Securities
Act”;

Representations, Warranties and Acknowledgements of Seymour
and Hirsch

3. Each of Seymour and Hirsch (each, an “Offeree”)
severally represents and warrants to Nord as follows, and acknowledges that Nord
is relying upon such covenants, representations and warranties in connection
with the offer of shares of common stock in the capital of Nord (the
“Shares”) to Seymour and Hirsch contemplated by this Agreement:

(a) The Offeree has such knowledge and
experience in finance, securities, investments, including investment in
non-listed and non registered securities, and other business matters so as to be
able to evaluate the merits and risks of an investment in Nord’s common stock
and to otherwise protect its interests in connection with the transactions
contemplated hereby;

(b) Nord has provided to Offeree the
opportunity to ask questions and receive answers concerning the terms and
conditions of the offering, and the Offeree has had access to such information
concerning Nord as the Offeree has considered necessary or appropriate in
connection with its investment decision to accept the Shares pursuant to the
transactions contemplated hereby;

(c) The Offeree will be acquiring the
Shares for his own account, for investment purposes only and not with a view to
any resale, distribution or other disposition of the Shares in violation of the
United States securities laws;

(d) The Offeree will not be acquiring
the Shares 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,
television or other form of telecommunications, or any seminar or meeting whose
attendees have been invited by general solicitation or general advertising;
and

(e) The Offeree is an “accredited
investor” as defined in Rule 501(a) of Regulation D under the Securities Act, by
virtue of qualifying as one of more of the following categories of persons:

(i) a natural person whose individual
net worth, or joint net worth with that person’s spouse, at the date hereof
exceeds US $1,000,000;

(ii) a natural person who had an
individual income in excess of US $200,000 in each of the two most recent years
or joint income with that person’s spouse in excess of US $300,000 in each of
those years and has a reasonable expectation of reaching the same income level
in the current year; or

(iii) a director or executive officer
of Nord.

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4. Each Offeree severally acknowledges and agrees as
follows:

(a) The Shares have not been and will
not be registered under the Securities Act or the securities laws of any state
of the United States and that the sale contemplated hereby is being made in
reliance on an exemption from such registration requirements;

(b) The Shares are “restricted
securities” under applicable federal securities laws, and that the Securities
Act and the rules of the United States Securities and Exchange Commission
provide in substance that the Offeree may dispose of the Shares only pursuant to
an effective registration statement under the Securities Act or an exemption
therefrom;

(c) All certificates representing the
Shares will be endorsed with the following legend in accordance with the
Securities Act or such similar legend as deemed advisable by the lawyers for
Nord to ensure compliance with the Securities Act:

“THE SECURITIES REPRESENTED BY THIS
CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE
"SECURITIES ACT"), AND HAVE BEEN OFFERED AND SOLD IN RELIANCE UPON EXEMPTIONS
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. SUCH SECURITIES MAY
NOT BE REOFFERED FOR SALE OR RESOLD OR OTHERWISE TRANSFERRED UNLESS THEY ARE
REGISTERED UNDER THE APPLICABLE PROVISIONS OF THE SECURITIES ACT OR PURSUANT TO
AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT.”

(d) If the Offeree decides to offer,
sell or otherwise transfer any of the Shares, it will not offer, sell or
otherwise transfer any of such shares directly or indirectly, unless:

(i) the sale is to Nord;

(ii) the sale is made outside the
United States in a transaction meeting the requirements of Rule 904 of
Regulation S under the Securities Act and in compliance with applicable local
laws and regulations;

(iii) the sale is made pursuant to the
exemption from the registration requirements under the Securities Act provided
by Rule 144 thereunder and in accordance with any applicable state securities or
“blue sky” laws; or

(iv) the Shares are sold in a
transaction that does not require registration under the Securities Act or any
applicable state laws and regulations governing the offer and sale of
securities,

and, in the case of (iii) and (iv), it
has prior to such sale furnished to Nord an opinion of counsel reasonably
satisfactory to Nord; and

(e) As a precondition to the issuance
of any Shares, the Offeree will be required to confirm in writing that the
Offeree’s representations and warranties contained in Section 

- 5 -

3 of this Agreement shall continue to
be true and correct in all material respects at the time of such issuance.

Notice

5. Any notice, waiver or other document (each a
“Notice”) required or permitted to be given pursuant to this Agreement
will be deemed to be well and sufficiently given if in writing and delivered by
hand or transmitted by facsimile as follows:

(a) if to Nord, at:

1 West Wetmore Road, Suite 203

Tucson, Arizona, 85705 
Fax: (520) 292-0268 
Attn: John Perry

(b) if to Hirsch, at:

668 N. Coast Hwy. #171 
Laguna
Beach, CA 92561
 Fax: (949) 715-6746

(c) if to Seymour, c/o:

Rockland Investments Inc. 
2201 Old
Court Road,
 Baltimore, MD 21208 
Fax: (410) 369-6601

or at such other address or facsimile number as the party to
whom the Notice is to be given shall have last notified the party giving the
same in the manner provided in this paragraph. A Notice given or sent as
aforesaid will be deemed conclusively to have been effectively given and
received on the day it is hand delivered or transmitted by facsimile if it is
delivered or transmitted before 4:00 p.m. on a day that is not a Saturday,
Sunday or statutory holiday in the State of Arizona (a “Business Day”) or
on the next day that is a Business Day in any other case.

Amendment

6. Except as amended hereby, the Revolver continues in full
force and effect as of the date hereof.

Entire Agreement

7. This Agreement constitutes the entire agreement between the
parties, and supersedes every previous agreement, communication, expectation,
negotiation, representation or understanding, whether oral or written, express
or implied, statutory or otherwise between the parties, with respect to the
subject matter of this Agreement. Nothing in this Section 6 will limit or
restrict the effectiveness and validity of any document with respect to the
subject matter of 

- 6 -

this Agreement that is executed and delivered contemporaneously
with or pursuant to this Agreement.

Counterparts

8. This Agreement may be executed in any number of
counterparts, in original form or by facsimile, each of which will together, for
all purposes, constitute one and the same instrument, binding on the parties,
and each of which will together be deemed to be an original, notwithstanding
that each party is not a signatory to the same counterpart.

IN WITNESS WHEREOF this Agreement has been executed by
the parties effective as of the day and year first above written.

NORD RESOURCES CORPORATION

	Per: 	/s/ John Perry 	 
	  	John Perry 	 
	  	Senior Vice President, Secretary,
      Treasurer and 	 
	  	Chief Financial Officer 	 

/s/ Ronald
Hirsch                            
  
RONALD HIRSCH

/s/ Stephen
Seymour                        
STEPHEN
SEYMOUR

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