Document:

Filed by Automated Filing Services Inc. (604) 609-0244 - Tag Oil Ltd. - Exhibit 4.15

CONSULTING AGREEMENT 

This Agreement made effective as of the 1st day of September,
2007. 

BETWEEN: 

	 	TAG OIL LTD., a company incorporated
      under the laws of 
	 	British Columbia and having an office at Suite
      1407, 1050 Burrard 
	 	Street, Vancouver, British Columbia V6Z 2S3
  
	 	  
	 	(the “Company”) 

AND: 

	 	DLJ MANAGEMENT CORP., a company
      incorporated under 
	 	the laws of British Columbia and having an
      office at Suite 1407, 
	 	1050 Burrard Street, Vancouver, British
      Columbia V6Z 2S3 
	 	  
	 	(the “Consultant”) 

WHEREAS: 

(A) The Company wishes to have the Consultant provide office
space and various administrative, accounting, legal and reporting services on
matters for the Company (the “Consulting Services”); and

(B) The Company acknowledges that for the Consultant to provide
the Consulting Services, the Consultant is required to commit to hire employee’s
and enter into rental agreements for the office space provided.

(C) The Consultant and/or its employee’s is experienced and
wishes to provide the Consulting Services to the Company; 

WITNESSETH that the parties mutually agree as
follows:

PART 1 

INTERPRETATION 

Definitions 

1.1 In this Agreement: 

(a) “Agreement” means this
agreement; 

(b) “Board” means the board of
directors of the Company; 

- 2 - 

(c) “Business” means the
acquisition, exploration and development of oil and gas properties in the SE
Asian area any other material business carried on from time to time by the
Company; 

(d) “Cause” means the
circumstances if the Consultant: 

(i) is adjudicated to be bankrupt,

(ii) is convicted of any indictable
offence; 

(iii) commits an act of gross
misconduct, wilful negligence or fraud in respect of the responsibilities or
duties required to be performed under this Agreement, or to be undertaken or
required to be undertaken in accordance with the provisions of this Agreement;
or 

(iv) engages in any conduct which is
intentional and materially injurious to the Business;

(e) “Change of Control” means:

(i) the acquisition by any “offeror”
(as defined in s. 92(1) of the Securities Act (British Columbia) of
beneficial ownership of more than 20% of the outstanding voting securities of
the Company, by means of a takeover bid or otherwise; 

(ii) any consolidation or merger of
the Company in which the Company is not the continuing or surviving company or
pursuant to which shares of the Company would be converted into cash, securities
or other property, other than a merger of the Company in which shareholders
immediately prior to the merger have the same proportionate ownership of stock
of the surviving company immediately after the merger; 

(iii) any sale, lease, exchange or
other transfer (in one transaction or a series of related transaction) of all or
substantially all of the assets of the Company;

(iv) the approval by the shareholders
of the Company of any plan of liquidation or dissolution of the Company; or 

(v) the Incumbent Directors cease to
constitute a majority of the Board; 

(f) “Confidential Information”
means any information which is non public, confidential or proprietary in nature
relating to the Company or its Business including without limitation business
plans, financial data, transactions or other affairs of the Company and
analyses, compilations, forecasts, documentation, software, and technical
information, in oral, written, electronic or any other form. Confidential
Information does not include information that is or becomes generally available
to the public without fault of the Consultant or that the Consultant can
establish, through written records, was in his possession prior to its
disclosure in connection with the Consultant’s engagement; 

- 3 - 

(g) “Fee” means the fee set out
in section 3.2 herein;

(h) “Good Reason” means any
circumstance in which the Consultant is induced by actions of the Company to
terminate its employment other than on a purely voluntary basis, and without
limiting the generality of the foregoing will include: 

(i) a reduction or diminution in the
level of responsibility, title or office of the Consultant; 

(ii) a reduction in the compensation
level of the Consultant, taken as a whole;

(iii) forced relocation to another
geographic location; or 

(iv) the failure of the Company or any
successor company to maintain substantially similar employment terms with the
Consultant after a Change of Control as were in existence prior to the Change of
Control; 

(i) “Incumbent Director” means
any member of the Board who was a member of the Board prior to the occurrence of
the transaction, transactions or elections giving rise to a Change of Control
and any successor to an Incumbent Director who was recommended or elected or
appointed to succeed an Incumbent Director by the affirmative vote of a majority
of the Incumbent Directors then on the Board; and 

(j) “Term” means the term of
this Agreement as set out in section 3.1. 

Interpretation 

1.2 For the purposes of this Agreement, except as otherwise
expressly provided herein: 

(a) “this Agreement” means this
Agreement as it may from time to time be supplemented or amended and in effect;

(b) the words “herein”, “hereof” and
“hereunder” and other words of similar import refer to this Agreement as a whole
and not to any particular section, subsection, paragraph or other subdivision;

(c) the singular of any term includes
the plural and vice versa and the use of any term is equally applicable to any
gender and where applicable a body corporate; 

(d) the word “or” is not exclusive and
the word “including” is not limiting (whether or not non-limiting language such
as “without limitation” or “but not limited to” or other words of similar import
is used with reference thereto); 

(e) all references to currency means
Canadian currency except where otherwise expressly stated; and 

- 4 - 

(f) the headings to the sections,
subsections and paragraphs of this Agreement are inserted for convenience only
and do not form a part of this Agreement and are not intended to interpret,
define or limit the scope, extent or intent of this Agreement or any provision
hereof. 

PART 2 

ENGAGEMENT 

Services 

2.1 The Company hereby retains the Consultant for its
Consulting Services and the Consultant hereby undertakes to perform the
Consulting Services for the Company on a part-time basis upon and subject to the
terms and conditions of this Agreement. 

Duties 

2.2 The Consultant’s principle duties and responsibilities will
be to provide office space and Consulting Services to assist with the
administration, corporate and regulatory aspects of the Business. 

General Duties 

2.3 During the term of this Agreement, the Consultant will:

(a) diligently perform its duties
arising under this Agreement to the best of his skill and ability, and 

(b) attend to its duties on a part-time
basis as necessary, as reasonably required by the Company. 

PART 3 

TERM AND COMPENSATION

Term 

3.1 The Consultant will commence the Consulting Services
hereunder on September 1, 2007 and will continue on an on-going basis (the
“Term”), subject to Part 5. 

Compensation 

3.2 The Company will compensate the Consultant for the
Consulting Services throughout the Term in an amount equal to $144,000 per
annum, payable monthly (the “Fee”). The Consultant hereby acknowledges that the
Consultant is responsible for remitting its own taxes and any contributions
required by law to be remitted in connection with the Fee, and the Company will
have no responsibility in respect of any failure by the Consultant to properly
remit 

- 5 - 

such amounts when due, and the Consultant agrees to indemnify
and save the Company harmless from and against assessments, losses or penalties
actually incurred by the Company in this respect. 

PART 4 

CONFIDENTIALITY

Confidential Information 

4.1 The Consultant acknowledges that in the course of carrying
out, performing and fulfilling its duties with the Company it has had and will
continue to have access to and be entrusted with Confidential Information
concerning the present and contemplated projects, prospects and opportunities of
the Company, and that the disclosure of any such Confidential Information to the
competitors of the Company or to the general public would be highly detrimental
to the best interests of the Company. The Consultant further acknowledges and
agrees that the right to maintain such detailed Confidential Information
constitutes a proprietary right which the Company is entitled to protect.
Accordingly, the Consultant covenants and agrees with the Company that it will
not (either during the continuance of its engagement with the Company or at any
time thereafter) disclose any of such Confidential Information to any person nor
shall the Consultant use the same for any purpose other than those for the
benefit of the Company.

Return of Confidential Information 

4.2 The Consultant will on demand return to the Company all
documentation (in any paper or electronic medium) containing Confidential
Information in the possession of the Consultant or in respect of which the
Consultant may exercise control. 

Injunctive Relief 

4.3 The Consultant acknowledges that irreparable harm may
result to the Company if the Consultant breaches his obligations under this Part
4. The Consultant acknowledges that such a breach may not properly be
compensated by an award of damages. Accordingly, the remedy for any such breach
may include, in addition to other available remedies and damages, injunctive
relief or other equitable relief enjoining such breach at the earliest possible
date. 

PART 5 

TERMINATION 

Resignation 

5.1 The Consultant may at any time terminate this Agreement for
any cause or reason, or without any cause or reason, by giving to the Company
one months’ prior written notice of such termination and upon the expiry of such
notice, this Agreement shall terminate. In such 

- 6 - 

event the Consultant will not be entitled to any payment on
account of such termination, other than such amounts due to the Consultant under
this Agreement in respect of the period ending on the date of termination. 

Termination for Cause 

5.2 The Company may on written notice immediately terminate the
engagement of the Consultant for any reason which constitutes Cause, and in such
event the Consultant will not be entitled to any payment on account of such
termination, other than such amounts due to the Consultant under this Agreement
in respect of the period ending on the date of termination. 

Termination without Cause 

5.3 The Company may terminate the engagement of the Consultant
at any time without Cause by giving to the Consultant one months’ written notice
of such termination and upon the expiry of such written notice, this Agreement
will terminate. 

Termination for Good Reason 

5.4 The Consultant may terminate this Agreement for Good Reason
by giving to the Company one months’ written notice of such termination and upon
the expiry of such written notice, this Agreement will terminate. 

Termination on Change of Control 

5.5 The Consultant may terminate this Agreement within ninety
days of any Change of Control by giving to the Company one months’ written
notice of such termination and upon the expiry of such written notice, this
Agreement will terminate. 

Payment upon Termination 

5.6 In the event of the termination of this Agreement under
sections 5.3, 5.4 or 5.5, the Company will pay to the Consultant a lump sum
amount equal to $180,000 prior to the expiry of such written notice, or such
other amount as may be agreed to by both parties. 

Return of Property 

5.7 On termination of this Agreement for any reason, the
Consultant agrees to return to the Company, as they may direct, all Company
property including all written information, tapes, discs or memory devices and
copies thereof, and any other material on any medium in his possession or
control pertaining to the Business, without retaining any copies or records of
any Confidential Information whatsoever. The Consultant will also return any
keys, pass cards, identification cards or other property belonging to the
Company. 

- 7 - 

No Reduction of Amounts Owed 

5.8 The amounts payable to the Consultant hereunder will not be
reduced in any respect in the event that the Consultant will secure or will not
reasonably pursue alternative employment following termination of this
Agreement. 

PART 6 

OTHER BUSINESS ACTIVITIES 

6.1 It is recognized that the Consultant has other business
activities to which it devotes up to approximately 60% of its time and
attention. It is expected the Consultant will use its best efforts not to have
these activities interfere with the performance of the Consulting Services in
accordance with this Agreement and will devote appropriate time and energy to
the business and affairs of the Company. 

PART 7 

GENERAL 

Counterpart 

7.1 This Agreement and any other writing delivered pursuant to
this Agreement may be executed in any number of counterparts with the same
effect as if all parties to this Agreement or such other writing had signed the
same document and all counterparts will be construed together and will
constitute one and the same instrument. 

Governing Laws 

7.2 This Agreement will be interpreted under and is governed by
the laws of the Province of British Columbia and the laws of Canada that are
applicable and the courts of the Province of British Columbia will have
exclusive jurisdiction to entertain any action arising under this Agreement and
the Parties hereby attorn to the jurisdiction of those courts. 

Assistance 

7.3 The parties must render all such assistance to one another
as may reasonably be required to enable the provisions of the Agreement
expeditiously to be given effect and the parties agree that they and each of
them will execute all documents and do all acts and things within their
respective powers to carry out and/or implement the provisions or intent of this
Agreement. 

Notice 

7.4 All notices required to be given by any party under this
Agreement shall be in writing and shall be delivered by hand or properly
addressed prepaid registered post or facsimile 

- 8 - 

addressed to a party at its address set out on Page 1 of this
Agreement or such other address as a party may from time to time designate in
writing. 

7.5 Any notice given shall be deemed to have been delivered:

(a) in the case of delivery by ordinary
prepaid registered post, three business days after posting; or 

(b) in the case of transmission by
facsimile, upon receipt by the sender of a transmission report showing
transmission free of error. 

Entire Agreement 

7.6 This Agreement constitutes the whole agreement between the
parties and supersedes any and every prior agreement of understanding between
the Company and the Consultant whether oral or written or partly oral and partly
written and except as herein expressly provided no prior agreement shall be
referred to or considered in any proceedings or disputes between parties to
assist in or determining the interpretation of the Agreement or to determine the
rights, obligations and privileges of the parties, or otherwise. 

Amendments 

7.7 No modification of this Agreement will be valid unless in
writing and signed by the parties hereto. 

Further Assurances 

7.8 Each party will make, execute and do so cause to be made,
executed or done all necessary agreements, deeds and acts which may be necessary
to protect, secure or otherwise ensure compliance between them with the terms of
this Agreement. 

Assignment and Enurement 

7.9 This Agreement will be binding upon and will enure to the
benefit of the parties and their respective successors and permitted assigns;
provided that this Agreement will not be assigned, in whole or in part, by
either party to any other person, firm or Company, without the prior written
consent of the other party. 

Non-Waiver 

7.10 No waiver of any breach of any term of this Agreement will
be effective unless that waiver is in writing and signed by the party against
whom that waiver is claimed. No waiver of any breach will be or be deemed to be
a waiver of any other or subsequent breach. 

- 9 - 

Severability 

7.11 If any provision or portion of this Agreement is
determined to be invalid or unenforceable for any reason, then that provision or
portion will be severed from this Agreement and the rest of this Agreement will
remain in full force and effect. 

Survival

7.12 The Company and the Consultant expressly acknowledge and
agree that the provisions of this Agreement, which by their express or implied
terms extend beyond the termination of the Consultant’s employment hereunder, or
beyond the termination of this Agreement, shall continue in full force and
effect notwithstanding the termination of the Consultant’s employment or the
termination of this Agreement for any reason. 

Independent Legal Advice 

7.13 The Consultant acknowledges that it has been advised to
obtain independent legal advice with respect to the terms of this Agreement
prior to its execution and has, to the extent thought necessary, obtained such
advice and understands the terms and rights and obligations under this
Agreement. 

IN WITNESS WHEREOF this Agreement has been executed by
the parties on the 1st day of September, 2007. 

- 10 - 

TAG OIL LTD. 

	 Per: 		 
	 	Authorized Signatory 	 

	SIGNED, SEALED AND DELIVERED by 	) 	 
	DLJ MANAGEMENT CORP. in the presence
    	) 	 
	of: 	) 	 
	  	) 	 
	  	) 	 
	  	) 	 DLJ MANAGEMENT
      CORP. 
	Witness 	) 	 
	  	) 	 
	  	) 	 
	Name 	) 	 
	  	) 	 
	  	) 	 
	  	) 	 
	Address 	) 	 
	  	) 	 
	  	) 	 
	  	)Filed by Automated Filing Services Inc. (604) 609-0244 - Amarc Resources Ltd. - Exhibit 4.3

LOAN AGREEMENT 

THIS AGREEMENT dated for reference January 26, 2007 is between:

  
    
      AMARC RESOURCES LTD. a British Columbia company,
        having an office at Suite 1020-800 West Pender Street , Vancouver, British
        Columbia V6C 2V6 

      (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 has
agreed to lend to the Borrower and the Borrower has agreed to borrow from the
Lender the aggregate principal amount of $5,500,000 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) 	
      "Advance" means the advance of the Loan
  hereunder;

	 	 	 
		(b) 	
      "Business Day" means a day which is not a Saturday,
      Sunday or a statutory holiday in British Columbia;

	 	 	 
		(c) 	
      "Event of Default" has the meaning set forth in paragraph
      11 below;

	 	 	 
		(d) 	
      "Exchange" means the TSX Venture Exchange;

	 	 	 
		(e) 	
      "Loan" means the $5,500,000 to be lent by the Lender to
      the Borrower pursuant to this Agreement;

	 	 	 
		(f) 	
      "Interest Payment Shares" has the meaning set forth in
      subparagraph 5 below;

	 	 	 
		(g) 	
      "N9C" means N9C Resources Inc, a Cayman Island company
      wholly-owned by the Borrower;

	 	 	 
		(h) 	
      "N10C" means N10 Resources Inc., a Cayman Island company
      wholly-owned by N9C;

	 	 	 
		(i) 	
      "Outstanding Balance" has the meaning set forth in
      subparagraph 4(a) below;

- 2 - 

	 	(j) 	
      "Rockwell Resources South Africa" means Rockwell
      Resources RSA (Proprietary) Limited, a South African company wholly owned
      by N10C; and

	 	 	 
	 	(k) 	
      "Subsidiaries" means, with respect to the Borrower, any
      corporation of which at least a majority of the outstanding shares to
      which there is attached voting power under ordinary circumstances to elect
      a majority of the board of directors of such corporation, shall at the
      relevant time be owned directly or indirectly by the Borrower, one or more
      Subsidiaries of the Borrower, or any combination thereof, and "Subsidiary"
      shall mean any one of them.

	2. 	
      Loan Advance. Subject to and upon the fulfilment
      of the conditions precedent contained in paragraph 7 of this Agreement, as
      the case may be, the Lender will advance the principal amount of the Loan
      to the Borrower or as the Borrower may otherwise direct.

	 	 	 	 
	3. 	
      Use of Proceeds. The Borrower covenants and agrees
      with the Lender that the Loan proceeds will be used by the Borrower to
      fund its strategic acquisition and working capital requirements.

	 	 	 	 
	4. 	
      Term and Prepayment.

	 	 	 	 
		(a) 	
      The principal amount of each 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
      in respect of all Advances, the "Outstanding Balance"), will be
      immediately due and payable by the Borrower to the Lender on April 26,
      2007 (the “Repayment Date”).

	 	 	 	 
		(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, as defined in
      paragraph 11 hereof.

	 	 	 	 
		(c) 	
      If after the Initial Advance of the Loan, 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, 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 Loan, after
      settlement of any amounts outstanding under the Quest Capital Corp. loan
      agreement.

	 	 	 	 
		(d) 	
      The Borrower may prepay the Loan or the Outstanding
      Balance in respect of the Advance, in either case 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
      has provided to a Lender not less than ten (10) Business Days’ prior
      written notice of its intention to prepay the Loan, after settlement of
      any amounts outstanding under the Quest Capital Corp. loan
    agreement.

- 3 - 

	5. 	
      Interest. Interest will accrue on the Outstanding
      Balance from the date of advance at the rate of twenty percent (20%) per
      annum, calculated daily and compounded quarterly, and be payable by the
      Borrower to the Lender on the Repayment Date. Interest payable shall be
      payable in the form of common shares in the capital of the Borrower (the
      "Interest Payment Shares"), based upon the 10 day average closing price of
      the Borrower's common shares through the facilities of the Exchange
      immediately preceding such Repayment Date, less a 10% discount. Interest
      payable after maturity, default and judgment, if any, shall be payable to
      the Lender by certified cheque or bank draft. The Interest Payment Shares
      shall be subject to applicable resale restrictions Canadian securities
      legislation.

	 	 
	6. 	
      Security. As security for the repayment of the
      Loan the Borrower will execute and deliver to the Lender a promissory
      note, in the form attached as Schedule "A" hereto (the "Note"), together
      with personal guarantees provided by David Copeland, Ron Thiessen, Jeffrey
      Mason and Scott Cousens in the forms attached as Schedule “B” hereto, all
      in form and terms satisfactory to the Lender and its counsel (the
      "Security"). The Loan is otherwise unsecured and acknowledged by the
      Lender to be subordinate to prior ranking indebtedness owed by the
      Borrower.

	 	 
	7. 	
      Conditions Precedent to Advance. As conditions
      precedent to the Advance under the Loan by the
Lender:

	 	(a) 	
      the Borrower will have:

	 	 	 	 
	 		(i) 	
      executed and delivered or caused to be executed and
      delivered the promissory note referred to above ;

	 	 	 	 
	 		(ii) 	
      received approval from the Exchange for the transactions
      contemplated herein, including the issuance of the Interest Payment Shares
      in respect of interest payments due or coming due hereunder; and

	 	 	 	 
	 		(iii) 	
      delivered a certified copy of its and each relevant
      Subsidiary’s directors' resolutions authorizing the borrowing of the Loan,
      the grant of the Security and the execution and delivery of this Agreement
      and all agreements, documents and instruments referred to herein, together
      with an officer's certificate, certifying certain factual
  matters.

	 	 	 	 
	 		
      all in form and terms satisfactory to the Lender and its
      counsel;

	 	 	 	 
	 	(b) 	
      the representations and warranties of the Borrower
      contained in paragraph 8 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 Initial Advance under the Loan 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 its
      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 its
      Subsidiaries; and

- 4 - 

	 	(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 January 26, 2007, this Agreement
will terminate, and the Lender will be under no further obligation to the
Borrower in connection with the transaction contemplated herein. 

	8. 	
      Representations and Warranties. The Borrower
      represents and warrants to the Lender as follows:

	 	 	 
		(a) 	
      the Borrower exist as a company under the Business
      Corporations Act (British Columbia), has not discontinued or been
      dissolved under that Act and is in good standing with respect to the
      filing of annual reports thereunder;

	 	 	 
		(b) 	
      each of N9C and N10C exist as a company under the laws of
      the Cayman Islands, has not discontinued or been dissolved under those
      laws, and is in good standing with respect to the filing of any reports
      thereunder;

	 	 	 
		(c) 	
      Rockwell Resources South Africa exists as a company under
      the laws of the Republic of South Africa, has not discontinued or been
      dissolved under those laws, and is in good standing with respect to the
      filing of any reports thereunder;

	 	 	 
		(d) 	
      each of the Borrower and its Subsidiaries has the power
      and authority to (i) carry on its businesses as now being conducted and is
      licensed or registered or otherwise qualified in all jurisdictions where
      in the nature of its assets or the business transacted makes such
      licensing, registration or qualification necessary, (ii) acquire, own,
      hold, lease and mortgage or grant security in its assets including real
      property and personal property and (iii) enter into and perform its
      obligations under this Agreement and all other documents or instruments
      delivered hereunder;

	 	 	 
		(e) 	
      this Agreement and all ancillary instruments or documents
      issued, executed and delivered hereunder by the Borrower, has been duly
      authorized by all necessary action of the Borrower and each constitutes or
      will constitute a legal, valid and binding obligation of each, enforceable
      against the Borrower in accordance with their terms, subject to 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) 	
      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;

- 5 - 

	 	(h) 	
      the audited annual consolidated financial statements for
      Borrower for the fiscal year ended May 31, 2006 and the quarterly
      financial statements for the fiscal periods ended August 31, 2006 and
      November 30, 2006, including the respective management's discussion and
      analysis publicly disclosed in connection therewith (collectively, the
      "Financial Statements"), fairly present the financial affairs of Borrower
      and its 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;

	 	 	 
	 	(j) 	
      the Borrower and its 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;

	 	 	 
	 	(k) 	
      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;

	 	 	 
	 	(l) 	
      the Borrower and its 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;

	 	 	 
	 	(m) 	
      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;

	 	 	 
	 	(n) 	
      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

- 6 - 

	 		
      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;

	 	 	 
	 	(o) 	
      neither the Borrower nor any Subsidiary is a party to any
      material contract other than as disclosed in the Public Record;

	 	 	 
	 	(p) 	
      the Borrower is a reporting issuer (where such concept
      exists) under the Securities Acts 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 Loan to the
  Lender;

	 	 	 
	 	(q) 	
      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, 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, and no rights, warrants or options to
      acquire, or instruments convertible into or exchangeable for any shares in
      the capital of the Borrower are outstanding;

	 	 	 
	 	(r) 	
      upon issuance, the Interest Payment Shares will be duly
      and validly issued as fully paid non-assessable common shares in the
      capital of the Borrower;

	 	 	 
	 	(s) 	
      except as disclosed on the Public Record, the Borrower
      has no direct or indirect subsidiary corporations;

	 	 	 
	 	(t) 	
      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;

	 	 	 
	 	(u) 	
      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;

	 	 	 
	 	(v) 	
      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

	 	 	 
	 	(w) 	
      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.

- 7 - 

	9. 	
      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 its 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 Loan 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;

	 	 	 
		(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.

- 8 - 

	10. 	
      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 or as
      contemplated in connection with the concurrent loan arrangements being
      undertaken by the Company with Quest Capital Corp., 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 (but greater
      certainty, the existing charges are acceptable to the Lender);

	 	 	 
		(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;

	 	 	 
		(h) 	
      in respect of itself or any Subsidiary, pay out any
      shareholders loans or other indebtedness to non-arm's length parties;
      or

	 	 	 
		(i) 	
      in respect of itself or any Subsidiary, guarantee the
      obligations of any other person, directly or indirectly.

	 	 	 
	11. 	
      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 Loan, 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 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;

- 9 - 

	 	(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 Loan 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 or any
      Subsidiary 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, 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.

	12. 	
      Effect of Event of Default. If any one or more of
      the Events of Default occur or occurs and is or are continuing for a
      period of greater than 15 Business Days, 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.

	 	 
	13. 	
      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

- 10 - 

		
      within that time, such amount will be added to and form
      part of the principal amount of the Loan and shall accrue interest from
      such date as if it had been advanced by the Lender to the Borrower
      hereunder.

	 	 	 	 
	14. 	
      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.

	 	 	 	 
	15. 	
      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:

	 	 	 	 
			(i) 	
      if to the Lender:

	 	 	 	 
				
      Amarc Resources Ltd.

				
      Suite 1020-800 West Pender Street 
Vancouver, BC V6C
      3P1

	 	Attention:        Bob
      Dickinson , Director 
	 	Fax No: (604) 684-8092 

	 	(ii) 	
      if to the Borrower:

	 	 	 
	 		
      Rockwell Ventures Inc.

	 		
      Suite 1020, 800 West Pender Street 
Vancouver, BC V6C
      2V6

Attention:        David
Copeland 
Fax No: (604) 684 8092 

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

- 11 - 

disruption in postal services every
notice or communication will be delivered by hand or sent by facsimile
transmission. 

	16. 	
      Assignment. The Borrower acknowledges and agrees
      that the Lender may assign all or part of the Loan, 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.

	 	 	 
	17. 	
      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 structuring fees due under this
      Agreement to the Lender and any assignee, pro rata in accordance with
      their respective proportionate interests in the Loan as set out in such
      written notice and direction, absent which all such payments may be made
      to the Lender.

	 	 	 
	18. 	
      Enurement. This Agreement will enure to the
      benefit of and be binding upon the parties hereto and their respective
      successors and permitted assigns.

	 	 	 
	19. 	
      Waivers. No failure or delay on the Lender's part
      in exercising any power or right hereunder will operate as a waiver
      thereof.

	 	 	 
	20. 	
      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.

	 	 	 
	21. 	
      Time. Time is of the essence of this Agreement and
      all documents or instruments delivered hereunder.

	 	 	 
	22. 	
      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 Loan 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) 	
      the elements of return which fall within the term
      "interest" will be reduced to the extent necessary to eliminate such
      excess;

	 	 	 
		(b) 	
      any remaining excess that has been paid will be credited
      towards prepayment of the Loan; and

	 	 	 
		(c) 	
      any overpayment that may remain after such crediting will
      be returned forthwith to the Borrower upon demand, and, in the event of
      dispute, a Fellow of the Canadian Institute of Actuaries appointed by the
      Lender will perform the relevant calculations and determine the
      reductions, modifications and credits necessary to effect the foregoing
      and the same will be conclusive and binding on the parties. This
      Agreement, the Note and all related agreements and documents will
      automatically be modified to reflect such modifications without the
      necessity of any further act or deed of the Borrower and the Lender to
      give effect to them.

- 12 - 

	23. 	
      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.

	 	 
	24. 	
      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.

	 	 
	25. 	
      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 Agreement may be
      varied or amended only by or pursuant to an agreement in writing signed by
      the parties hereto.

	 	 
	26. 	
      Schedules. All Schedules attached hereto will be
      deemed fully a part of this Agreement.

	 	 
	27. 	
      Currency. All references herein to "dollars" or
      "$" are to Canadian dollars, unless otherwise indicated.

	 	 
	28. 	
      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. 

AMARC RESOURCES LTD. 

Per: 

__________________________________
Authorized Signatory 

 

ROCKWELL VENTURES INC. 

Per: 

__________________________________
Authorized Signatory 

SCHEDULE "A" 

PROMISSORY NOTE 

Principal Amount: Cdn$5,500,000 

For value received, ROCKWELL VENTURES INC. (the "Borrower")
hereby promises to pay TO AMARC RESOURCES LTD. (the "Lender") the principal sum
of FIVE MILLION FIVE HUNDRED THOUSAND CANADIAN DOLLARS (Cdn.$5,500,000) on the
earlier of: 

	 	(a) 	
      April 26, 2007 (the “Repayment Date”);

	 	 	 
	 	(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
      Loan Agreement between the Borrower and the Lender dated for reference
      January 26, 2007),

together with interest accruing on the outstanding principal
amount from the date hereof at a rate of TWENTY PERCENT (20%) per annum payable
by the Borrower to the Lender on the Repayment Date. Interest payable at the
Lender’s election in the form of common shares in the capital of the Borrower
(the "Interest Payment Shares"), based upon the 10 day average closing price of
the Borrower's common shares through the facilities of the Exchange, less a 10%
discount, immediately prior to such Repayment Date. Interest payable after
maturity, default and judgment, if any, shall be payable to the Lender by
certified cheque or bank draft. The Interest Payment Shares shall be subject to
applicable resale restrictions Canadian securities legislation.. 

The undersigned is entitled to prepay this promissory note, in
whole or in part, without notice or penalty. The undersigned waives demand and
presentment for payment, notice of non-payment, 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: January 26, 2007. 

ROCKWELL VENTURES INC. 

Per: 

__________________________________
Authorized Signatory

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00130-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00130-of-00352.parquet"}]]