Document:

EXHIBIT 10.92

                                     WARRANT

THE SECURITIES REPRESENTED BY THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE
SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT AND MAY NOT BE OFFERED FOR SALE,
SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION
STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR
APPLICABLE STATE SECURITIES LAWS, OR AN OPINION OF COUNSEL IN A FORM REASONABLY
SATISFACTORY TO THE ISSUER THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR
APPLICABLE STATE SECURITIES LAWS OR UNLESS SOLD PURSUANT TO RULE 144 UNDER SAID
ACT.

                           U.S. HELICOPTER CORPORATION

                        WARRANT TO PURCHASE COMMON STOCK

Warrant No.: USHP-4-4                     Number of Shares:               47,827
                                          Warrant Exercise Price:         $1.15

Date of Issuance: March 30, 2007

U.S. Helicopter Corporation, a Delawarre corporation (the "COMPANY"), hereby
certifies that, for good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, CORNELL CAPITAL PARTNERS, LP (the "HOLDER"),
the registered holder hereof or its permitted assigns, is entitled, subject to
the terms set forth below, to purchase from the Company upon surrender of this
Warrant, at any time or times on or after the date hereof, but not after 11:59
P.M. Eastern Time on the Expiration Date (as defined herein) up to FORTY SEVEN
THOUSAND EIGHT HUNDRED TWENTY SEVEN (47,827) fully paid and nonassessable shares
of Common Stock (as defined herein) of the Company (the "WARRANT SHARES") at the
exercise price per share provided in Section 1(b) below or as subsequently
adjusted; provided, however, that in no event shall the holder be entitled to
exercise this Warrant for a number of Warrant Shares in excess of that number of
Warrant Shares which, upon giving effect to such exercise, would cause the
aggregate number of shares of Common Stock beneficially owned by the holder and
its affiliates to exceed 4.99% of the outstanding shares of the Common Stock
following such exercise, except within sixty (60) days of the Expiration Date
(however, such restriction may be waived by Holder (but only as to itself and
not to any other holder) upon not less than 65 days prior notice to the
Company). For purposes of the foregoing proviso, the aggregate number of shares
of Common Stock beneficially owned by the holder and its affiliates shall
include the number of shares of Common Stock issuable upon exercise of this
Warrant with respect to which the determination of such proviso is being made,
but shall exclude shares of Common Stock which would be issuable upon (i)
exercise of the remaining, unexercised Warrants beneficially owned by the holder
and its affiliates and (ii) exercise or conversion of the unexercised or
unconverted portion of any other securities of the Company beneficially owned by
the holder and its affiliates (including, without limitation, any convertible

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notes or preferred stock) subject to a limitation on conversion or exercise
analogous to the limitation contained herein. Except as set forth in the
preceding sentence, for purposes of this paragraph, beneficial ownership shall
be calculated in accordance with Section 13(d) of the Securities Exchange Act of
1934, as amended. For purposes of this Warrant, in determining the number of
outstanding shares of Common Stock a holder may rely on the number of
outstanding shares of Common Stock as reflected in (1) the Company's most recent
Form 10-QSB or Form 10-KSB, as the case may be, (2) a more recent public
announcement by the Company or (3) any other notice by the Company or its
transfer agent setting forth the number of shares of Common Stock outstanding.
Upon the written request of any holder, the Company shall promptly, but in no
event later than one (1) Business Day following the receipt of such notice,
confirm in writing to any such holder the number of shares of Common Stock then
outstanding. In any case, the number of outstanding shares of Common Stock shall
be determined after giving effect to the exercise of Warrants (as defined below)
by such holder and its affiliates since the date as of which such number of
outstanding shares of Common Stock was reported.

         Section 1.

                  (a) This Warrant is one of the warrants issued pursuant to the
Securities Purchase Agreement ("SECURITIES PURCHASE AGREEMENT") dated the date
hereof between the Company and the Buyers listed on Schedule I thereto or issued
in exchange or substitution thereafter or replacement thereof. Each Capitalized
term used, and not otherwise defined herein, shall have the meaning ascribed
thereto in the Securities Purchase Agreement.

                  (b) DEFINITIONS. The following words and terms as used in this
Warrant shall have the following meanings:

                           (i) "APPROVED STOCK PLAN" means a stock option plan
that has been approved by the Board of Directors of the Company prior to the
date of the Securities Purchase Agreement, pursuant to which the Company's
securities may be issued only to any employee, officer or director for services
provided to the Company.

                           (ii) "BUSINESS DAY" means any day other than
Saturday, Sunday or other day on which commercial banks in the City of New York
are authorized or required by law to remain closed.

                           (iii) "CLOSING BID PRICE" means the closing bid price
of Common Stock as quoted on the Principal Market (as reported by Bloomberg
Financial Markets ("BLOOMBERG") through its "Volume at Price" function).

                           (iv) "COMMON STOCK" means (i) the Company's common
stock, par value $0.001 per share, and (ii) any capital stock into which such
Common Stock shall have been changed or any capital stock resulting from a
reclassification of such Common Stock.

                           (v) "EVENT OF DEFAULT" means an event of default
under the Securities Purchase Agreement or the Convertible Debentures issued in
connection therewith.

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                           (vi) "EXCLUDED SECURITIES" means, (a) shares issued
or deemed to have been issued by the Company pursuant to an Approved Stock Plan,
(b) shares of Common Stock issued or deemed to be issued by the Company upon the
conversion, exchange or exercise of any right, option, obligation or security
outstanding on the date prior to date of the Securities Purchase Agreement,
provided that the terms of such right, option, obligation or security are not
amended or otherwise modified on or after the date of the Securities Purchase
Agreement, and provided that the conversion price, exchange price, exercise
price or other purchase price is not reduced, adjusted or otherwise modified and
the number of shares of Common Stock issued or issuable is not increased
(whether by operation of, or in accordance with, the relevant governing
documents or otherwise) on or after the date of the Securities Purchase
Agreement, and (c) the shares of Common Stock issued or deemed to be issued by
the Company upon conversion of the Convertible Debentures or exercise of the
Warrants.

                           (vii) "EXPIRATION DATE" means the date five (5) years
from the Issuance Date of this Warrant or, if such date falls on a Saturday,
Sunday or other day on which banks are required or authorized to be closed in
the City of New York or the State of New York or on which trading does not take
place on the Principal Exchange or automated quotation system on which the
Common Stock is traded (a "HOLIDAY"), the next date that is not a Holiday.

                           (viii) "ISSUANCE DATE" means the date hereof.

                           (ix) "OPTIONS" means any rights, warrants or options
to subscribe for or purchase Common Stock or Convertible Securities.

                           (x) "PERSON" means an individual, a limited liability
company, a partnership, a joint venture, a corporation, a trust, an
unincorporated organization and a government or any department or agency
thereof.

                           (xi) "PRIMARY MARKET" means on any of (a) the
American Stock Exchange, (b) New York Stock Exchange, (c) the Nasdaq Global
Market, (d) the Nasdaq Capital Market, or (e) the Nasdaq OTC Bulletin Board
("OTCBB").

                           (xii) "SECURITIES ACT" means the Securities Act of
1933, as amended.

                           (xiii) "WARRANT" means this Warrant and all Warrants
issued in exchange, transfer or replacement thereof.

                           (xiv) "WARRANT EXERCISE PRICE" shall be $1.15 or as
subsequently adjusted as provided in Section 8 hereof.

                  (c) Other Definitional Provisions.

                           (i) Except as otherwise specified herein, all
references herein (A) to the Company shall be deemed to include the Company's
successors and (B) to any applicable law defined or referred to herein shall be
deemed references to such applicable law as the same may have been or may be
amended or supplemented from time to time.

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                           (ii) When used in this Warrant, the words "HEREIN",
"HEREOF", and "HEREUNDER" and words of similar import, shall refer to this
Warrant as a whole and not to any provision of this Warrant, and the words
"SECTION", "SCHEDULE", and "EXHIBIT" shall refer to Sections of, and Schedules
and Exhibits to, this Warrant unless otherwise specified.

                           (iii) Whenever the context so requires, the neuter
gender includes the masculine or feminine, and the singular number includes the
plural, and vice versa.

         Section 2.                 EXERCISE OF WARRANT.

                  (a) Subject to the terms and conditions hereof, this Warrant
may be exercised by the holder hereof then registered on the books of the
Company, pro rata as hereinafter provided, at any time on any Business Day on or
after the opening of business on such Business Day, commencing with the first
day after the date hereof, and prior to 11:59 P.M. Eastern Time on the
Expiration Date (i) by delivery of a written notice, in the form of the
subscription notice attached as EXHIBIT A hereto (the "EXERCISE NOTICE"), of
such holder's election to exercise this Warrant, which notice shall specify the
number of Warrant Shares to be purchased, payment to the Company of an amount
equal to the Warrant Exercise Price(s) applicable to the Warrant Shares being
purchased, multiplied by the number of Warrant Shares (at the applicable Warrant
Exercise Price) as to which this Warrant is being exercised (plus any applicable
issue or transfer taxes) (the "AGGREGATE EXERCISE PRICE") in cash or wire
transfer of immediately available funds and the surrender of this Warrant (or an
indemnification undertaking with respect to this Warrant in the case of its
loss, theft or destruction) to a common carrier for overnight delivery to the
Company as soon as practicable following such date ("CASH BASIS") or (ii) if at
the time of exercise, the Warrant Shares are not subject to an effective
registration statement or if an Event of Default has occurred, by delivering an
Exercise Notice and in lieu of making payment of the Aggregate Exercise Price in
cash or wire transfer, elect instead to receive upon such exercise the "Net
Number" of shares of Common Stock determined according to the following formula
(the "CASHLESS EXERCISE"):

         Net Number = (A X B) - (A X C)
                      -----------------
                              B

                  For purposes of the foregoing formula:

                  A = the total number of Warrant Shares with respect to which
                  this Warrant is then being exercised.

                  B = the Closing Bid Price of the Common Stock on the date of
                  exercise of the Warrant.

                  C = the Warrant Exercise Price then in effect for the
                  applicable Warrant Shares at the time of such exercise.

         In the event of any exercise of the rights represented by this Warrant
in compliance with this Section 2, the Company shall on or before the fifth
(5th) Business Day following the date of receipt of the Exercise Notice, the
Aggregate Exercise Price and this Warrant (or an indemnification undertaking
with respect to this Warrant in the case of its loss, theft or destruction) and
the receipt of the representations of the holder specified in Section 6 hereof,

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if requested by the Company (the "EXERCISE DELIVERY DOCUMENTS"), and if the
Common Stock is DTC eligible, credit such aggregate number of shares of Common
Stock to which the holder shall be entitled to the holder's or its designee's
balance account with The Depository Trust Company; provided, however, if the
holder who submitted the Exercise Notice requested physical delivery of any or
all of the Warrant Shares, or, if the Common Stock is not DTC eligible then the
Company shall, on or before the fifth (5th) Business Day following receipt of
the Exercise Delivery Documents, issue and surrender to a common carrier for
overnight delivery to the address specified in the Exercise Notice, a
certificate, registered in the name of the holder, for the number of shares of
Common Stock to which the holder shall be entitled pursuant to such request.
Upon delivery of the Exercise Notice and Aggregate Exercise Price referred to in
clause (i) or (ii) above the holder of this Warrant shall be deemed for all
corporate purposes to have become the holder of record of the Warrant Shares
with respect to which this Warrant has been exercised. In the case of a dispute
as to the determination of the Warrant Exercise Price, the Closing Bid Price or
the arithmetic calculation of the Warrant Shares, the Company shall promptly
issue to the holder the number of Warrant Shares that is not disputed and shall
submit the disputed determinations or arithmetic calculations to the holder via
facsimile within one (1) Business Day of receipt of the holder's Exercise
Notice.

                  (b) If the holder and the Company are unable to agree upon the
determination of the Warrant Exercise Price or arithmetic calculation of the
Warrant Shares within one (1) day of such disputed determination or arithmetic
calculation being submitted to the holder, then the Company shall immediately
submit via facsimile (i) the disputed determination of the Warrant Exercise
Price or the Closing Bid Price to an independent, reputable investment banking
firm or (ii) the disputed arithmetic calculation of the Warrant Shares to its
independent, outside accountant. The Company shall cause the investment banking
firm or the accountant, as the case may be, to perform the determinations or
calculations and notify the Company and the holder of the results no later than
forty-eight (48) hours from the time it receives the disputed determinations or
calculations. Such investment banking firm's or accountant's determination or
calculation, as the case may be, shall be deemed conclusive absent manifest
error.

                  (c) Unless the rights represented by this Warrant shall have
expired or shall have been fully exercised, the Company shall, as soon as
practicable and in no event later than five (5) Business Days after any exercise
and at its own expense, issue a new Warrant identical in all respects to this
Warrant exercised except it shall represent rights to purchase the number of
Warrant Shares purchasable immediately prior to such exercise under this Warrant
exercised, less the number of Warrant Shares with respect to which such Warrant
is exercised.

                  (d) No fractional Warrant Shares are to be issued upon any pro
rata exercise of this Warrant, but rather the number of Warrant Shares issued
upon such exercise of this Warrant shall be rounded up or down to the nearest
whole number.

                  (e) If the Company or its Transfer Agent shall fail for any
reason or for no reason to issue to the holder within ten (10) days of receipt
of the Exercise Delivery Documents, a certificate for the number of Warrant
Shares to which the holder is entitled or to credit the holder's balance account
with The Depository Trust Company for such number of Warrant Shares to which the
holder is entitled upon the holder's exercise of this Warrant, the Company
shall, in addition to any other remedies under this Warrant or otherwise

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available to such holder, pay as additional damages in cash to such holder on
each day the issuance of such certificate for Warrant Shares is not timely
effected an amount equal to 0.025% of the product of (A) the sum of the number
of Warrant Shares not issued to the holder on a timely basis and to which the
holder is entitled, and (B) the Closing Bid Price of the Common Stock for the
trading day immediately preceding the last possible date which the Company could
have issued such Common Stock to the holder without violating this Section 2.

                  (f) If within ten (10) days after the Company's receipt of the
Exercise Delivery Documents, the Company fails to deliver a new Warrant to the
holder for the number of Warrant Shares to which such holder is entitled
pursuant to Section 2 hereof, then, in addition to any other available remedies
under this Warrant, or otherwise available to such holder, the Company shall pay
as additional damages in cash to such holder on each day after such tenth (10th)
day that such delivery of such new Warrant is not timely effected in an amount
equal to 0.25% of the product of (A) the number of Warrant Shares represented by
the portion of this Warrant which is not being exercised and (B) the Closing Bid
Price of the Common Stock for the trading day immediately preceding the last
possible date which the Company could have issued such Warrant to the holder
without violating this Section 2.

         Section 3.     COVENANTS AS TO COMMON STOCK.  The Company hereby
covenants and agrees as follows:

                  (a) This Warrant is, and any Warrants issued in substitution
for or replacement of this Warrant will upon issuance be, duly authorized and
validly issued.

                  (b) All Warrant Shares which may be issued upon the exercise
of the rights represented by this Warrant will, upon issuance, be validly
issued, fully paid and nonassessable and free from all taxes, liens and charges
with respect to the issue thereof.

                  (c) During the period within which the rights represented by
this Warrant may be exercised, the Company will at all times have authorized and
reserved at least one hundred percent (100%) of the number of shares of Common
Stock needed to provide for the exercise of the rights then represented by this
Warrant and the par value of said shares will at all times be less than or equal
to the applicable Warrant Exercise Price. If at any time the Company does not
have a sufficient number of shares of Common Stock authorized and available,
then the Company shall call and hold a special meeting of its stockholders
within sixty (60) days of that time for the sole purpose of increasing the
number of authorized shares of Common Stock.

                  (d) If at any time after the date hereof the Company shall
file a registration statement, the Company shall include the Warrant Shares
issuable to the holder, pursuant to the terms of this Warrant and shall
maintain, so long as any other shares of Common Stock shall be so listed, such
listing of all Warrant Shares from time to time issuable upon the exercise of
this Warrant; and the Company shall so list on each national securities exchange
or automated quotation system, as the case may be, and shall maintain such
listing of, any other shares of capital stock of the Company issuable upon the
exercise of this Warrant if and so long as any shares of the same class shall be
listed on such national securities exchange or automated quotation system.

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                  (e) The Company will not, by amendment of its Articles of
Incorporation or through any reorganization, transfer of assets, consolidation,
merger, dissolution, issue or sale of securities, or any other voluntary action,
avoid or seek to avoid the observance or performance of any of the terms to be
observed or performed by it hereunder, but will at all times in good faith
assist in the carrying out of all the provisions of this Warrant and in the
taking of all such action as may reasonably be requested by the holder of this
Warrant in order to protect the exercise privilege of the holder of this Warrant
against dilution or other impairment, consistent with the tenor and purpose of
this Warrant. The Company will not increase the par value of any shares of
Common Stock receivable upon the exercise of this Warrant above the Warrant
Exercise Price then in effect, and (ii) will take all such actions as may be
necessary or appropriate in order that the Company may validly and legally issue
fully paid and nonassessable shares of Common Stock upon the exercise of this
Warrant.

                  (f) This Warrant will be binding upon any entity succeeding to
the Company by merger, consolidation or acquisition of all or substantially all
of the Company's assets.

         Section 4. TAXES. The Company shall pay any and all taxes, except any
applicable withholding, which may be payable with respect to the issuance and
delivery of Warrant Shares upon exercise of this Warrant.

         Section 5. WARRANT HOLDER NOT DEEMED A STOCKHOLDER. Except as otherwise
specifically provided herein, no holder, as such, of this Warrant shall be
entitled to vote or receive dividends or be deemed the holder of shares of
capital stock of the Company for any purpose, nor shall anything contained in
this Warrant be construed to confer upon the holder hereof, as such, any of the
rights of a stockholder of the Company or any right to vote, give or withhold
consent to any corporate action (whether any reorganization, issue of stock,
reclassification of stock, consolidation, merger, conveyance or otherwise),
receive notice of meetings, receive dividends or subscription rights, or
otherwise, prior to the issuance to the holder of this Warrant of the Warrant
Shares which he or she is then entitled to receive upon the due exercise of this
Warrant. In addition, nothing contained in this Warrant shall be construed as
imposing any liabilities on such holder to purchase any securities (upon
exercise of this Warrant or otherwise) or as a stockholder of the Company,
whether such liabilities are asserted by the Company or by creditors of the
Company. Notwithstanding this Section 5, the Company will provide the holder of
this Warrant with copies of the same notices and other information given to the
stockholders of the Company generally, contemporaneously with the giving thereof
to the stockholders.

         Section 6. REPRESENTATIONS OF HOLDER. The holder of this Warrant, by
the acceptance hereof, represents that it is acquiring this Warrant and the
Warrant Shares for its own account for investment only and not with a view
towards, or for resale in connection with, the public sale or distribution of
this Warrant or the Warrant Shares, except pursuant to sales registered or
exempted under the Securities Act; provided, however, that by making the
representations herein, the holder does not agree to hold this Warrant or any of
the Warrant Shares for any minimum or other specific term and reserves the right
to dispose of this Warrant and the Warrant Shares at any time in accordance with
or pursuant to a registration statement or an exemption under the Securities
Act. The holder of this Warrant further represents, by acceptance hereof, that,
as of this date, such holder is an "accredited investor" as such term is defined

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in Rule 501(a)(1) of Regulation D promulgated by the Securities and Exchange
Commission under the Securities Act (an "ACCREDITED INVESTOR"). Upon exercise of
this Warrant the holder shall, if requested by the Company, confirm in writing,
in a form satisfactory to the Company, that the Warrant Shares so purchased are
being acquired solely for the holder's own account and not as a nominee for any
other party, for investment, and not with a view toward distribution or resale
and that such holder is an Accredited Investor. If such holder cannot make such
representations because they would be factually incorrect, it shall be a
condition to such holder's exercise of this Warrant that the Company receive
such other representations as the Company considers reasonably necessary to
assure the Company that the issuance of its securities upon exercise of this
Warrant shall not violate any United States or state securities laws.

         Section 7. OWNERSHIP AND TRANSFER.

                  (a) The Company shall maintain at its principal executive
offices (or such other office or agency of the Company as it may designate by
notice to the holder hereof), a register for this Warrant, in which the Company
shall record the name and address of the person in whose name this Warrant has
been issued, as well as the name and address of each transferee. The Company may
treat the person in whose name any Warrant is registered on the register as the
owner and holder thereof for all purposes, notwithstanding any notice to the
contrary, but in all events recognizing any transfers made in accordance with
the terms of this Warrant.

         Section 8. ADJUSTMENT OF WARRANT EXERCISE PRICE AND NUMBER OF SHARES.
The Warrant Exercise Price and the number of shares of Common Stock issuable
upon exercise of this Warrant shall be adjusted from time to time as follows:

                  (a) ADJUSTMENT OF WARRANT EXERCISE PRICE AND NUMBER OF SHARES
UPON ISSUANCE OF COMMON STOCK. If and whenever on or after the Issuance Date of
this Warrant, the Company issues or sells, or is deemed to have issued or sold,
any shares of Common Stock (other than Excluded Securities) for a consideration
per share less than a price (the "APPLICABLE PRICE") equal to the Warrant
Exercise Price in effect immediately prior to such issuance or sale, then
immediately after such issue or sale the Warrant Exercise Price then in effect
shall be reduced to an amount equal to such consideration per share. Upon each
such adjustment of the Warrant Exercise Price hereunder, the number of Warrant
Shares issuable upon exercise of this Warrant shall be adjusted to the number of
shares determined by multiplying the Warrant Exercise Price in effect
immediately prior to such adjustment by the number of Warrant Shares issuable
upon exercise of this Warrant immediately prior to such adjustment and dividing
the product thereof by the Warrant Exercise Price resulting from such
adjustment.

                  (b) EFFECT ON WARRANT EXERCISE PRICE OF CERTAIN EVENTS. For
purposes of determining the adjusted Warrant Exercise Price under Section 8(a)
above, the following shall be applicable:

                           (i) ISSUANCE OF OPTIONS. If after the date hereof,
the Company in any manner grants any Options and the lowest price per share for
which one share of Common Stock is issuable upon the exercise of any such Option
or upon conversion or exchange of any convertible securities issuable upon
exercise of any such Option is less than the Applicable Price, then such share
of Common Stock shall be deemed to be outstanding and to have been issued and

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sold by the Company at the time of the granting or sale of such Option for such
price per share. For purposes of this Section 8(b)(i), the lowest price per
share for which one share of Common Stock is issuable upon exercise of such
Options or upon conversion or exchange of such Convertible Securities shall be
equal to the sum of the lowest amounts of consideration (if any) received or
receivable by the Company with respect to any one share of Common Stock upon the
granting or sale of the Option, upon exercise of the Option or upon conversion
or exchange of any convertible security issuable upon exercise of such Option.
No further adjustment of the Warrant Exercise Price shall be made upon the
actual issuance of such Common Stock or of such convertible securities upon the
exercise of such Options or upon the actual issuance of such Common Stock upon
conversion or exchange of such convertible securities.

                           (ii) ISSUANCE OF CONVERTIBLE SECURITIES. If the
Company in any manner issues or sells any convertible securities and the lowest
price per share for which one share of Common Stock is issuable upon the
conversion or exchange thereof is less than the Applicable Price, then such
share of Common Stock shall be deemed to be outstanding and to have been issued
and sold by the Company at the time of the issuance or sale of such convertible
securities for such price per share. For the purposes of this Section 8(b)(ii),
the lowest price per share for which one share of Common Stock is issuable upon
such conversion or exchange shall be equal to the sum of the lowest amounts of
consideration (if any) received or receivable by the Company with respect to one
share of Common Stock upon the issuance or sale of the convertible security and
upon conversion or exchange of such convertible security. No further adjustment
of the Warrant Exercise Price shall be made upon the actual issuance of such
Common Stock upon conversion or exchange of such convertible securities, and if
any such issue or sale of such convertible securities is made upon exercise of
any Options for which adjustment of the Warrant Exercise Price had been or are
to be made pursuant to other provisions of this Section 8(b), no further
adjustment of the Warrant Exercise Price shall be made by reason of such issue
or sale.

                           (iii) CHANGE IN OPTION PRICE OR RATE OF CONVERSION.
If the purchase price provided for in any Options, the additional consideration,
if any, payable upon the issue, conversion or exchange of any convertible
securities, or the rate at which any convertible securities are convertible into
or exchangeable for Common Stock changes at any time, the Warrant Exercise Price
in effect at the time of such change shall be adjusted to the Warrant Exercise
Price which would have been in effect at such time had such Options or
convertible securities provided for such changed purchase price, additional
consideration or changed conversion rate, as the case may be, at the time
initially granted, issued or sold and the number of Warrant Shares issuable upon
exercise of this Warrant shall be correspondingly readjusted. For purposes of
this Section 8(b)(iii), if the terms of any Option or convertible security that
was outstanding as of the Issuance Date of this Warrant are changed in the
manner described in the immediately preceding sentence, then such Option or
convertible security and the Common Stock deemed issuable upon exercise,
conversion or exchange thereof shall be deemed to have been issued as of the
date of such change. No adjustment pursuant to this Section 8(b) shall be made
if such adjustment would result in an increase of the Warrant Exercise Price
then in effect.

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                           (iv) CALCULATION OF CONSIDERATION RECEIVED. If any
Common Stock, Options or convertible securities are issued or sold or deemed to
have been issued or sold for cash, the consideration received therefore will be
deemed to be the net amount received by the Company therefore. If any Common
Stock, Options or convertible securities are issued or sold for a consideration
other than cash, the amount of such consideration received by the Company will
be the fair value of such consideration, except where such consideration
consists of marketable securities, in which case the amount of consideration
received by the Company will be the market price of such securities on the date
of receipt of such securities. If any Common Stock, Options or convertible
securities are issued to the owners of the non-surviving entity in connection
with any merger in which the Company is the surviving entity, the amount of
consideration therefore will be deemed to be the fair value of such portion of
the net assets and business of the non-surviving entity as is attributable to
such Common Stock, Options or convertible securities, as the case may be. The
fair value of any consideration other than cash or securities will be determined
jointly by the Company and the holders of Warrants representing at least
two-thirds (b) of the Warrant Shares issuable upon exercise of the Warrants then
outstanding. If such parties are unable to reach agreement within ten (10) days
after the occurrence of an event requiring valuation (the "VALUATION EVENT"),
the fair value of such consideration will be determined within five (5) Business
Days after the tenth (10th) day following the Valuation Event by an independent,
reputable appraiser jointly selected by the Company and the holders of Warrants
representing at least two-thirds (b) of the Warrant Shares issuable upon
exercise of the Warrants then outstanding. The determination of such appraiser
shall be final and binding upon all parties and the fees and expenses of such
appraiser shall be borne jointly by the Company and the holders of Warrants.

                           (v) INTEGRATED TRANSACTIONS. In case any Option is
issued in connection with the issue or sale of other securities of the Company,
together comprising one integrated transaction in which no specific
consideration is allocated to such Options by the parties thereto, the Options
will be deemed to have been issued for a consideration of $.01.

                           (vi) TREASURY SHARES. The number of shares of Common
Stock outstanding at any given time does not include shares owned or held by or
for the account of the Company, and the disposition of any shares so owned or
held will be considered an issue or sale of Common Stock.

                           (vii) RECORD DATE. If the Company takes a record of
the holders of Common Stock for the purpose of entitling them (1) to receive a
dividend or other distribution payable in Common Stock, Options or in
convertible securities or (2) to subscribe for or purchase Common Stock, Options
or convertible securities, then such record date will be deemed to be the date
of the issue or sale of the shares of Common Stock deemed to have been issued or
sold upon the declaration of such dividend or the making of such other
distribution or the date of the granting of such right of subscription or
purchase, as the case may be.

                  (c) ADJUSTMENT OF WARRANT EXERCISE PRICE UPON SUBDIVISION OR
COMBINATION OF COMMON STOCK. If the Company at any time after the date of
issuance of this Warrant subdivides (by any stock split, stock dividend,
recapitalization or otherwise) one or more classes of its outstanding shares of
Common Stock into a greater number of shares, any Warrant Exercise Price in
effect immediately prior to such subdivision will be proportionately reduced and
the number of shares of Common Stock obtainable upon exercise of this Warrant
will be proportionately increased. If the Company at any time after the date of
issuance of this Warrant combines (by combination, reverse stock split or

                                      -10-
<PAGE>

otherwise) one or more classes of its outstanding shares of Common Stock into a
smaller number of shares, any Warrant Exercise Price in effect immediately prior
to such combination will be proportionately increased and the number of Warrant
Shares issuable upon exercise of this Warrant will be proportionately decreased.
Any adjustment under this Section 8(c) shall become effective at the close of
business on the date the subdivision or combination becomes effective.

                  (d) DISTRIBUTION OF ASSETS. If the Company shall declare or
make any dividend or other distribution of its assets (or rights to acquire its
assets) to holders of Common Stock, by way of return of capital or otherwise
(including, without limitation, any distribution of cash, stock or other
securities, property or options by way of a dividend, spin off,
reclassification, corporate rearrangement or other similar transaction) (a
"Distribution"), at any time after the issuance of this Warrant, then, in each
such case:

                           (i) any Warrant Exercise Price in effect immediately
prior to the close of business on the record date fixed for the determination of
holders of Common Stock entitled to receive the Distribution shall be reduced,
effective as of the close of business on such record date, to a price determined
by multiplying such Warrant Exercise Price by a fraction of which (A) the
numerator shall be the Closing Sale Price of the Common Stock on the trading day
immediately preceding such record date minus the value of the Distribution (as
determined in good faith by the Company's Board of Directors) applicable to one
share of Common Stock, and (B) the denominator shall be the Closing Sale Price
of the Common Stock on the trading day immediately preceding such record date;
and

                           (ii) either (A) the number of Warrant Shares
obtainable upon exercise of this Warrant shall be increased to a number of
shares equal to the number of shares of Common Stock obtainable immediately
prior to the close of business on the record date fixed for the determination of
holders of Common Stock entitled to receive the Distribution multiplied by the
reciprocal of the fraction set forth in the immediately preceding clause (i), or
(B) in the event that the Distribution is of common stock of a company whose
common stock is traded on a national securities exchange or a national automated
quotation system, then the holder of this Warrant shall receive an additional
warrant to purchase Common Stock, the terms of which shall be identical to those
of this Warrant, except that such warrant shall be exercisable into the amount
of the assets that would have been payable to the holder of this Warrant
pursuant to the Distribution had the holder exercised this Warrant immediately
prior to such record date and with an exercise price equal to the amount by
which the exercise price of this Warrant was decreased with respect to the
Distribution pursuant to the terms of the immediately preceding clause (i).

                  (e) CERTAIN EVENTS. If any event occurs of the type
contemplated by the provisions of this Section 8 but not expressly provided for
by such provisions (including, without limitation, the granting of stock
appreciation rights, phantom stock rights or other rights with equity features),
then the Company's Board of Directors will make an appropriate adjustment in the
Warrant Exercise Price and the number of shares of Common Stock obtainable upon
exercise of this Warrant so as to protect the rights of the holders of the
Warrants; provided, except as set forth in section 8(c),that no such adjustment
pursuant to this Section 8(e) will increase the Warrant Exercise Price or
decrease the number of shares of Common Stock obtainable as otherwise determined
pursuant to this Section 8.

                                      -11-
<PAGE>

                  (f) VOLUNTARY ADJUSTMENTS BY COMPANY. The Company may at any
time during the term of this Warrant reduce the then current Exercise Price to
any amount and for any period of time deemed appropriate by the Board of
Directors of the Company.

                  (g) NOTICES.

                           (i) Immediately upon any adjustment of the Warrant
Exercise Price, the Company will give written notice thereof to the holder of
this Warrant, setting forth in reasonable detail, and certifying, the
calculation of such adjustment.

                           (ii) The Company will give written notice to the
holder of this Warrant at least ten (10) days prior to the date on which the
Company closes its books or takes a record (A) with respect to any dividend or
distribution upon the Common Stock, (B) with respect to any pro rata
subscription offer to holders of Common Stock or (C) for determining rights to
vote with respect to any Organic Change (as defined below), dissolution or
liquidation, provided that such information shall be made known to the public
prior to or in conjunction with such notice being provided to such holder.

                           (iii) The Company will also give written notice to
the holder of this Warrant at least ten (10) days prior to the date on which any
Organic Change, dissolution or liquidation will take place, provided that such
information shall be made known to the public prior to or in conjunction with
such notice being provided to such holder.

         Section 9. PURCHASE RIGHTS; REORGANIZATION, RECLASSIFICATION,
CONSOLIDATION, MERGER OR SALE.

                  (a) In addition to any adjustments pursuant to Section 8
above, if at any time the Company grants, issues or sells any Options,
Convertible Securities or rights to purchase stock, warrants, securities or
other property pro rata to the record holders of any class of Common Stock (the
"PURCHASE RIGHTS"), then the holder of this Warrant will be entitled to acquire,
upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights
which such holder could have acquired if such holder had held the number of
shares of Common Stock acquirable upon complete exercise of this Warrant
immediately before the date on which a record is taken for the grant, issuance
or sale of such Purchase Rights, or, if no such record is taken, the date as of
which the record holders of Common Stock are to be determined for the grant,
issue or sale of such Purchase Rights.

                  (b) Any recapitalization, reorganization, reclassification,
consolidation, merger, sale of all or substantially all of the Company's assets
to another Person or other transaction in each case which is effected in such a
way that holders of Common Stock are entitled to receive (either directly or
upon subsequent liquidation) stock, securities or assets with respect to or in
exchange for Common Stock is referred to herein as an "ORGANIC CHANGE." Prior to
the consummation of any (i) sale of all or substantially all of the Company's
assets to an acquiring Person or (ii) other Organic Change following which the
Company is not a surviving entity, the Company will secure from the Person
purchasing such assets or the successor resulting from such Organic Change (in

                                      -12-
<PAGE>

each case, the "ACQUIRING ENTITY") a written agreement (in form and substance
satisfactory to the holders of Warrants representing at least two-thirds (iii)
of the Warrant Shares issuable upon exercise of the Warrants then outstanding)
to deliver to each holder of Warrants in exchange for such Warrants, a security
of the Acquiring Entity evidenced by a written instrument substantially similar
in form and substance to this Warrant and satisfactory to the holders of the
Warrants (including an adjusted warrant exercise price equal to the value for
the Common Stock reflected by the terms of such consolidation, merger or sale,
and exercisable for a corresponding number of shares of Common Stock acquirable
and receivable upon exercise of the Warrants without regard to any limitations
on exercise, if the value so reflected is less than any Applicable Warrant
Exercise Price immediately prior to such consolidation, merger or sale). Prior
to the consummation of any other Organic Change, the Company shall make
appropriate provision (in form and substance satisfactory to the holders of
Warrants representing a majority of the Warrant Shares issuable upon exercise of
the Warrants then outstanding) to insure that each of the holders of the
Warrants will thereafter have the right to acquire and receive in lieu of or in
addition to (as the case may be) the Warrant Shares immediately theretofore
issuable and receivable upon the exercise of such holder's Warrants (without
regard to any limitations on exercise), such shares of stock, securities or
assets that would have been issued or payable in such Organic Change with
respect to or in exchange for the number of Warrant Shares which would have been
issuable and receivable upon the exercise of such holder's Warrant as of the
date of such Organic Change (without taking into account any limitations or
restrictions on the exercisability of this Warrant).

         Section 10. LOST, STOLEN, MUTILATED OR DESTROYED WARRANT. If this
Warrant is lost, stolen, mutilated or destroyed, the Company shall promptly, on
receipt of an indemnification undertaking (or, in the case of a mutilated
Warrant, the Warrant), issue a new Warrant of like denomination and tenor as
this Warrant so lost, stolen, mutilated or destroyed.

         Section 11. NOTICE. Any notices, consents, waivers or other
communications required or permitted to be given under the terms of this Warrant
must be in writing and will be deemed to have been delivered: (i) upon receipt,
when delivered personally; (ii) upon receipt, when sent by facsimile (provided
confirmation of receipt is received by the sending party transmission is
mechanically or electronically generated and kept on file by the sending party);
or (iii) one Business Day after deposit with a nationally recognized overnight
delivery service, in each case properly addressed to the party to receive the
same. The addresses and facsimile numbers for such communications shall be:

If to Holder:                       Cornell Capital Partners, LP
                                    101 Hudson Street - Suite 3700
                                    Jersey City, NJ  07302
                                    Attention:        Mark A. Angelo
                                    Telephone:        (201) 985-8300
                                    Facsimile:        (201) 985-8266

With Copy to:                       Troy Rillo, Esq.
                                    101 Hudson Street - Suite 3700
                                    Jersey City, NJ 07302
                                    Telephone:        (201) 985-8300
                                    Facsimile:        (201) 985-8266

                                      -13-
<PAGE>

If to the Company, to:              U.S. Helicopter Corporation
                                    6 East River Piers
                                    Suite 216
                                    Downtown Manhattan Heliport
                                    New York, NY 10004
                                    Attention:  Chief Executive Officer
                                    Telephone:  (212) 248-2002
                                    Facsimile:  (212) 248-0940

With a copy to:                     Gallagher, Briody & Butler
                                    Princeton Forrestal Village
                                    155 Village Boulevard
                                    Suite 201
                                    Princeton, NJ 08540
                                    Attention:  Thomas P. Gallagher, Esq.
                                    Telephone:  (609) 452-6000
                                    Facsimile:  (609) 452-0090

If to a holder of this Warrant, to it at the address and facsimile number set
forth on EXHIBIT C hereto, with copies to such holder's representatives as set
forth on EXHIBIT C, or at such other address and facsimile as shall be delivered
to the Company upon the issuance or transfer of this Warrant. Each party shall
provide five days' prior written notice to the other party of any change in
address or facsimile number. Written confirmation of receipt (A) given by the
recipient of such notice, consent, facsimile, waiver or other communication, (or
(B) provided by a nationally recognized overnight delivery service shall be
rebuttable evidence of personal service, receipt by facsimile or receipt from a
nationally recognized overnight delivery service in accordance with clause (i),
(ii) or (iii) above, respectively.

         Section 12. DATE. The date of this Warrant is set forth on page 1
hereof. This Warrant, in all events, shall be wholly void and of no effect after
the close of business on the Expiration Date, except that notwithstanding any
other provisions hereof, the provisions of Section 8(b) shall continue in full
force and effect after such date as to any Warrant Shares or other securities
issued upon the exercise of this Warrant.

         Section 13. AMENDMENT AND WAIVER. Except as otherwise provided herein,
the provisions of the Warrants may be amended and the Company may take any
action herein prohibited, or omit to perform any act herein required to be
performed by it, only if the Company has obtained the written consent of the
holders of Warrants representing at least two-thirds of the Warrant Shares
issuable upon exercise of the Warrants then outstanding; provided that, except
for Section 8(d), no such action may increase the Warrant Exercise Price or
decrease the number of shares or class of stock obtainable upon exercise of any
Warrant without the written consent of the holder of such Warrant.

                                      -14-
<PAGE>

         Section 14. DESCRIPTIVE HEADINGS; GOVERNING LAW. The descriptive
headings of the several sections and paragraphs of this Warrant are inserted for
convenience only and do not constitute a part of this Warrant. The corporate
laws of the State of Delaware shall govern all issues concerning the relative
rights of the Company and its stockholders. All other questions concerning the
construction, validity, enforcement and interpretation of this Agreement shall
be governed by the internal laws of the State of New Jersey, without giving
effect to any choice of law or conflict of law provision or rule (whether of the
State of New Jersey or any other jurisdictions) that would cause the application
of the laws of any jurisdictions other than the State of New Jersey. Each party
hereby irrevocably submits to the exclusive jurisdiction of the state and
federal courts sitting in Hudson County and the United States District Court for
the District of New Jersey, for the adjudication of any dispute hereunder or in
connection herewith or therewith, or with any transaction contemplated hereby or
discussed herein, and hereby irrevocably waives, and agrees not to assert in any
suit, action or proceeding, any claim that it is not personally subject to the
jurisdiction of any such court, that such suit, action or proceeding is brought
in an inconvenient forum or that the venue of such suit, action or proceeding is
improper. Each party hereby irrevocably waives personal service of process and
consents to process being served in any such suit, action or proceeding by
mailing a copy thereof to such party at the address for such notices to it under
this Agreement and agrees that such service shall constitute good and sufficient
service of process and notice thereof. Nothing contained herein shall be deemed
to limit in any way any right to serve process in any manner permitted by law.

         Section 15. WAIVER OF JURY TRIAL. AS A MATERIAL INDUCEMENT FOR EACH
PARTY HERETO TO ENTER INTO THIS WARRANT, THE PARTIES HERETO HEREBY WAIVE ANY
RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING RELATED IN ANY WAY TO THIS
WARRANT AND/OR ANY AND ALL OF THE OTHER DOCUMENTS ASSOCIATED WITH THIS
TRANSACTION.

                   REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

                                      -15-
<PAGE>

         IN WITNESS WHEREOF, the Company has caused this Warrant to be signed as
of the date first set forth above.

                                           U.S. HELICOPTER CORPORATION

                                           By: /S/ JOHN G. MURPHY
                                           ----------------------
                                                 John G. Murphy
                                                Chief Executive Officer

                                      -16-
<PAGE>

                              EXHIBIT A TO WARRANT

                                 EXERCISE NOTICE

                                 TO BE EXECUTED
                BY THE REGISTERED HOLDER TO EXERCISE THIS WARRANT

                           U.S. HELICOPTER CORPORATION

         The undersigned holder hereby exercises the right to purchase
______________ of the shares of Common Stock ("WARRANT SHARES") of U.S.
Helicopter Corporation (the "COMPANY"), evidenced by the attached Warrant (the
"WARRANT"). Capitalized terms used herein and not otherwise defined shall have
the respective meanings set forth in the Warrant.

Specify Method of exercise by check mark:

         1.  ___  Cash Exercise

                (a) PAYMENT OF WARRANT EXERCISE PRICE. The holder shall pay the
                Aggregate Exercise Price of $______________ to the Company in
                accordance with the terms of the Warrant.

                (b) DELIVERY OF WARRANT SHARES. The Company shall deliver to the
                holder _________ Warrant Shares in accordance with the terms of
                the Warrant.

         2.  ___  Cashless Exercise

                (a) PAYMENT OF WARRANT EXERCISE PRICE. In lieu of making payment
                of the Aggregate Exercise Price, the holder elects to receive
                upon such exercise the Net Number of shares of Common Stock
                determined in accordance with the terms of the Warrant.

                (b) DELIVERY OF WARRANT SHARES. The Company shall deliver to the
                holder _________ Warrant Shares in accordance with the terms of
                the Warrant.

Date: _______________ __, ______

Name of Registered Holder

By:
   -----------------------------------------
Name:
     ---------------------------------------
Title:
      --------------------------------------
<PAGE>

                              EXHIBIT B TO WARRANT

                              FORM OF WARRANT POWER

         FOR VALUE RECEIVED, the undersigned does hereby assign and transfer to
________________, Federal Identification No. __________, a warrant to purchase
____________ shares of the capital stock of U.S. Helicopter Corporation
represented by warrant certificate no. _____, standing in the name of the
undersigned on the books of said corporation. The undersigned does hereby
irrevocably constitute and appoint ______________, attorney to transfer the
warrants of said corporation, with full power of substitution in the premises.

Dated:
      -----------------------------------------------

 By:
   -----------------------------------------
Name:
     ---------------------------------------
Title:
      --------------------------------------Campbell Resources

 

EXHIBIT 4.11

April 18, 2006

Campbell Resources Inc.

Suite 1405, 1155 University

Montreal, Quebec

H3B 3A7

Attention:
Andró Y. Fortier, President and Chief Executive Officer

Dear Sirs:

Nuinsco Resources Limited (“Nuinsco”) understands that Campbell Resources Inc. (“Campbell”) has
obtained an initial order under the Companies Creditors Arrangement Act (the “CCAA”) and
that, in connection therewith, Campbell is undertaking a reorganization of its affairs
(the “Reorganization”).

Nuinsco is pleased to submit the following offer for consideration by you for the purposes of
providing you with the requisite management and financial support to complete the Reorganization.

The purpose of this letter is to outline the principal business terms on which Nuinsco would be
prepared to:

	 	(a)	 	provide interim and ongoing management services (the “Management Services”)
respecting the operations management of Campbell’s mines (collectively the “Mines”),
	 
	 	(b)	 	assist Campbell in obtaining funding for the development of
the Copper Rand
Mine to a minimum of $5,000,000 (the “Copper Rand Mine
Funding”),
	 
	 	(c)	 	subscribe for $2,500,000.00 of Units at the Subscription Price (the “Nuinsco
Placement”) (as such capitalized terms are hereinafter defined); provided that it
shall be a condition of the closing of the  Nuinsco Placement that:

	 	(i)	 	the number of common shares in the capital of Campbell (each
a “Common Share”) comprising part of the Nuinsco Placement shall represent
10% of the number of outstanding Common Shares calculated on a fully diluted
basis after giving effect to the Private Placement and the Rights Offering (as
such capitalized terms are hereinafter defined);
	 
	 	(ii)	 	Campbell shall have completed:

	 	(A)	 	a private placement (the “Private Placement”)
of units (each, a “Unit”), (each Unit comprised of one Common Share
and one-half of one Common Share purchase warrant of Campbell) at a

 

 

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	 	 	 	subscription price of $0.08 per Unit (the “Subscription Price”) to
raise at least $8,000,000.00; and
	 
	 	(B)	 	a rights offering (the “Rights Offering”) to
raise up to $5,000,000.00 pursuant to which the shareholders of
Campbell will be granted the right to purchase Units at this
Subscription Price,

	 	 	 	(the Nuinsco Placement, the Private Placement and the Rights
Offering being
hereinafter collectively referred to as the “Equity Funding”), and
	 
	 	(d)	 	obtain a non-recourse project loan (the “Corner Bay Loan”), in an amount up to
a maximum of S4,000,000 and/or other financing sufficient to develop and bring into
commercial production a mine above the 250 m level at Campbell’s Corner Bay Property
in accordance with a feasibility study to be prepared by Nuinsco at Campbell’s cost,
subject to the approval of Campbell’s board of directors.

If this proposal is accepted by you, items (a), (b) and (c) above will form part of the plan (the
“Plan”) to be proposed by Campbell under its CCAA
proceedings. The Copper Rand Funding, the Corner
Bay Loan and the Equity Funding will comprise the sole debt and/or equity financing to be provided
under the Reorganization (other than arrangements made with Campbell’s existing creditors) and the
uncontested Court approval of the Plan and the Funding, including the terms and conditions
thereof, will be a condition precedent to the consummation of the transactions herein described.

Part 1 of this letter constitutes a letter of intent as to the principal business terms upon which
Nuinsco is prepared to proceed. Nothing contained in Part 1 is intended to be, or shall be
construed as, a binding agreement, or shall give rise to legal rights or liabilities, all of which
shall be subject to negotiation and the execution of definitive agreements. Part 2 of this letter
is intended, and shall be construed as, a binding agreement, but only as to the specific matters
and for the specific periods referred to therein, subject to the approval of Campbell’s Court
appointed monitor or the Court, as applicable.

PART 1

	1.	 	Immediately following Campbell’s acceptance hereof, Nuinsco shall commence the update of a
business plan and investor presentation to be used for the purposes of completing the Equity
Funding and Campbell and its executives and employees shall provide Nuinsco, in a timely
manner, with all assistance, information and documents requested by Nuinsco, from time to
time, in order to permit Nuinsco to prepare and complete such business plan and investor
presentation.

	2.	 	Nuinsco anticipates that $10,500,000 of the proceeds of the
Equity Funding will be placed in
a separate bank account assuming that the Equity Funding totals $15,500,000 and will be
advanced from time to time as development work is undertaken over a period of approximately 4
months from the commencement of the development program at the

 

 

  3

	 	 	Copper Rand Mine and as provided for in the Corner Bay Property feasibility study to be
prepared by Nuinsco.

	3.	 	In consideration of Nuinsco assisting Campbell in obtaining
the funding to complete the
Reorganization, upon the closing of the Equity Funding, Nuinsco shall be issued purchase
warrants (each a “Warrant” ) of Campbell equal to 20% of the number of Common Shares
outstanding after giving effect to the Equity Funding, with each Warrant entitling Nuinsco to
purchase one Common Share at an exercise price of $0.10 per share exercisable until the second
anniversary of the closing of the Equity Funding. Nuinsco shall agree to refrain from voting
Common Shares representing more than 19.9% of the issued and outstanding Common Shares at any
meeting of the shareholders of Campbell in the event that the Toronto Stock Exchange requires
such undertaking as a condition to approving the issuance of such Warrants and/or the
underlying Common Shares. If such Exchange requires the shareholders of Campbell to approve
any matter relating to the issuance of such Warrants and/or the underlying Common Shares or
any other Common Shares issuable pursuant to this letter, Campbell shall present such matter
to its shareholders at the next shareholders’ meeting and shall recommend that shareholders vote
in favour of such matter. The proceeds from the exercise of the Warrants shall be used to
repay the Corner Bay Loan to the extent the same is outstanding at the time of any exercise of
any of the Warrants.

	4.	 	Upon the execution of a definitive agreement with a lender respecting the Corner Bay Loan or
prior to commencement of the development of the Corner Bay
deposit, whichever occurs first,
Campbell shall transfer to Nuinsco, for no cost, an undivided 50% interest in all of the
Corner Bay Property, free and clear of all liens, encumbrances, royalties and other interests
whatsoever (other than a 2% net smelter return royalty payable in respect of sales exceeding
750,000 tons of ore and the encumbrances created pursuant to the Corner Bay Loan). The Corner
Bay Loan will be repaid out of the first project cash flow from the
Corner Bay Property and the
balance of the  cashflow, after retention of mutually agreeable working capital, shall be shared
equally between Campbell and Nuinsco. Prior to the transfer of the
Corner Bay Property, Nuinsco
and Campbell shall form a joint venture and execute a joint venture agreement respecting their
ownership and operation of the Corner Bay Property (including the use of the proceeds of the
Corner Bay Loan, if any), on mutually acceptable terms and conditions. The proceeds of the
Corner Bay Loan shall be deposited in the joint venture’s bank account.

	5.	 	On or before May 1, 2006, Nuinsco and Campbell shall enter into an agreement (the “Management
Agreement” ) pursuant to which Nuinsco shall agree to provide the Management Services to
Campbell commencing immediately following the approval of such agreement by Campbell’s court
appointed monitor or the approval of the court, as applicable. The Management Agreement shall
provide inter alia, the following:

	 	(a)	 	Nuinsco shall be appointed the exclusive consultant of Campbell to provide
Management Services;

 

 

  4

	 	(b)	 	if the Equity Funding is completed, neither party shall be entitled to terminate
the Management Agreement prior to April 30, 2007, and thereafter Nuinsco shall be
entitled to terminate the agreement upon 30 days’ prior written notice and Campbell
shall be entitled to terminate the agreement upon 180 days’ prior written notice;
	 
	 	(c)	 	in the event that the Corner Bay Property is brought to production, the
Management Agreement shall be amended upon terms and conditions to be mutually agreed
upon in order to reflect the fact that thereafter Nuinsco shall provide the Management
Services on a long-term basis;
	 
	 	(d)	 	Nuinsco shall be issued 2,000,000 Common Shares upon commencement of the
provision of the Management Services and 1,000,000 Common Shares upon closing of the
Equity Funding;
	 
	 	(e)	 	Nuinsco shall be paid $25,000 plus 200,000 Common Shares (up to a maximum of
4,000,000 Common Shares), in advance on the first day of each month commencing with the
month of May 2006 whether or not the Equity Funding are completed;
	 
	 	(f)	 	Nuinsco shall provide the services of Warren Holmes, Brian Robertson, Paul
Jones and/or other qualified individuals for an aggregate minimum of 120 hours per
month until April 30, 2007 and thereafter 40 hours per month;
	 
	 	(g)	 	Campbell shall pay all travelling, accommodation and other reasonable third
party expenses incurred by or on behalf of such individuals in providing the
Management Services and shall pay all consultants and advisors retained, from time to
time, at the request of Nuinsco to assist in managing and/or operating the Mines;
	 
	 	(h)	 	Nuinsco and the foregoing individuals shall report directly to Campbell’s
Chief Executive Officer; and
	 
	 	(i)	 	so long as Nuinsco is providing Management Services to Campbell and/or holds
an interest in the Corner Bay Property, Nuinsco shall be entitled to nominate two
individuals as directors of Campbell in addition to the incumbent seven (7) directors
and one additional individual for each additional director of Campbell elected or
appointed after the date hereof (other than Nuinsco’s foregoing two nominees).

	6.	 	Pending the execution of the Management Agreement, Campbell shall reimburse Nuinsco for all
out of pocket costs incurred by it or on its behalf in respect of providing consulting and
other services to Campbell prior to, on and after the date hereof (including the preparation
of the business plan referred to in Section 1 and related due diligence) and Campbell shall
pay such amounts immediately following receipt of third party invoices therefor. All
outstanding amounts payable to Nuinsco under this Section 6 shall be paid

 

 

  5

	 	 	at the closing of the Nuinsco Placement and, at the election of Campbell, such amount
may be settled through the issuance of Units to Nuinsco as part of the Nuinsco Placement, in
which event the amount of Nuinsco’s cash subscription under the Nuinsco Placement shall be
reduced by the amount of such settlement.

	7.	 	Nuinsco, together with Sprott Securities Inc., shall have the option to purchase such number
of Units at the Subscription Price as shall be equal to the number of Units which are not
subscribed for pursuant to the Rights Offering; such option to be exercisable either by way of
a private placement (which shall be closed on or before the closing of the Equity Funding) or
pursuant to a subscription privilege granted as part of the Rights Offering.

	8.	 	So long as Nuinsco holds Common Shares and/or other securities of Campbell (including the
Warrants) which represent (upon exercise, exchange and/or conversion of such other securities
held by Nuinsco) more than 10% of the total number of issued and outstanding Common Shares
plus the number of Common Shares issuable to Nuinsco upon the exercise, exchange and/or
conversion of the Warrants and other securities of Campbell held by Nuinsco, Nuinsco shall
have:

	 	(a)	 	a right of first refusal to subscribe for up to 100% of any Common Shares
and/or securities exercisable into, exchangeable for or convertible into Common Shares
offered, from time to time, by Campbell, including any such securities which Campbell
proposes to issue to its creditors pursuant to the Reorganization (but excluding Common
Shares issuable pursuant to Campbell’s stock option plan); and
	 
	 	(b)	 	if Nuinsco does not exercise such right of refusal in respect of any offering,
a pre-emptive right in respect to such offering to purchase Common Shares and/or other
securities of Campbell to maintain its then current interest in Campbell.

	9.	 	The agreements referred to above and all other related agreements shall contain the terms and
conditions contained in this letter and shall contain other representations, warranties,
covenants, terms and provisions standard to transactions of this nature.

	10.	 	The closing of the Equity Funding shall be subject to,
inter alia, the following conditions
to be performed for the benefit of Nuinsco at or prior to such closing:

	 	(a)	 	the parties shall have entered into the Management Agreement;
	 
	 	(b)	 	all corporate, legal and regulatory proceedings, approvals and consents which
are reasonably considered necessary by the solicitors of Nuinsco shall have been taken
or obtained by Campbell in connection with the transfer to Nuinsco of an undivided 50%
interest in the Corner Bay Property as contemplated by Section 4, the Equity Funding,
the issuance of the Warrants and the Common Shares issuable to
Nuinsco hereunder and the
entering into of the Management Agreement (collectively, the “Transaction”) and the
Reorganization;

 

 

  6

	 	(c)	 	all approvals required under the CCAA concerning the Transaction (including a court order
(the “Court Order”) approving and authorizing the
Transaction (in respect of which there are
no appeals and there has been granted no stay of proceedings)), in form and substance
satisfactory to Nuinsco and the CRM Lender, shall have been obtained;
	 
	 	(d)	 	all approvals of the secured creditors of Campbell to the subordination of their respective
security interests in favour of the lender of the Corner Bay Loan, in form and substance
satisfactory to Nuinsco and the lender of the Corner Bay Loan, shall have been obtained;
	 
	 	(e)	 	Nuinsco shall have completed its investigation into Campbell and shall, in its sole
discretion, acting reasonably, have been satisfied with the results thereof;
	 
	 	(f)	 	Nuinsco shall have received legal opinions from counsel to Campbell, in form and substance
satisfactory to it acting reasonably, concerning, among other things:

	 	(i)	 	the due incorporation, subsistence and authorized and issued capital of
Campbell;
	 
	 	(ii)	 	the compliance by Campbell with all applicable laws and regulations relating
to the completion of the Transaction and the Reorganization; and
	 
	 	(iii)	 	the completion of the Transaction;
	 
	 	(iv)	 	the issuance of the Common Shares and the Warrants and the reservation for
issuance of the Common Shares issuable thereunder (including standard securities law
opinions relating thereto); and
	 
	 	(v)	 	due authorization, execution, delivery and enforceability of all documents
executed by Campbell in respect of the Transaction;

	 	(g)	 	there shall have been no material adverse changes in the business, affairs, conditions or
prospects of Campbell or the Mines, whether financial or otherwise, from the date hereof to
the date of the closing of the Transaction;
	 
	 	(h)	 	from and after the date hereof Nuinsco shall have approved the incurring or assumption by
Campbell of any liabilities or obligations outside the normal business activities and the
acquisition of any capital assets;
	 
	 	(i)	 	at the time of closing of the Transaction, there shall be no action, suit, proceeding (at
law or in equity), claim or demand by any person, or any investigation or arbitration or
administrative or other proceeding by or before (or any investigation by) any governmental or
other instrumentality or agency outstanding, pending or threatened against or affecting
Campbell or any of its property, or assets, or which questions the validity of any action
taken by Campbell;

 

 

  7

	 	(j)	 	all of the material contracts, agreements, engagements, or commitments to
which Campbell is a party or by which it is bound shall be in form and substance
satisfactory to Nuinsco acting reasonably and shall be in full force and effect and
unamended and Campbell shall not be in default in any material respect; and
	 
	 	(k)	 	the proposed terms and conditions of the Reorganization shall be satisfactory
to Nuinsco, acting reasonably.

	11.	 	It is the intention of the parties that the definitive
agreements shall be executed as soon
as practicable and that the Transaction shall be completed on or before April 30, 2006.

PART 2

	12.	 	Forthwith upon the mutual execution of this letter:

	 	(a)	 	Campbell shall make full disclosure to Nuinsco (and its
authorized representatives) of its financial position and condition, business,
operations, assets, liabilities and such other matters or information relevant or
material to the Transaction (all of the foregoing, collectively “Information”); and
	 
	 	(b)	 	Nuinsco shall be entitled to make such examinations and investigations
(including by its authorized representatives) of the Information possessed by or in the
control of Campbell as it may reasonably require, and for this purpose, on reasonable
notice, shall be entitled to consult with the advisors and to have access to the Mines
and the premises of Campbell, for the inspection and production of relevant books,
records, financial statements and other data it deems appropriate.

	13.	 	Each of the parties agrees that it shall co-operate in good faith with the other with a view
to:

	 	(a)	 	negotiating and executing definitive agreements;
	 
	 	(b)	 	obtaining on a timely basis any regulatory, creditor, shareholder or other
consent, approval or exemption reasonably required in connection with the Transaction
and Reorganization; and
	 
	 	(c)	 	completing any necessary filing with any regulatory authority.

	14.	 	Campbell agrees that it shall:

	 	(a)	 	not take any steps, directly or indirectly, which may in any way adversely
affect the Transaction;
	 
	 	(b)	 	immediately disclose to Nuinsco any material change (within the meaning of the
Securities Act (Ontario)) in relation to its business, affairs, conditions and
prospects; and

 

 

  8

	 	(c)	 	not, directly or indirectly, solicit, initiate, assist or encourage enquiries,
submissions or proposals or offers from any other person relating to, or facilitate or
encourage any effort or attempt involving:

	 	(i)	 	the acquisition or disposition of any of the issued and
outstanding shares of Campbell;
	 
	 	(ii)	 	the issuance of any share, or securities exercisable for,
convertible into or exchangeable for shares, in the capital of Campbell, other
than shares reserved for issuance on the date hereof and securities issuable
pursuant to the provisions hereof;
	 
	 	(iii)	 	the refinancing of Campbell by way of debt and/or equity
(other than as part of the Reorganization);
	 
	 	(iv)	 	the direct or indirect acquisition of any material part of the
assets of Campbell; or
	 
	 	(v)	 	an amalgamation, arrangement (other than as part of the
Reorganization), consolidation, recapitalization (other than as part of the
Reorganization), liquidation or winding-up of, or other business combination
or similar transaction involving Campbell

	 	 	 	(each an “Alternative Transaction”)

	 	 	 	and further agrees it will not participate in any discussions or negotiations regarding, or
(except as required by law) furnish to any other person any information with respect to, or
otherwise co-operate in any way with, or assist or participate in or facilitate or
encourage any effort or attempt or enter into any commitment or agreement respecting any
Alternative Transaction.
	 
	 	15.	 	Campbell shall immediately cease and cause to be terminated all existing discussions and
negotiations, if any, with any parties conducted before the date
hereof with respect to any
Alternative Transaction. Campbell agrees not to release any third party from any
confidentiality or standstill obligation contained in any agreement to which Campbell and such
third party are parties.
	 
	 	16.	 	Any public or other announcement with respect to the Transaction, except as may be required
by any law or rules of any stock exchange, will be made only upon the mutual agreement of
Nuinsco and Campbell; provided, however, that in the event of a request by any regulatory body
for disclosure by either party or in the event of a legal requirement to make disclosure, the
party making such disclosure shall consult with the other party prior to making any statement
or press release and each party shall use all reasonable efforts, acting in good faith, to
agree upon the text for such statement or press release. If a party is subject to a legal
requirement to make disclosure, that party shall have the final determination as to the timing
and content of such disclosure but shall make only such disclosure as it, acting reasonably,
believes to be necessary to comply with the legal

 

 

  9

	 	 	 	requirement or as is otherwise agreed to by each of the parties. Information respecting
this agreement, the Transaction and any of the transactions contemplated herein, including
any subsequent negotiations and procedures relating thereto shall otherwise be kept in the
strictest of confidence by the parties and their respective authorized representatives.
	 
	 	17.	 	In the event that prior to December 31, 2006, Campbell enters into an agreement with any
person to implement an Alternative Transaction, completes an Alternative Transaction or the
Transaction is not completed other than solely as a result of the failure by Nuinsco to
complete the Nuinsco Placement, then Campbell shall pay to Nuinsco the amount of $200,000,
which amount shall be payable to Nuinsco upon demand in immediately
available funds. This
Section 17 shall survive the expiration or termination hereof.
	 
	 	18.	 	Campbell shall reimburse Nuinsco for all of the legal fees and disbursements incurred by
Nuinsco prior to, on and after the date hereof in connection with the preparation of this
letter and in connection with all of the transactions contemplated hereby, forthwith following
receipt of invoices therefor.
	 
	 	19.	 	The agreements contained in Part 2 of this letter shall take effect on the date of execution
hereof and shall, in the cases of sections 12 to 16, inclusive, expire on May 31, 2006 unless
otherwise mutually agreed by the parties.
	 
	 	20.	 	This letter shall be governed by and interpreted in accordance with the laws of the Province
of Ontario and the federal laws of Canada applicable therein.
	 
	 	21.	 	The parties hereto specify that it is their express wish that this letter and other related
documents be drawn up and executed in English. LES PARTIES SIGNANT CETTE LETTRE
RECONNAISSENT QU’ELLES ONT EXIGE QUE CETTE LETTRE DE MEME QUE TOUS LES AUTRE DOCUMENTS S’Y
RAPPORTANT SOIENT REDIGES ET EXECUTES EN LANGUE ANGLAISE.
	 
	 	22.	 	This letter may be executed by the parties hereto is separate counterparts or duplicates each
of which when so executed and delivered shall be an original, but all such counterparts or
duplicates shall together constitute one and the same instrument, and any of the parties
hereto may execute this letter by signing any of such counterpart and delivering same by
telecopy or otherwise in writing (each delivery by any of such means to be deemed to be
delivery of an originally executed counterpart for all purposes).

 

 

  10

Kindly
indicate your acknowledgement of, and in the case of Part 2, your agreement with, the
foregoing, by executing and returning a copy of this letter. The proposal and offer made herein
shall automatically lapse and expire at 5:00 p.m. (Toronto time) on
April 21, 2006, unless accepted
prior thereto.

	 	 	 	 	 
	Yours very truly,	 	 
	 
	 	 	 	 
	NUINSCO RESOURCES
LIMITED	 	 
	 
	 	 	 	 
	By:

	 	/s/ W.W. Holmes
 

	 	 
	 
	 	 	 	 
	Acknowledged and, in the case of Part 2, agreed,	 	 
	as of the
24th
 day

of April                     , 2006.	 	 
	 
	 	 	 	 
	CAMPBELL RESOURCES,
INC.	 	 
	 
	 	 	 	 
	By:

	 	/s/ André Fortier	 	 
	 

	 	 	 	 
	 

	 	Authorized signing officer

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