Document:

Filed by Automated Filing Services Inc. (604) 609-0244 - Nord Resources Corporation - Exhibit 4.15

NORD RESOURCES CORPORATION

WARRANT CERTIFICATE

	No. W2006-019 	256,410 Warrants 

THE WARRANTS REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED, NOR REGISTERED NOR QUALIFIED UNDER ANY
STATE SECURITIES LAWS. SUCH WARRANTS MAY NOT BE OFFERED FOR SALE, SOLD,
DELIVERED AFTER SALE, TRANSFERRED, PLEDGED, OR HYPOTHECATED UNLESS QUALIFIED AND
REGISTERED UNDER APPLICABLE STATE AND FEDERAL SECURITIES LAWS OR UNLESS, IN THE
OPINION OF COUNSEL SATISFACTORY TO NORD RESOURCES CORPORATION SUCH QUALIFICATION
AND REGISTRATION IS NOT REQUIRED PURSUANT TO AN EXEMPTION THEREFROM. NO TRANSFER
OF ANY SUCH WARRANT SHALL BE VALID OR EFFECTIVE UNTIL SUCH CONDITIONS HAVE BEEN
FULFILLED.

WARRANTS FOR THE 
PURCHASE OF COMMON STOCK

Issue Date: April 17, 2006

THIS CERTIFIES THAT, FOR VALUE RECEIVED, Auramet Trading, LLC,
a Delaware limited liability company (the “Holder”), is the owner of
256,410 Warrants to purchase an equal number of validly-issued, fully-paid and
non-assessable shares of Common Stock (the “Warrant Shares”) of NORD RESOURCES
CORPORATION, a corporation organized and existing under the laws of the State of
Delaware (the “Corporation”). 

The Warrants represented by this Warrant Certificate are fully
vested as of the date hereof. Purchase may be made at any time, and from time to
time, prior to 5:00 p.m. Central Time on the Expiration Date (as hereinafter
defined), upon the presentation and surrender of this Warrant Certificate with a
written notice signed by the Holder stating the number of shares of Common Stock
with respect to which such exercise is being made, at the principal corporate
address of the Corporation, accompanied by payment of the Purchase Price, in
lawful money of the United States of America in cash or by official bank or
certified check made payable to NORD RESOURCES CORPORATION. The Purchase Price
and the number of shares of Common Stock subject to purchase upon the exercise
of the Warrants are subject to modification or adjustment as set forth
herein.

	
      SECTION 1. 
	
      DEFINITIONS. As used herein, the
      following terms shall have the following meanings, unless the context
      shall otherwise require: 

1

	 	(a) 	
      “Adjusted Purchase Price” shall have the meaning
      given to it in Section 5 of this Certificate.

	 	 	 
	 	(b) 	
      “Change of Shares” shall have the meaning given to
      it in Section 5 of this Certificate.

	 	 	 
	 	(c) 	
      “Common Stock” shall mean the common stock of the
      Corporation, which has the right to participate in the distribution of
      earnings and assets of the Corporation without limit as to amount or
      percentage.

	 	 	 
	 	(d) 	
      “Corporate Office” shall mean the office of the
      Corporation at which, at any particular time, its principal business shall
      be administered, which office is currently located at 1 West Wetmore Road,
      Suite 203, Tucson, Arizona, 85705.

	 	 	 
	 	(e) 	
      “Exercise Date” shall mean, as to any Warrant, the
      date on which the Corporation shall have received both (a) this Warrant
      Certificate, together with a written notice of exercise in accordance
      herewith, duly executed by the Holder hereof, or his attorney duly
      authorized in writing, and indicating that the Holder is thereby
      exercising such Warrant(s), and (b) payment by wire transfer, or by
      official bank or certified check made payable to the Corporation, of an
      amount in lawful money of the United States of America equal to the
      applicable Purchase Price for such Warrant(s).

	 	 	 
	 	(f) 	
      “Exercise Price” shall mean, as to any Warrant,
      the average closing price of the Common Stock (as quoted on the Pink
      Sheets, LLC) for the 20 trading days prior to April 17, 2006, being
      $0.56.

	 	 	 
	 	(g) 	
      “Expiration Date” shall mean 5:00 P.M. (Pacific
      Time) on April 17, 2008.

	 	 	 
	 		
      If the Expiration Date falls on a holiday or a day on
      which banks are authorized to be closed in the State of Arizona, then the
      Expiration Date shall mean 5:00 P.M. (Pacific Time) of the next
      consecutive day which does not fall on a holiday or a day on which banks
      are authorized to be closed in the State of Arizona.

	 	 	 
	 	(h) 	
      “Holder” shall have the meaning given to it in the
      face page hereof.

	 	 	 
	 	(i) 	
      “Purchase Price” shall mean the purchase price to
      be paid upon exercise of each Warrant hereunder in accordance with the
      terms hereof, which price shall be the Exercise Price, subject to
      adjustment from time to time pursuant to the provisions of Section 5
      hereof.

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	 	(j) 	
      “Securities Act” shall mean the Securities Act
      of 1933, and any amendments or modifications, or successor
      legislation, thereto adopted, and all regulations, rules or other laws
      enacted or adopted pursuant thereto.

	 	 	 
	 	(k) 	
      “Warrant Certificate” shall mean any certificate
      representing Warrants.

	 	 	 
	 	(l) 	
      “Warrant Registry” means the official record
      maintained by the Corporation in which are recorded, with respect to each
      Warrant Certificate issued by the Corporation: the date of issuance, the
      name and address of the original Holder, the name and address of each
      subsequent transferee of such original Holder, and the number identifying,
      such Warrant Certificate.

	 	 	 
	 	(m) 	
      “Warrant Shares” shall have the meaning given to
      it in the face page hereof.

	 	 	 
	 	(n) 	
      “Warrants” shall mean the Warrants represented by
      this Warrant Certificate.

	SECTION 2. 	EXERCISE OF WARRANTS.
  

	 	(a) 	
      Each Warrant evidenced hereby may be exercised by the
      Holder at any time on the Exercise Date, upon the terms and subject to the
      conditions set forth herein, by delivery to the Corporation of a completed
      Notice of Exercise in the form attached as Schedule A hereto. A Warrant
      shall be deemed to have been exercised immediately prior to the close of
      business on the Exercise Date and the person entitled to receive shares of
      restricted common stock of the Corporation deliverable upon such exercise
      shall be treated for all purposes as the Holder of a Warrant Share upon
      the exercise of the applicable Warrant as of the close of business on the
      Exercise Date. Promptly following, and in any event within ten (10)
      business days after, the date on which the Corporation first receives
      clearance of all funds received in payment of the Purchase Price pursuant
      to this Warrant Certificate, the Corporation shall cause to be issued and
      delivered to the person or persons entitled to receive the same, a
      certificate or certificates evidencing the issuance to such Holder of the
      applicable number of Warrant Shares (plus a Warrant Certificate for any
      remaining issued but unexercised Warrants of the Holder). Notwithstanding
      the foregoing sentence, in the event that any registration or
      qualification (or filing for exemption from any such requirements) is
      required prior to the issuance of such Warrant Shares by
  the

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      Corporation in accordance with Section 3(b) below, then
      the obligation to deliver any such certificates shall arise only upon
      completion of such requirements and at such time as the Corporation may
      lawfully do so.

	 	 	 
	 	(b) 	
      Upon the exercise of the Warrants represented hereby, if
      the Corporation so requests, the Holder shall certify to the Corporation
      that it is not exercising such Warrants with a view to distribute the
      Warrant Shares in violation of the Securities Act, and shall provide such
      other investor representations as the Corporation may require to confirm
      the ability of the Corporation to rely upon the exemption from
      registration under the Securities Act which applies to the distribution of
      Warrant Shares at the time of such
distribution.

	SECTION 3. 	
      RESERVATION OF SHARES; REGISTRATION RIGHTS;
      TAXES; ETC. 

	 	(a) 	 The Corporation covenants that it will at all times
        reserve and keep available out of its authorized Common Stock, solely
        for the purpose of issue upon the valid exercise of Warrants, such number
        of Warrant Shares as shall then be issuable upon the exercise of all Warrants
        then outstanding. The Corporation covenants that all shares of Common
        Stock which shall be issuable upon exercise of the Warrants shall, at
        the time of delivery, be duly and validly issued, fully-paid, non-assessable
        and free from all taxes, liens and charges with respect to the issuance
        thereof (other than those which the Corporation shall promptly pay or
        discharge, or any liens created thereon by the Holder thereof and/or any
        predecessor of such Holder).

	 	 	 
	 	(b) 	 The Corporation shall not be obligated to deliver any
        Warrant Shares pursuant to the exercise of the Warrants represented hereby
        unless and until a registration statement under the Securities Act and/or
        under any applicable state securities laws and regulations, with respect
        to such securities is effective, or an exemption from such registration
        is available to the Corporation at the time of such exercise. The Corporation
        covenants that if any Warrant Shares reserved for the purpose of exercise
        of Warrants hereunder require registration with, or approval of, any governmental
        authority under any federal or state securities law before such securities
        may be validly issued or delivered upon such exercise, then the Corporation
        will in good faith and as expeditiously as reasonably possible, endeavor
        to secure such registration or approval. However, in the event that this
        Warrant Certificate represents Warrants which have been transferred by
        an initial holder thereof,

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      the Warrants represented hereby may not be exercised by,
      nor shares of Common Stock issued to, the Holder hereof in any state in
      which such exercise and issuance would be unlawful.

	 	 	 
	 	(c) 	
      If at any time from the date hereof until the earliest to
      occur of (A) the date as of which all the Warrant Shares may be sold by
      the Holder without regard to the volume limitations set forth in Rule
      144(e) under the Securities Act, and (B) such date as of which all the
      Warrant Shares held by the Holder have been sold, and there is not an
      effective registration statement covering all of the Warrant Shares, the
      Corporation shall determine to prepare and file with the United States
      Securities and Exchange Commission a registration statement relating to an
      offering for its own account or the account of others under the Securities
      Act, of any of its equity securities (other than on Form S-4 or Form S-8
      under the Securities Act, or their then equivalents, relating to equity
      securities to be issued solely in connection with any acquisition of any
      entity or business, or equity securities issuable in connection with stock
      incentive or other employee benefit plans), then the Corporation shall
      send to the Holder written notice of such determination and, if within
      fifteen days after receipt of such notice, the Holder shall so request in
      writing, the Corporation shall include in such registration statement all
      or any part of the Warrant Shares the Holder requests to be registered;
      provided that: (i) the Corporation shall not be required to register any
      Warrant Shares pursuant to this Section that are eligible for resale
      pursuant to Rule 144(k) promulgated under the Securities Act; and (ii) the
      Corporation shall not be required to register any Warrant Shares until
      after the Holder has exercised the Warrant.

	 	 	 
	 	(d) 	
      The Corporation shall pay all documentary, stamp or
      similar taxes and other governmental charges that may be imposed with
      respect to the issuance of the Warrants, or the issuance or delivery of
      any shares of Common Stock upon exercise of the Warrants; provided,
      however, that if the shares of Common Stock are to be delivered in a name
      other than the name of the Holder hereof, then no such delivery shall be
      made unless the person requesting the same has paid to the Corporation the
      amount of transfer taxes or charges incident thereto, if
  any.

	SECTION 4. 	
      LOSS OR MUTILATION. Upon receipt by
      the Corporation of evidence satisfactory to it of the ownership of, and
      loss, theft, destruction or mutilation of, this Warrant Certificate and
      (in case of loss, theft or destruction) of indemnity satisfactory to the
      Corporation, and (in the case of mutilation) upon surrender and
      cancellation thereof, the Corporation shall execute and deliver to the
      Holder in lieu thereof a new Warrant 

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Certificate of like tenor representing
an equal aggregate number of Warrants as was indicated to be outstanding on the
prior lost or mutilated Warrant Certificate (provided, however, that to the
extent that any discrepancy may exist between the number of Warrants purported
to be outstanding in respect of any Holder as evidenced by a Warrant Certificate
that has been lost or mutilated and the number attributable to such Holder in
the Warrant Registry, then the Warrant Registry shall control for all purposes,
absent a showing of manifest error. Each Holder requesting a substitute Warrant
Certificate due to loss, theft or destruction shall, prior to receiving such
substitute certificate, provide an affidavit to the Corporation in the form
prescribed thereby and signed by (and notarized on behalf of) such Holder.
Applicants for a substitute Warrant Certificate shall comply with such other
reasonable regulations and pay such other reasonable charges as the Corporation
may prescribe.

	SECTION 5. 	
      ADJUSTMENT OF PURCHASE PRICE
      AND NUMBER OF WARRANT
      SHARES OR WARRANTS. 

	 	(a) 	
      Subject to the provisions of this Warrant Certificate and
      applicable law, in the event the Corporation shall, at any time or from
      time to time after the date hereof, issue any shares of Common Stock as a
      stock dividend to the holders of Common Stock, or subdivide or combine the
      outstanding shares of Common Stock into a greater or lesser number of
      shares (any such sale, issuance, subdivision or combination being herein
      called a “Change of Shares”), then, and thereafter upon each
      further Change of Shares, the Purchase Price in effect immediately prior
      to such Change of Shares shall be reduced, but in no event increased, to a
      price (the “Adjusted Purchase Price”) determined by multiplying the
      Purchase Price in effect immediately prior to such Change of Shares by a
      fraction, the numerator of which shall be the sum of the number of shares
      of Common Stock outstanding immediately prior to the issuance of such
      additional shares plus the number of shares of Common Stock which the
      aggregate consideration received by the Corporation would purchase at such
      Purchase Price, and the denominator of which shall be the sum of the
      number of shares of Common Stock outstanding immediately after the
      issuance of such additional shares. Such adjustment to the Purchase Price
      shall be made successively whenever an issuance is made after a Change of
      Shares has occurred.

	 	 	 
	 		
      Upon each adjustment of the Purchase Price pursuant to
      this Section 5(a), the total number of shares of Common Stock purchasable
      upon the exercise of each Warrant shall become (subject to the provisions
      contained in Section 5(b) hereof) such number of shares (calculated to the
      nearest tenth) purchasable at

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	 		 the Purchase Price in effect immediately prior to such
        adjustment multiplied by a fraction, the numerator of which shall be the
        Purchase Price in effect immediately prior to such adjustment and the
        denominator of which shall be the applicable Adjusted Purchase Price (rounded
        to the nearest whole number of shares). No fractional shares shall be
        issued or called for as a result of any adjustment made hereunder.

	 	 	 
	 	(b) 	 The Corporation may elect, at its sole discretion, upon
        any adjustment of the Purchase Price hereunder, to adjust the number of
        Warrants outstanding, in lieu of adjustment of the number of Warrant Shares
        purchasable upon the exercise of each Warrant as hereinabove provided,
        so that each Warrant outstanding after such adjustment shall represent
        the right to purchase one Warrant Share. Each Warrant held of record prior
        to such adjustment of the number of Warrants shall become that number
        of Warrants (calculated to the nearest tenth) determined by multiplying
        the number one by a fraction, the numerator of which shall be the Purchase
        Price in effect immediately prior to such adjustment and the denominator
        of which shall be the Adjusted Purchase Price. Upon each adjustment of
        the number of Warrants pursuant to this Section 5(b), the Corporation
        shall, as promptly as practicable, cause to be distributed to each Holder
        of Warrant Certificates, on the date of such adjustment, Warrant Certificates
        evidencing the adjusted number of Warrants to which such Holder shall
        be entitled as a result of such adjustment or, at the sole option of the
        Corporation, cause to be distributed to such Holder in substitution and
        replacement for the Warrant Certificates held by him prior to the date
        of adjustment, and upon surrender thereof, (if required by the Corporation)
        new Warrant Certificates evidencing the aggregate number of Warrants to
        which such Holder shall be entitled after such adjustment.

	 	 	 
	 	(c) 	 In case of any reclassification, capital reorganization
        or other change of outstanding shares of Common Stock, or in case of any
        consolidation or merger of the Corporation with or into another corporation
        (other than a consolidation or merger in which the Corporation is the
        continuing corporation and which does not result in any reclassification,
        capital reorganization or other change of outstanding shares of Common
        Stock), or in case of any sale or conveyance to another corporation of
        all, or substantially all, of the property of the Corporation (other than
        a sale/leaseback, mortgage or other financing transaction), the Corporation
        shall cause effective provision to be made so that each holder of a Warrant
        then outstanding shall have the right thereafter, by exercising such Warrant,
        to purchase the kind and number of shares of stock or

7

	 		
      other securities or property (including cash) receivable
      upon such reclassification, capital reorganization or other change,
      consolidation, merger, sale or conveyance by a holder of the number of
      Warrant Shares that might have been purchased upon exercise of such
      Warrant immediately prior to such reclassification, capital reorganization
      or other change, consolidation, merger, sale or conveyance. Any such
      provision shall include provision for adjustments that shall be as nearly
      equivalent as may be practicable to the adjustments provided for in this
      Section 5 upon a Change of Shares. The Corporation shall not effect any
      such consolidation, merger or sale without the written consent of Holders
      of a majority of the Warrants then outstanding, unless prior to or
      simultaneously with the consummation thereof the successor (if other than
      the Corporation) resulting from such consolidation or merger or the
      corporation purchasing assets or other appropriate corporation or entity
      shall assume, by written instrument executed and delivered to the
      Corporation, the obligation to deliver to the holder of each Warrant such
      substitute warrants, shares of stock, securities or assets as, in
      accordance with the foregoing provisions, such Holders may be entitled to
      purchase, and the other obligations of the Corporation set out in this
      Certificate. The foregoing provisions shall similarly apply to successive
      reclassifications, capital reorganizations and other changes of
      outstanding shares of Common Stock and to successive consolidations,
      mergers, sales or conveyances.

	 	 	 
	 	(d) 	
      Irrespective of any adjustments or changes in the
      Purchase Price or the number of Warrant Shares purchasable upon exercise
      of the Warrants, all Warrant Certificates issued (whether prior to or
      subsequent to any event causing an adjustment thereof) shall continue to
      express the Purchase Price per share, and the number of shares purchasable
      thereunder as originally expressed in the Warrant Certificate initially
      issued to any Holder.

	 	 	 
	 	(e) 	
      After each adjustment of the Purchase Price pursuant to
      this Section 5, the Corporation will promptly prepare a certificate signed
      by the Chairman or Chief Executive Officer, and attested by the Secretary
      or an Assistant Secretary, of the Corporation setting forth: (i) the
      Purchase Price as so adjusted, (ii) the number of shares of Common Stock
      purchasable upon exercise of each Warrant after such adjustment or, if the
      Corporation shall have elected to adjust the number of Warrants, the
      number of Warrants to which the Holder of each Warrant shall then be
      entitled, and (iii) a brief statement of the facts accounting for such
      adjustment. The Corporation will promptly cause a brief summary thereof to
      be sent by ordinary first class mail to each Holder of Warrants at his or
      her

8

	 		
      last address as it shall appear on the registry books of
      the Corporation. No failure to mail such notice nor any defect therein nor
      in the mailing thereof shall affect the validity thereof. The affidavit of
      the Secretary or an Assistant Secretary of the Corporation that such
      notice has been mailed shall, in the absence of fraud, be prima facie
      evidence of the facts stated therein.

	 	 	 
	 	(f) 	
      As used in this Section 5, references to “Common Stock”
      shall mean and include all of the Corporation’s Common Stock authorized on
      the date hereof and shall also include any capital stock of any class of
      the Corporation thereafter authorized which shall not be limited to a
      fixed sum or percentage in respect of the rights of the holders thereof to
      participate in dividends and in the distribution of assets upon the
      voluntary liquidation, dissolution or winding up of the Corporation;
      provided, however, that “Warrant Shares” shall include only shares of such
      class designated in the Corporation’s Certificate of Incorporation as
      Common Stock on the date hereof or (i) in the case of any
      reclassification, change, consolidation, merger, sale or conveyance of the
      character referred to in Section 5(c) hereof, the stock, securities or
      property provided for in such section, or (ii) in the case of any
      reclassification or change in the outstanding shares of Common Stock
      issuable upon exercise of the Warrants as a result of a subdivision or
      combination or consisting of a change in par value, or from par value to
      no par value, or from no par value to par value, such shares of Common
      Stock as so reclassified or changed.

	 	 	 
	 	(g) 	
      Any determination as to whether an adjustment in the
      Purchase Price in effect hereunder is required pursuant to this Section 5,
      or as to the amount of any such adjustment, if required, shall be binding
      upon all holders of Warrants and the Corporation if made in good faith by
      the Board of Directors of the Corporation. For purposes of this Section
      5(g), the Corporation’s Board of Directors shall be deemed to have acted
      in good faith if it makes any such decision in reliance upon advice of its
      legal counsel and/or another independent professional hired to advise the
      Board on such matters.

	SECTION 6. 	RESTRICTIVE LEGEND.
  

	 	(a) 	
      Neither the Warrants represented by this Warrant
      Certificate nor the Warrant Shares to be issued upon exercise of the
      Warrants have been registered under the Securities Act or any state
      securities laws. Accordingly, neither the Warrants nor the Warrant Shares
      may be offered, sold or otherwise transferred in the United States or to
      or for the account or benefit of a U.S. Person or a person
  in

9

the United States, unless registered
under the U.S. Securities Act and applicable state securities laws, or an
exemption from registration is available. Except as otherwise provided in this
Section 6, each certificate evidencing the issuance of Warrant Shares (whether
issued in the name of the original Holder of this Certificate or of any
subsequent transferee thereof), shall be stamped or otherwise imprinted with a
legend in substantially the following form:

“THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
  REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, NOR REGISTERED NOR
  QUALIFIED UNDER ANY STATE SECURITIES LAWS. SUCH SHARES MAY NOT BE OFFERED FOR
  SALE, SOLD, DELIVERED AFTER SALE, TRANSFERRED, PLEDGED, OR HYPOTHECATED UNLESS
  QUALIFIED AND REGISTERED UNDER APPLICABLE STATE AND FEDERAL SECURITIES LAWS
  OR UNLESS, IN THE OPINION OF COUNSEL SATISFACTORY TO NORD RESOURCES CORPORATION,
  SUCH QUALIFICATION AND REGISTRATION IS NOT REQUIRED. NO TRANSFER OF ANY SUCH
  SHARE SHALL BE VALID OR EFFECTIVE UNTIL SUCH CONDITIONS HAVE BEEN FULFILLED.”

          (b)
Except as otherwise provided in this Section 6, each Warrant Certificate shall
be stamped or otherwise imprinted with a legend in substantially the following
form:

“THE WARRANTS
  REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
  AS AMENDED, NOR REGISTERED NOR QUALIFIED UNDER ANY STATE SECURITIES LAWS. SUCH
  WARRANTS MAY NOT BE OFFERED FOR SALE, SOLD, DELIVERED AFTER SALE, TRANSFERRED,
  PLEDGED, OR HYPOTHECATED UNLESS QUALIFIED AND REGISTERED UNDER APPLICABLE STATE
  AND FEDERAL SECURITIES LAWS OR UNLESS, IN THE WRITTEN OPINION OF COUNSEL SATISFACTORY
  TO NORD RESOURCES CORPORATION, SUCH 

10

QUALIFICATION AND REGISTRATION IS NOT REQUIRED. NO TRANSFER
  OF ANY SUCH WARRANT SHALL BE VALID OR EFFECTIVE UNTIL SUCH CONDITIONS HAVE BEEN
  FULFILLED.”

	 	(c) 	
      The legend requirements of Sections 6(a) and 6(b) above
      shall terminate as to any particular Warrant or Warrant Share: (i) when
      and so long as such security shall have been effectively registered under
      the Securities Act and is disposed of pursuant thereto; or (ii) when the
      Company shall have received an opinion of counsel reasonably satisfactory
      to it that such shares may be sold to the public without registration
      thereof under the Securities Act.

	 	 	 
	 		
      Whenever the legend requirements imposed by this Section
      6 shall terminate as to any Warrant Share, as hereinabove provided, the
      Holder hereof shall be entitled to receive from the Corporation, at the
      Corporation’s expense, a new certificate representing such Warrant Shares
      and not bearing the restrictive legend set forth in Section
  6(a).

	SECTION 7. 	
      RIGHTS OF ACTION. All rights of
      action with respect to the Warrants are vested in the Holders of the
      Warrants, and any Holder of a Warrant, without consent of the holder of
      any other Warrant, may, in such Holder’s own behalf and for his own
      benefit, enforce against the Company his right to exercise his Warrants
      for the purchase of Warrant Shares in the manner provided in this Warrant
      Certificate. 

	  	
       

	SECTION 8. 	
      AGREEMENT OF WARRANT HOLDERS. Every
      holder of a Warrant, by his or her acceptance thereof, consents and agrees
      with the Corporation and every other holder of a Warrant that:
  

	 	(a) 	
      The Warrant Registry shall be maintained by the
      Corporation’s Secretary, and shall be the official register of all
      Warrants issued to any person in the Offering. The Warrant Registry shall
      be dispositive as to the issuance, ownership, transfer and other aspects
      of each Warrant issued by the Corporation which are recorded therein and,
      absent manifest error, such records shall control for all
  purposes.

	 	 	 
	 	(b) 	
      The Warrants are transferable only on the Warrant
      Registry by the Holder thereof in person or by his attorney duly
      authorized in writing and only if the Warrant Certificates representing
      such Warrants are surrendered at the Corporate Office of the Corporation,
      duly endorsed or accompanied by a proper instrument of transfer
      satisfactory to the Corporation in its sole
discretion,

11

	 		
      together with payment of the amount of any applicable
      transfer taxes; and

	 	 	 
	 	(c) 	
      The Corporation may deem and treat the person in whose
      name the Warrant Certificate is registered on the Warrant Registry as the
      holder and as the absolute, true and lawful owner of the Warrants
      represented thereby for all purposes, and the Corporation shall not be
      affected by any notice or knowledge to the contrary, except as otherwise
      expressly provided in this Certificate.

	SECTION 9. 	
      MODIFICATION OF WARRANTS. Other than
      with respect to any adjustment made by the Corporation in accordance with
      the provisions of Section 5 hereof, this Certificate may only be modified,
      supplemented or altered by the Corporation, and only with the consent in
      writing of the Holders of Warrants representing greater than fifty percent
      (50%) of the total Warrants then outstanding; provided, that no change in
      the number or nature of the securities purchasable upon the exercise of
      any Warrant, or the acceleration of the Exercise Date, shall be made
      without the consent in writing of the Holder of the Warrant Certificate
      representing such Warrant, other than such changes as are specifically
      prescribed by this Certificate as originally executed or are made in
      compliance with applicable law. 

	  	
       

	SECTION 10. 	
      NOTICES. All notices, requests,
      consents and other communications hereunder shall be in writing and shall
      be deemed to have been made when delivered or mailed first class
      registered or certified mail, postage prepaid as follows: if to the Holder
      of a Warrant Certificate, at the address of such Holder as shown on the
      Warrant Registry maintained by the Corporation; and if to the Corporation,
      at 1 West Wetmore Road, Suite 203, Tucson, Arizona, 85705, or such other
      place as may be designated by the Corporation from time to time in
      accordance with this Section 10. 

	  	
       

	SECTION 11. 	
      GOVERNING LAW. This Certificate
      shall be governed by and construed in accordance with the laws of the
      State of New York, without giving effect to the law of conflicts of laws
      applied thereby. In the event that any dispute shall occur between the
      parties arising out of or resulting from the construction, interpretation,
      enforcement or any other aspect of this Certificate, the parties hereby
      agree to accept the exclusive jurisdiction of the Courts of the State of
      New York. In the event either party shall be forced to bring any legal
      action to protect or defend its rights hereunder, then the prevailing
      party in such proceeding shall be entitled to reimbursement from the
      non-prevailing party of all fees, costs and other expenses (including,
      without limitation, the reasonable expenses of its attorneys) in bringing
      or defending against such action. 

12

	
      SECTION 12. 
	
      ENTIRE UNDERSTANDING. This
      Certificate contains the entire understanding among the Corporation and
      the Holder relating to the subject matter covered herein, and merges all
      prior discussions, negotiations and agreements, if any between them.
      Neither of the parties to this agreement shall be bound by any
      representations, warranties, covenants, or other understandings relating
      to such subject matter, other than as expressly provided for or referred
      to herein. 

13

          IN
WITNESS WHEREOF, the Corporation has caused this Warrant Certificate to be duly
executed, manually or in facsimile, by two of its officers thereunto duly
authorized, as of the date set forth below.

		NORD
      RESOURCES CORPORATION 	 		ATTEST: 
	  	  	 	  	  
	  	  	 	  	  
	  	  	 	  	  
	By: 	/s/ Erland Anderson 	 	By: 	/s/
      John Perry 
	  	Erland Anderson 	 	  	John Perry 
	  	Executive Vice President and 	 	  	Senior Vice President and 
	  	Chief Operating Officer 	 	  	Chief Financial Officer 

Date: April 17, 2006

14

SCHEDULE A

NOTICE OF EXERCISE

TO:       Nord Resources
Corporation

(1)         The
undersigned hereby elects to purchase Warrant Shares of the Corporation pursuant
to the terms of the Warrant Certificate, and tenders herewith payment of the
exercise price in full, together with all applicable transfer taxes, if any.

(2)         Please
issue a Warrant Certificate registered in the name and address of the
undersigned as specified below:

____________________________________________________________

____________________________________________________________

____________________________________________________________

(3)         The Warrant
Shares shall be delivered to the following:

____________________________________________________________

____________________________________________________________

____________________________________________________________

(4)         The
undersigned hereby represents and warrants to the Corporation that the
undersigned:

	 	(a) 	
      is an “accredited investor” as defined in Rule 501 under
      the Securities Act of 1933, as amended (the “Securities Act”);

	 	 	 
	 	(b) 	
      is purchasing the Warrant Shares solely for its own
      account for investment and not with a view to or for sale or distribution
      of the Warrant Shares or any portion thereof and without any present
      intention of selling, offering to sell or otherwise disposing of or
      distributing the Warrant Shares or any portion thereof in any transaction
      other than a transaction complying with the registration requirements of
      the Securities Act; and

	 	 	 
	 	(c) 	
      is not exercising the Warrants as a result of any form of
      “general solicitation” or “general advertising” as used in Rule 502(c) of
      Regulation D.

(5)         The
undersigned hereby acknowledges that:

	 	(a) 	
      the Warrant Shares issuable upon exercise of the Warrants
      are “restricted securities” as defined in Rule 144 of the Securities
      Act;

	 	 	 
	 	(b) 	
      the Corporation shall refuse to register any transfer of
      the Warrant Shares not made in accordance with the provisions of
      Regulation S, pursuant to registration under the Securities Act, or
      pursuant to an available exemption from registration under the Securities
      Act; and

1

	 	(c) 	
      the Corporation may require the Holder to provide such
      information as may be reasonably necessary to permit the Corporation to
      verify the accuracy of the representations and warranties of the
      information contained herein, and may require the Holder to complete a
      Certification of U.S. Purchaser in form and substance reasonably
      satisfactory to the Corporation and its legal
counsel.

 

	By:	  	 
	 	[HOLDER] 	 

2Filed by Automated Filing Services Inc. (604) 609-0244 - Nord Resources Corporation - Exhibit 4.26

MODIFICATION AGREEMENT

     BY THIS MODIFICATION AGREEMENT
(the “Agreement”), made and entered into as of the 15th day of May, 2006,
NORD RESOURCES CORPORATION, a company organized under the laws of
Delaware (“Borrower”), and NEDBANK LIMITED, a limited liability
company organized under the laws of the Republic of South Africa
(“Lender”), confirm and agree as follows:

RECITALS

     A. Borrower executed a Secured
Promissory Note dated November 8, 2005, as amended on May 5, 2006 (the
“Note”), in terms whereof inter alia Borrower undertook to pay to
Lender the original principal amount of $3,900,000 with simple interest accruing
from the date of the Note until the Note is paid in full at a rate of 9% per
annum.

     B. The Note is secured by, among
other things, the Deed of Trust and a UCC-1 financing statement (the “UCC
Financing Statement”), associated with the Johnson Camp Collateral (the Deed
of Trust, the UCC Financing Statement and the other documents contemplated by
the Note are collectively referred to as the other “Credit
Documents”).

     C. Borrower and Lender desire to
modify the Note as set forth herein. All undefined capitalized terms used herein
shall have the meaning given them in the Note.

	1. 	
      MODIFICATIONS OF THE NOTE.

     (a) From and after the date of
this Agreement, the rate at which interest shall accrue on the principal amount
of the Note shall be increased to 10% per annum and the rate at which interest
shall accrue during the continuance of a Default shall be increased to 13% per
annum.

     (b) Section 1 of the Note is hereby
deleted in its entirety and replaced with the following:

“1. Maturity Date. The
principal balance hereof, and accrued but unpaid interest thereon, shall be due
and payable on the earlier of: (a) August 15, 2006; or (b) the closing of a
registered equity offering by Borrower which raises not less than
$20,000,000.”

	2. 	
      OTHER MODIFICATIONS, RATIFICATIONS AND
      AGREEMENTS.

     (a) All references to the Note in
the other Credit Documents are hereby amended to refer to the Note as hereby
amended.

     (b) Borrower acknowledges that
the principal indebtedness evidenced by the Note is just and owing, that the
balance thereof in the amount of $3,900,000 for the Note, as of May 15, 2006 is
correctly shown in the records of Lender as of the date hereof, and Borrower
agrees to pay the indebtedness evidenced by the Note and the indebtedness
secured by the other Credit Documents, according to the terms thereof, as herein
modified.

     (c) Borrower hereby reaffirms to
Lender each of the representations, warranties, covenants and agreements of
Borrower set forth in the Note and the other Credit Documents, with the same
force and effect as if each were separately stated herein and made as of the
date hereof.

     (d) Borrower hereby ratifies,
reaffirms, acknowledges, and agrees that the Note and the other Credit Documents
represent valid, enforceable and collectible obligations of Borrower, and that
there are no existing claims, defenses, personal or otherwise, or rights of
setoff whatsoever with respect to any of these documents or instruments.
Borrower further acknowledges and represents that, except as acknowledged above,
no event has occurred and no condition exists that, after notice or lapse of
time, or both, would constitute a default under this Agreement, the Note or any
other Credit Documents.

     (e) All terms, conditions and
provisions of the Note and the other Credit Documents are continued in full
force and effect and shall remain unaffected and unchanged except as
specifically amended hereby. The Note and the other Credit Documents, as amended
hereby, are hereby ratified and reaffirmed by Borrower, and Borrower
specifically acknowledges the validity and enforceability thereof.

	3. 	
      GENERAL.

     (a) This Agreement in no way acts
as a release or relinquishment of those liens, security interests and rights
securing payment of the Loan, including, without limitation, the Deed of Trust
and the UCC Financing Statement. Such liens, security interests and rights are
hereby ratified, confirmed, renewed and extended by Borrower in all
respects.

     (b) The modifications contained
herein shall not be binding upon Lender until Lender shall have received all of
the following: 

               (i)
An original of this Agreement fully executed by the Borrower; 

               (ii)
Payment for all accrued and unpaid interest up to the date hereof; 

               (ii)
Payment to Lender of a closing fee in an amount equal to $39,000;

               (iii)
Delivery to Lender of 100,000 warrants (the “Warrants”) to be issued
substantially in the form attached hereto as Exhibit “A”, as follows: (A) 75,000
Warrants shall be issued to Lender; and (B) 25,000 Warrants shall be issued to
Auramet Trading, LLC (“Auramet”); provided, however, that the Borrower’s
obligation to deliver any Warrants to Auramet hereunder shall be contingent upon
receipt by the Borrower of a declaration from Auramet substantially in the form
attached hereto as Exhibit “B”; and

               (iv)
Such other documents as Lender may reasonably require.

     (c) Each Warrant shall be
exercisable until 5:00 p.m. (Tucson time) on May 15, 2008, and shall entitle the
holder thereof to purchase one share of Borrower’s common stock (each a “Warrant
Share” and together with the “Warrants” the “Securities”) at an exercise price
that shall be 

-2-

equal to the average of the closing prices of the Borrower’s
common stock on the Pink Sheets LLC during the twenty trading days immediately
preceding May 15, 2006.

     (d) The Lender acknowledges and
agrees that: (i) the Warrants and any Warrant Shares issuable upon exercise of
the Warrants have not been registered under the United States Securities Act
of 1933, as amended (the “U.S. Securities Act”) or the securities laws of
any state of the United States and will be “restricted securities”, as defined
in Rule 144 under the U.S. Securities Act; (ii) the offer and sale of the
Securities contemplated hereby is being made in reliance on an exemption from
such registration requirements; and (iii) subject to certain exceptions provided
under the U.S. Securities Act, the Warrants and the Warrant Shares may not be
transferred or exercised in the United States or by or on behalf of a U.S.
person (within the meaning assigned in Regulation S under the U.S. Securities
Act) unless such Securities, as applicable, are registered under the U.S.
Securities Act and applicable state securities laws, or unless an exemption from
such registration requirements is available.

     (e) The Lender represents and
warrants that

               (i)
It is an “accredited investor” as defined in Rule 501 of Regulation D of the
U.S. Securities Act by virtue of being an organization described in Section
501(c)(3) of the United States Internal Revenue Code, a corporation, a
Massachusetts or similar business trust or partnership, not formed for the
specific purpose of acquiring the Securities, with total assets in excess of
US$5,000,000;

               (ii)
It has such knowledge and experience in financial and business matters as to be
capable of evaluating the merits and risks of an investment in the Securities
and it is able to bear the economic risk of loss of its entire investment;

               (iii)
The Borrower has provided to the Lender the opportunity to ask questions and
receive answers concerning the terms and conditions of the offering, and it has
had access to such information concerning the Borrower as it has considered
necessary or appropriate in connection with its investment decision to acquire
the Securities, including access to the Borrower's public filings with the
Securities and Exchange Commission, and any answers to the Lender’s questions
and any request for information have been complied with to the Lender’s
satisfaction; and

               (iv)
It is acquiring the Warrants referred to in clause 3(b)(iii)(A) of this
Agreement for its own account, for investment purposes only, and not with a view
to any resale, distribution or other disposition of such Warrants or the
underlying Warrant Shares in violation of the United States securities laws.

     (f) Borrower shall execute and
deliver such additional documents and do such other acts as Lender may
reasonably require to fully implement the intent of this Agreement.

     (g) Borrower shall pay Lender’s
costs and expenses associated with this Agreement, including, but not limited
to, reasonable attorneys’ fees actually incurred by Lender in connection
herewith.

-3-

     (h) Notwithstanding anything to
the contrary contained herein or in any other instrument executed by Borrower or
Lender, or in any other action or conduct undertaken by Borrower or Lender on or
before the date hereof, the agreements, covenants and provisions contained
herein shall constitute the only evidence of Lender’s consent to modify the
terms and provisions of the Note or any other Credit Documents. Accordingly, no
express or implied consent to any further modifications involving any of the
matters set forth in this Agreement or otherwise shall be inferred or implied by
Lender’s execution of this Agreement. Further, Lender’s execution of this
Agreement shall not constitute a waiver (either express or implied) of the
requirement that any further modification of the Note or any other Credit
Document shall require the express written approval of Lender; no such approval
(either express or implied) has been given as of the date hereof.

     (i) This Agreement shall be
binding upon, and shall inure to the benefit of, the parties hereto and their
heirs, personal representatives, successors and assigns.

     (j) This Agreement shall be
governed by and construed according to the laws of the State of Arizona.

[SIGNATURES APPEAR ON THE FOLLOWING PAGE]

-4-

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

	 	BORROWER: 	  
	 	 	 
	 	NORD RESOURCES CORPORATION 
	 	  	  	  
	 	By: 	/s/ John
      Perry 	/s/ E.
      Anderson 
	 	Name: 	John Perry
    	Erland
      Anderson 
	 	Title: 	CFO 	COO 
	 	  	  	  
	 	LENDER: 	  
	 	 	 
	 	NEDBANK LIMITED 	  
	 	  	  	  
	 	By: 	/s/
      Terry Rust 	/s/
      Stuart Orton 
	 	Name: 	Terry
      Rust 	Stuart
      Orton 
	 	Its: 	Head
      of Forfaiting 	Manager 

-5-

Exhibit A
To the Modification Agreement

Form of Warrants

NORD RESOURCES CORPORATION

WARRANT CERTIFICATE

	No. ______	__________ Warrants 

THE WARRANTS REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED, NOR REGISTERED NOR QUALIFIED UNDER ANY
STATE SECURITIES LAWS. SUCH WARRANTS MAY NOT BE OFFERED FOR SALE, SOLD,
DELIVERED AFTER SALE, TRANSFERRED, PLEDGED, OR HYPOTHECATED UNLESS QUALIFIED AND
REGISTERED UNDER APPLICABLE STATE AND FEDERAL SECURITIES LAWS OR UNLESS, IN THE
OPINION OF COUNSEL SATISFACTORY TO NORD RESOURCES CORPORATION SUCH QUALIFICATION
AND REGISTRATION IS NOT REQUIRED PURSUANT TO AN EXEMPTION THEREFROM. NO TRANSFER
OF ANY SUCH WARRANT SHALL BE VALID OR EFFECTIVE UNTIL SUCH CONDITIONS HAVE BEEN
FULFILLED.

WARRANTS FOR THE 
PURCHASE OF COMMON STOCK

Issue Date: May 15, 2006

THIS CERTIFIES THAT, FOR VALUE RECEIVED, __________________, a
______________limited liability company (the “Holder”), is the owner of
______________Warrants to purchase an equal number of validly-issued, fully-paid
and non-assessable shares of Common Stock (the “Warrant Shares”) of NORD
RESOURCES CORPORATION, a corporation organized and existing under the laws of
the State of Delaware (the “Corporation”). 

The Warrants represented by this Warrant Certificate are fully
vested as of the date hereof. Purchase may be made at any time, and from time to
time, prior to 5:00 p.m. Central Time on the Expiration Date (as hereinafter
defined), upon the presentation and surrender of this Warrant Certificate with a
written notice signed by the Holder stating the number of shares of Common Stock
with respect to which such exercise is being made, at the principal corporate
address of the Corporation, accompanied by payment of the Purchase Price, in
lawful money of the United States of America in cash or by official bank or
certified check made payable to NORD RESOURCES CORPORATION. The Purchase Price
and the number of shares of Common Stock subject to purchase upon the exercise
of the Warrants are subject to modification or adjustment as set forth
herein.

	SECTION 1. 	DEFINITIONS. As used
      herein, the following terms shall have the following meanings, unless the
      context shall otherwise require: 

	 	(a) 	
      “Adjusted Purchase Price” shall have the meaning
      given to it in Section 5 of this Certificate.

	 	 	 
	 	(b) 	
      “Change of Shares” shall have the meaning given to
      it in Section 5 of this Certificate.

	 	 	 
	 	(c) 	
      “Common Stock” shall mean the common stock of the
      Corporation, which has the right to participate in the distribution of
      earnings and assets of the Corporation without limit as to amount or
      percentage.

	 	 	 
	 	(d) 	
      “Corporate Office” shall mean the office of the
      Corporation at which, at any particular time, its principal business shall
      be administered, which office is currently located at 1 West Wetmore Road,
      Suite 203, Tucson, Arizona, 85705.

	 	 	 
	 	(e) 	
      “Exercise Date” shall mean, as to any Warrant, the
      date on which the Corporation shall have received both (a) this Warrant
      Certificate, together with a written notice of exercise in accordance
      herewith, duly executed by the Holder hereof, or his attorney duly
      authorized in writing, and indicating that the Holder is thereby
      exercising such Warrant(s), and (b) payment by wire transfer, or by
      official bank or certified check made payable to the Corporation, of an
      amount in lawful money of the United States of America equal to the
      applicable Purchase Price for such Warrant(s).

	 	 	 
	 	(f) 	
      “Exercise Price” shall mean, as to any Warrant,
      the average closing price of the Common Stock (as quoted on the Pink
      Sheets, LLC) for the 20 trading days prior to May 15, 2006, being
      $_____.

	 	 	 
	 	(g) 	
      “Expiration Date” shall mean 5:00 P.M. (Tucson
      Time) on May 15, 2008.

	 	 	 
	 		
      If the Expiration Date falls on a holiday or a day on
      which banks are authorized to be closed in the State of Arizona, then the
      Expiration Date shall mean 5:00 P.M. (Tucson Time) of the next consecutive
      day which does not fall on a holiday or a day on which banks are
      authorized to be closed in the State of Arizona.

	 	 	 
	 	(h) 	
      “Holder” shall have the meaning given to it in the
      face page hereof.

	 	 	 
	 	(i) 	
      “Purchase Price” shall mean the purchase price to
      be paid upon exercise of each Warrant hereunder in accordance with the
      terms hereof, which price shall be the Exercise Price, subject to
      adjustment from time to time pursuant to the provisions of Section 5
      hereof.

2

	 	(j) 	
      “Securities Act” shall mean the Securities Act
      of 1933, and any amendments or modifications, or successor
      legislation, thereto adopted, and all regulations, rules or other laws
      enacted or adopted pursuant thereto.

	 	 	 
	 	(k) 	
      “Warrant Certificate” shall mean any certificate
      representing Warrants.

	 	 	 
	 	(l) 	
      “Warrant Registry” means the official record
      maintained by the Corporation in which are recorded, with respect to each
      Warrant Certificate issued by the Corporation: the date of issuance, the
      name and address of the original Holder, the name and address of each
      subsequent transferee of such original Holder, and the number identifying,
      such Warrant Certificate.

	 	 	 
	 	(m) 	
      “Warrant Shares” shall have the meaning given to
      it in the face page hereof.

	 	 	 
	 	(n) 	
      “Warrants” shall mean the Warrants represented by
      this Warrant Certificate.

	SECTION 2. 	EXERCISE OF WARRANTS.
  

	 	(a) 	
      Each Warrant evidenced hereby may be exercised by the
      Holder at any time on the Exercise Date, upon the terms and subject to the
      conditions set forth herein, by delivery to the Corporation of a completed
      Notice of Exercise in the form attached as Schedule A hereto. A Warrant
      shall be deemed to have been exercised immediately prior to the close of
      business on the Exercise Date and the person entitled to receive shares of
      restricted common stock of the Corporation deliverable upon such exercise
      shall be treated for all purposes as the Holder of a Warrant Share upon
      the exercise of the applicable Warrant as of the close of business on the
      Exercise Date. Promptly following, and in any event within ten (10)
      business days after, the date on which the Corporation first receives
      clearance of all funds received in payment of the Purchase Price pursuant
      to this Warrant Certificate, the Corporation shall cause to be issued and
      delivered to the person or persons entitled to receive the same, a
      certificate or certificates evidencing the issuance to such Holder of the
      applicable number of Warrant Shares (plus a Warrant Certificate for any
      remaining issued but unexercised Warrants of the Holder). Notwithstanding
      the foregoing sentence, in the event that any registration or
      qualification (or filing for exemption from any such requirements) is
      required prior to the issuance of such Warrant
Shares

3

	 		
      by the Corporation in accordance with Section 3(b) below,
      then the obligation to deliver any such certificates shall arise only upon
      completion of such requirements and at such time as the Corporation may
      lawfully do so.

	 	 	 
	 	(b) 	
      Upon the exercise of the Warrants represented hereby, if
      the Corporation so requests, the Holder shall certify to the Corporation
      that it is not exercising such Warrants with a view to distribute the
      Warrant Shares in violation of the Securities Act, and shall provide such
      other investor representations as the Corporation may require to confirm
      the ability of the Corporation to rely upon the exemption from
      registration under the Securities Act which applies to the distribution of
      Warrant Shares at the time of such
distribution.

	SECTION 3. 	RESERVATION OF SHARES; REGISTRATION
      RIGHTS; TAXES; ETC. 

	 	(a) 	
      The Corporation covenants that it will at all times
      reserve and keep available out of its authorized Common Stock, solely for
      the purpose of issue upon the valid exercise of Warrants, such number of
      Warrant Shares as shall then be issuable upon the exercise of all Warrants
      then outstanding. The Corporation covenants that all shares of Common
      Stock which shall be issuable upon exercise of the Warrants shall, at the
      time of delivery, be duly and validly issued, fully-paid, non- assessable
      and free from all taxes, liens and charges with respect to the issuance
      thereof (other than those which the Corporation shall promptly pay or
      discharge, or any liens created thereon by the Holder thereof and/or any
      predecessor of such Holder).

	 	 	 
	 	(b) 	
      The Corporation shall not be obligated to deliver any
      Warrant Shares pursuant to the exercise of the Warrants represented hereby
      unless and until a registration statement under the Securities Act and/or
      under any applicable state securities laws and regulations, with respect
      to such securities is effective, or an exemption from such registration is
      available to the Corporation at the time of such exercise. The Corporation
      covenants that if any Warrant Shares reserved for the purpose of exercise
      of Warrants hereunder require registration with, or approval of, any
      governmental authority under any federal or state securities law before
      such securities may be validly issued or delivered upon such exercise,
      then the Corporation will in good faith and as expeditiously as reasonably
      possible, endeavor to secure such registration or approval. However, in
      the event that this Warrant Certificate represents Warrants which have
      been transferred by an initial holder thereof, the Warrants represented
      hereby may not be exercised by, nor shares of Common Stock
  issued

4

	 		
      to, the Holder hereof in any state in which such exercise
      and issuance would be unlawful.

	 	 	 
	 	(c) 	
      If at any time from the date hereof until the earliest to
      occur of (A) the date as of which all the Warrant Shares may be sold by
      the Holder without regard to the volume limitations set forth in Rule
      144(e) under the Securities Act, and (B) such date as of which all the
      Warrant Shares held by the Holder have been sold, and there is not an
      effective registration statement covering all of the Warrant Shares, the
      Corporation shall determine to prepare and file with the United States
      Securities and Exchange Commission a registration statement relating to an
      offering for its own account or the account of others under the Securities
      Act, of any of its equity securities (other than on Form S-4 or Form S-8
      under the Securities Act, or their then equivalents, relating to equity
      securities to be issued solely in connection with any acquisition of any
      entity or business, or equity securities issuable in connection with stock
      incentive or other employee benefit plans), then the Corporation shall
      send to the Holder written notice of such determination and, if within
      fifteen days after receipt of such notice, the Holder shall so request in
      writing, the Corporation shall include in such registration statement all
      or any part of the Warrant Shares the Holder requests to be registered;
      provided that: (i) the Corporation shall not be required to register any
      Warrant Shares pursuant to this Section that are eligible for resale
      pursuant to Rule 144(k) promulgated under the Securities Act; and (ii) the
      Corporation shall not be required to register any Warrant Shares until
      after the Holder has exercised the Warrant.

	 	 	 
	 	(d) 	
      The Corporation shall pay all documentary, stamp or
      similar taxes and other governmental charges that may be imposed with
      respect to the issuance of the Warrants, or the issuance or delivery of
      any shares of Common Stock upon exercise of the Warrants; provided,
      however, that if the shares of Common Stock are to be delivered in a name
      other than the name of the Holder hereof, then no such delivery shall be
      made unless the person requesting the same has paid to the Corporation the
      amount of transfer taxes or charges incident thereto, if
  any.

	SECTION 4. 	
      LOSS OR MUTILATION. Upon receipt by
      the Corporation of evidence satisfactory to it of the ownership of, and
      loss, theft, destruction or mutilation of, this Warrant Certificate and
      (in case of loss, theft or destruction) of indemnity satisfactory to the
      Corporation, and (in the case of mutilation) upon surrender and
      cancellation thereof, the Corporation shall execute and deliver to the
      Holder in lieu thereof a new Warrant Certificate of like tenor
      representing an equal aggregate number of Warrants as was indicated to be
      

5

outstanding on the prior lost or
mutilated Warrant Certificate (provided, however, that to the extent that any
discrepancy may exist between the number of Warrants purported to be outstanding
in respect of any Holder as evidenced by a Warrant Certificate that has been
lost or mutilated and the number attributable to such Holder in the Warrant
Registry, then the Warrant Registry shall control for all purposes, absent a
showing of manifest error. Each Holder requesting a substitute Warrant
Certificate due to loss, theft or destruction shall, prior to receiving such
substitute certificate, provide an affidavit to the Corporation in the form
prescribed thereby and signed by (and notarized on behalf of) such Holder.
Applicants for a substitute Warrant Certificate shall comply with such other
reasonable regulations and pay such other reasonable charges as the Corporation
may prescribe.

	SECTION 5. 	ADJUSTMENT OF PURCHASE PRICE AND NUMBER
      OF WARRANT SHARES OR WARRANTS.

	 	(a) 	
      Subject to the provisions of this Warrant Certificate and
      applicable law, in the event the Corporation shall, at any time or from
      time to time after the date hereof, issue any shares of Common Stock as a
      stock dividend to the holders of Common Stock, or subdivide or combine the
      outstanding shares of Common Stock into a greater or lesser number of
      shares (any such sale, issuance, subdivision or combination being herein
      called a “Change of Shares”), then, and thereafter upon each
      further Change of Shares, the Purchase Price in effect immediately prior
      to such Change of Shares shall be reduced, but in no event increased, to a
      price (the “Adjusted Purchase Price”) determined by multiplying the
      Purchase Price in effect immediately prior to such Change of Shares by a
      fraction, the numerator of which shall be the sum of the number of shares
      of Common Stock outstanding immediately prior to the issuance of such
      additional shares plus the number of shares of Common Stock which the
      aggregate consideration received by the Corporation would purchase at such
      Purchase Price, and the denominator of which shall be the sum of the
      number of shares of Common Stock outstanding immediately after the
      issuance of such additional shares. Such adjustment to the Purchase Price
      shall be made successively whenever an issuance is made after a Change of
      Shares has occurred.

	 	 	 
	 		
      Upon each adjustment of the Purchase Price pursuant to
      this Section 5(a), the total number of shares of Common Stock purchasable
      upon the exercise of each Warrant shall become (subject to the provisions
      contained in Section 5(b) hereof) such number of shares (calculated to the
      nearest tenth) purchasable at the Purchase Price in effect immediately
      prior to such adjustment multiplied by a fraction, the numerator of which
      shall be the Purchase Price in effect immediately

6

	 		
      prior to such adjustment and the denominator of which
      shall be the applicable Adjusted Purchase Price (rounded to the nearest
      whole number of shares). No fractional shares shall be issued or called
      for as a result of any adjustment made hereunder.

	 	 	 
	 	(b) 	
      The Corporation may elect, at its sole discretion, upon
      any adjustment of the Purchase Price hereunder, to adjust the number of
      Warrants outstanding, in lieu of adjustment of the number of Warrant
      Shares purchasable upon the exercise of each Warrant as hereinabove
      provided, so that each Warrant outstanding after such adjustment shall
      represent the right to purchase one Warrant Share. Each Warrant held of
      record prior to such adjustment of the number of Warrants shall become
      that number of Warrants (calculated to the nearest tenth) determined by
      multiplying the number one by a fraction, the numerator of which shall be
      the Purchase Price in effect immediately prior to such adjustment and the
      denominator of which shall be the Adjusted Purchase Price. Upon each
      adjustment of the number of Warrants pursuant to this Section 5(b), the
      Corporation shall, as promptly as practicable, cause to be distributed to
      each Holder of Warrant Certificates, on the date of such adjustment,
      Warrant Certificates evidencing the adjusted number of Warrants to which
      such Holder shall be entitled as a result of such adjustment or, at the
      sole option of the Corporation, cause to be distributed to such Holder in
      substitution and replacement for the Warrant Certificates held by him
      prior to the date of adjustment, and upon surrender thereof, (if required
      by the Corporation) new Warrant Certificates evidencing the aggregate
      number of Warrants to which such Holder shall be entitled after such
      adjustment.

	 	 	 
	 	(c) 	
      In case of any reclassification, capital reorganization
      or other change of outstanding shares of Common Stock, or in case of any
      consolidation or merger of the Corporation with or into another
      corporation (other than a consolidation or merger in which the Corporation
      is the continuing corporation and which does not result in any
      reclassification, capital reorganization or other change of outstanding
      shares of Common Stock), or in case of any sale or conveyance to another
      corporation of all, or substantially all, of the property of the
      Corporation (other than a sale/leaseback, mortgage or other financing
      transaction), the Corporation shall cause effective provision to be made
      so that each holder of a Warrant then outstanding shall have the right
      thereafter, by exercising such Warrant, to purchase the kind and number of
      shares of stock or other securities or property (including cash)
      receivable upon such reclassification, capital reorganization or other
      change, consolidation, merger, sale or conveyance by a holder of the
      number of Warrant

7

	 		
      Shares that might have been purchased upon exercise of
      such Warrant immediately prior to such reclassification, capital
      reorganization or other change, consolidation, merger, sale or conveyance.
      Any such provision shall include provision for adjustments that shall be
      as nearly equivalent as may be practicable to the adjustments provided for
      in this Section 5 upon a Change of Shares. The Corporation shall not
      effect any such consolidation, merger or sale without the written consent
      of Holders of a majority of the Warrants then outstanding, unless prior to
      or simultaneously with the consummation thereof the successor (if other
      than the Corporation) resulting from such consolidation or merger or the
      corporation purchasing assets or other appropriate corporation or entity
      shall assume, by written instrument executed and delivered to the
      Corporation, the obligation to deliver to the holder of each Warrant such
      substitute warrants, shares of stock, securities or assets as, in
      accordance with the foregoing provisions, such Holders may be entitled to
      purchase, and the other obligations of the Corporation set out in this
      Certificate. The foregoing provisions shall similarly apply to successive
      reclassifications, capital reorganizations and other changes of
      outstanding shares of Common Stock and to successive consolidations,
      mergers, sales or conveyances.

	 	 	 
	 	(d) 	
      Irrespective of any adjustments or changes in the
      Purchase Price or the number of Warrant Shares purchasable upon exercise
      of the Warrants, all Warrant Certificates issued (whether prior to or
      subsequent to any event causing an adjustment thereof) shall continue to
      express the Purchase Price per share, and the number of shares purchasable
      thereunder as originally expressed in the Warrant Certificate initially
      issued to any Holder.

	 	 	 
	 	(e) 	
      After each adjustment of the Purchase Price pursuant to
      this Section 5, the Corporation will promptly prepare a certificate signed
      by the Chairman or Chief Executive Officer, and attested by the Secretary
      or an Assistant Secretary, of the Corporation setting forth: (i) the
      Purchase Price as so adjusted, (ii) the number of shares of Common Stock
      purchasable upon exercise of each Warrant after such adjustment or, if the
      Corporation shall have elected to adjust the number of Warrants, the
      number of Warrants to which the Holder of each Warrant shall then be
      entitled, and (iii) a brief statement of the facts accounting for such
      adjustment. The Corporation will promptly cause a brief summary thereof to
      be sent by ordinary first class mail to each Holder of Warrants at his or
      her last address as it shall appear on the registry books of the
      Corporation. No failure to mail such notice nor any defect therein nor in
      the mailing thereof shall affect the validity thereof. The affidavit of
      the Secretary or an Assistant

8

	 		
      Secretary of the Corporation that such notice has been
      mailed shall, in the absence of fraud, be prima facie evidence of the
      facts stated therein.

	 	 	 
	 	(f) 	
      As used in this Section 5, references to “Common Stock”
      shall mean and include all of the Corporation’s Common Stock authorized on
      the date hereof and shall also include any capital stock of any class of
      the Corporation thereafter authorized which shall not be limited to a
      fixed sum or percentage in respect of the rights of the holders thereof to
      participate in dividends and in the distribution of assets upon the
      voluntary liquidation, dissolution or winding up of the Corporation;
      provided, however, that “Warrant Shares” shall include only shares of such
      class designated in the Corporation’s Certificate of Incorporation as
      Common Stock on the date hereof or (i) in the case of any
      reclassification, change, consolidation, merger, sale or conveyance of the
      character referred to in Section 5(c) hereof, the stock, securities or
      property provided for in such section, or (ii) in the case of any
      reclassification or change in the outstanding shares of Common Stock
      issuable upon exercise of the Warrants as a result of a subdivision or
      combination or consisting of a change in par value, or from par value to
      no par value, or from no par value to par value, such shares of Common
      Stock as so reclassified or changed.

	 	 	 
	 	(g) 	
      Any determination as to whether an adjustment in the
      Purchase Price in effect hereunder is required pursuant to this Section 5,
      or as to the amount of any such adjustment, if required, shall be binding
      upon all holders of Warrants and the Corporation if made in good faith by
      the Board of Directors of the Corporation. For purposes of this Section
      5(g), the Corporation’s Board of Directors shall be deemed to have acted
      in good faith if it makes any such decision in reliance upon advice of its
      legal counsel and/or another independent professional hired to advise the
      Board on such matters.

	SECTION 6. 	RESTRICTIVE LEGEND.
  

	 	(a) 	
      Neither the Warrants represented by this Warrant
      Certificate nor the Warrant Shares to be issued upon exercise of the
      Warrants have been registered under the Securities Act or any state
      securities laws. Accordingly, neither the Warrants nor the Warrant Shares
      may be offered, sold or otherwise transferred in the United States or to
      or for the account or benefit of a U.S. Person or a person in the United
      States, unless registered under the U.S. Securities Act and applicable
      state securities laws, or an exemption from registration is available.
      Except as otherwise provided in this Section 6, each certificate
      evidencing the issuance of Warrant Shares (whether issued in
  the

9

name of the original Holder of this
Certificate or of any subsequent transferee thereof), shall be stamped or
otherwise imprinted with a legend in substantially the following form:

“THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
  REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, NOR REGISTERED NOR
  QUALIFIED UNDER ANY STATE SECURITIES LAWS. SUCH SHARES MAY NOT BE OFFERED FOR
  SALE, SOLD, DELIVERED AFTER SALE, TRANSFERRED, PLEDGED, OR HYPOTHECATED UNLESS
  QUALIFIED AND REGISTERED UNDER APPLICABLE STATE AND FEDERAL SECURITIES LAWS
  OR UNLESS, IN THE OPINION OF COUNSEL SATISFACTORY TO NORD RESOURCES CORPORATION,
  SUCH QUALIFICATION AND REGISTRATION IS NOT REQUIRED. NO TRANSFER OF ANY SUCH
  SHARE SHALL BE VALID OR EFFECTIVE UNTIL SUCH CONDITIONS HAVE BEEN FULFILLED.”

	 	(b) 	
      Except as otherwise provided in this Section 6, each
      Warrant Certificate shall be stamped or otherwise imprinted with a legend
      in substantially the following form:

“THE WARRANTS REPRESENTED HEREBY HAVE NOT BEEN REGISTERED
  UNDER THE SECURITIES ACT OF 1933, AS AMENDED, NOR REGISTERED NOR QUALIFIED UNDER
  ANY STATE SECURITIES LAWS. SUCH WARRANTS MAY NOT BE OFFERED FOR SALE, SOLD,
  DELIVERED AFTER SALE, TRANSFERRED, PLEDGED, OR HYPOTHECATED UNLESS QUALIFIED
  AND REGISTERED UNDER APPLICABLE STATE AND FEDERAL SECURITIES LAWS OR UNLESS,
  IN THE WRITTEN OPINION OF COUNSEL SATISFACTORY TO NORD RESOURCES CORPORATION,
  SUCH QUALIFICATION AND REGISTRATION IS NOT REQUIRED. NO TRANSFER OF ANY SUCH
  WARRANT SHALL 

10

BE VALID OR EFFECTIVE UNTIL SUCH CONDITIONS HAVE BEEN FULFILLED.”

	 	(c) 	
      The legend requirements of Sections 6(a) and 6(b) above
      shall terminate as to any particular Warrant or Warrant Share: (i) when
      and so long as such security shall have been effectively registered under
      the Securities Act and is disposed of pursuant thereto; or (ii) when the
      Company shall have received an opinion of counsel reasonably satisfactory
      to it that such shares may be sold to the public without registration
      thereof under the Securities Act. Whenever the legend requirements imposed
      by this Section 6 shall terminate as to any Warrant Share, as hereinabove
      provided, the Holder hereof shall be entitled to receive from the
      Corporation, at the Corporation’s expense, a new certificate representing
      such Warrant Shares and not bearing the restrictive legend set forth in
      Section 6(a).

	SECTION 7. 	
      RIGHTS OF ACTION. All rights of
      action with respect to the Warrants are vested in the Holders of the
      Warrants, and any Holder of a Warrant, without consent of the holder of
      any other Warrant, may, in such Holder’s own behalf and for his own
      benefit, enforce against the Company his right to exercise his Warrants
      for the purchase of Warrant Shares in the manner provided in this Warrant
      Certificate. 

	  	  
	SECTION 8. 	
      AGREEMENT OF WARRANT HOLDERS. Every
      holder of a Warrant, by his or her acceptance thereof, consents and agrees
      with the Corporation and every other holder of a Warrant that:
  

(a) The Warrant Registry shall be
maintained by the Corporation’s Secretary, and shall be the official register of
all Warrants issued to any person in the Offering. The Warrant Registry shall be
dispositive as to the issuance, ownership, transfer and other aspects of each
Warrant issued by the Corporation which are recorded therein and, absent
manifest error, such records shall control for all purposes.

(b) The Warrants are transferable only
on the Warrant Registry by the Holder thereof in person or by his attorney duly
authorized in writing and only if the Warrant Certificates representing such
Warrants are surrendered at the Corporate Office of the Corporation, duly
endorsed or accompanied by a proper instrument of transfer satisfactory to the
Corporation in its sole discretion, together with payment of the amount of any
applicable transfer taxes; and 

(c) The Corporation may deem and treat
the person in whose name the Warrant Certificate is registered on the Warrant
Registry 

11

as the holder and as the absolute,
true and lawful owner of the Warrants represented thereby for all purposes, and
the Corporation shall not be affected by any notice or knowledge to the
contrary, except as otherwise expressly provided in this Certificate.

	SECTION 9. 	
      MODIFICATION OF WARRANTS. Other than
      with respect to any adjustment made by the Corporation in accordance with
      the provisions of Section 5 hereof, this Certificate may only be modified,
      supplemented or altered by the Corporation, and only with the consent in
      writing of the Holders of Warrants representing greater than fifty percent
      (50%) of the total Warrants then outstanding; provided, that no change in
      the number or nature of the securities purchasable upon the exercise of
      any Warrant, or the acceleration of the Exercise Date, shall be made
      without the consent in writing of the Holder of the Warrant Certificate
      representing such Warrant, other than such changes as are specifically
      prescribed by this Certificate as originally executed or are made in
      compliance with applicable law. 

	  	
       

	SECTION 10. 	
      NOTICES. All notices, requests,
      consents and other communications hereunder shall be in writing and shall
      be deemed to have been made when delivered or mailed first class
      registered or certified mail, postage prepaid as follows: if to the Holder
      of a Warrant Certificate, at the address of such Holder as shown on the
      Warrant Registry maintained by the Corporation; and if to the Corporation,
      at 1 West Wetmore Road, Suite 203, Tucson, Arizona, 85705, or such other
      place as may be designated by the Corporation from time to time in
      accordance with this Section 10. 

	  	
       

	SECTION 11. 	
      GOVERNING LAW. This Certificate
      shall be governed by and construed in accordance with the laws of the
      State of New York, without giving effect to the law of conflicts of laws
      applied thereby. In the event that any dispute shall occur between the
      parties arising out of or resulting from the construction, interpretation,
      enforcement or any other aspect of this Certificate, the parties hereby
      agree to accept the exclusive jurisdiction of the Courts of the State of
      New York. In the event either party shall be forced to bring any legal
      action to protect or defend its rights hereunder, then the prevailing
      party in such proceeding shall be entitled to reimbursement from the
      non-prevailing party of all fees, costs and other expenses (including,
      without limitation, the reasonable expenses of its attorneys) in bringing
      or defending against such action. 

	  	
       

	SECTION 12. 	
      ENTIRE UNDERSTANDING. This
      Certificate contains the entire understanding among the Corporation and
      the Holder relating to the subject matter covered herein, and merges all
      prior discussions, 

12

negotiations and agreements, if any
between them. Neither of the parties to this agreement shall be bound by any
representations, warranties, covenants, or other understandings relating to such
subject matter, other than as expressly provided for or referred to herein.

13

     IN WITNESS WHEREOF, the
Corporation has caused this Warrant Certificate to be duly executed, manually or
in facsimile, by two of its officers thereunto duly authorized, as of the date
set forth below.

	NORD RESOURCES
      CORPORATION 	ATTEST: 
	 	  	 	  
	 By: 	_______________________________	 By: 	_______________________________
	 	Erland Anderson 	 	John T. Perry 
	 	Executive Vice President and 	 	Senior Vice President and 
	 	Chief Operating Officer 	 	Chief Financial Officer 

Date: May 15, 2006

14

SCHEDULE A

NOTICE OF EXERCISE

TO: Nord Resources Corporation

	(1) 	The undersigned hereby elects to purchase
      ___________________ Warrant Shares of the Corporation pursuant to the
      terms of the Warrant Certificate, and tenders herewith payment of the
      exercise price in full, together with all applicable transfer taxes, if
      any.
	 	 
	(2)	Please issue a Warrant Certificate registered in the name
      and address of the undersigned as specified below:
	 	 
	 	______________________________________________
	 	 
	 	______________________________________________
	 	 
	 	______________________________________________
	 	 
	(3) 	
      The Warrant Shares shall be delivered to the
      following:

	 	 	 
	 	______________________________________________
	 	 	 
	 	______________________________________________
	 	 
	 	______________________________________________
	 	 	 
	(4) 	
      The undersigned hereby represents and warrants to the
      Corporation that the undersigned:

	 	 	 
		(a) 	
      is an “accredited investor” as defined in Rule 501 under
      the Securities Act of 1933, as amended (the “Securities Act”);

	 	 	 
		(b) 	
      is purchasing the Warrant Shares solely for its own
      account for investment and not with a view to or for sale or distribution
      of the Warrant Shares or any portion thereof and without any present
      intention of selling, offering to sell or otherwise disposing of or
      distributing the Warrant Shares or any portion thereof in any transaction
      other than a transaction complying with the registration requirements of
      the Securities Act; and

	 	 	 
		(c) 	
      is not exercising the Warrants as a result of any form of
      “general solicitation” or “general advertising” as used in Rule 502(c) of
      Regulation D.

	 	 	 
	(5) 	
      The undersigned hereby acknowledges that:

	 	 	 
		(a) 	
      the Warrant Shares issuable upon exercise of the Warrants
      are “restricted securities” as defined in Rule 144 of the Securities
      Act;

	 	 	 
		(b) 	
      the Corporation shall refuse to register any transfer of
      the Warrant Shares not made in accordance with the provisions of
      Regulation S, pursuant to registration under the Securities Act, or
      pursuant to an available exemption from registration under the Securities
      Act; and

	 	(c) 	
      the Corporation may require the Holder to provide such
      information as may be reasonably necessary to permit the Corporation to
      verify the accuracy of the representations and warranties of the
      information contained herein, and may require the Holder to complete a
      Certification of U.S. Purchaser in form and substance reasonably
      satisfactory to the Corporation and its legal
counsel.

	 By: 	_______________________________________
	 	[HOLDER] 

2

Exhibit B
To the Modification Agreement

Form of Declaration by Auramet Trading, LLC

D E C L A R A T I O N

	To: 	Nord Resources Corporation 
		1 West Wetmore
  Road  
	  	Suite 203 
	  	Tucson, Arizona 85705 

REFERENCE IS MADE to that certain Modification Agreement
between Nord Resources Corporation, as Borrower (the “Borrower”), and Nedbank
Limited, as lender (the “Lender”), dated for reference May 15, 2006 (the
“Modification Agreement”), pursuant to which the Borrower has agreed to deliver
to Lender 100,000 warrants (the “Warrants”) to be issued substantially in the
form attached hereto as Exhibit “A” to the Modification Agreement, as follows:
(A) 75,000 Warrants shall be issued to Lender; and (B) 25,000 Warrants shall be
issued to Auramet Trading, LLC (“Auramet”).

WHEREAS Auramet must execute and deliver this
Declaration to the Borrower as a precondition to receiving its Warrants under
the Modification Agreement, in order to permit the Borrower to satisfy itself
that it shall have complied with applicable United States securities laws in
connection with the issuance of the Warrants to Auramet;

NOW, THEREFORE:

	1. 	
      Auramet hereby acknowledges and agrees that:

	 	 	 
		(a) 	
      Each Warrant shall be exercisable until 5:00 p.m. (Tucson
      time) on May 15, 2008, and shall entitle the holder thereof to purchase
      one share of Borrower’s common stock (each a “Warrant Share” and together
      with the “Warrants” the “Securities”) at an exercise price that shall be
      equal to the average of the closing prices of the Borrower’s common stock
      on the Pink Sheets LLC during the twenty trading days immediately
      preceding May 15, 2006;

	 	 	 
		(b) 	
      the Warrants and any Warrant Shares issuable upon
      exercise of the Warrants have not been registered under the United States
      Securities Act of 1933, as amended (the “U.S. Securities Act”) or
      the securities laws of any state of the United States and will be
      “restricted securities”, as defined in Rule 144 under the U.S. Securities
      Act;

	 	 	 
		(c) 	
      the offer and sale of the Securities contemplated by the
      Modification Agreement is being made in reliance on an exemption from such
      registration requirements; and

	 	 	 
		(d) 	
      subject to certain exceptions provided under the U.S.
      Securities Act, the Warrants and the Warrant Shares may not be transferred
      or exercised in the United States or by or on behalf of a U.S. person
      (within the meaning assigned in Regulation S under the U.S. Securities
      Act) unless such Securities, as applicable, are registered under the U.S.
      Securities Act and

		
      applicable state securities laws, or unless an exemption
      from such registration requirements is available.

	 	 	 
	2. 	
      Auramet represents and warrants that:

	 	 	 
		(a) 	
      it is an “accredited investor” as defined in Rule 501 of
      Regulation D of the U.S. Securities Act by virtue of being an organization
      described in Section 501(c)(3) of the United States Internal Revenue Code,
      a corporation, a Massachusetts or similar business trust or partnership,
      not formed for the specific purpose of acquiring the Securities, with
      total assets in excess of US$5,000,000;

	 	 	 
		(b) 	
      it has such knowledge and experience in financial and
      business matters as to be capable of evaluating the merits and risks of an
      investment in the Securities and it is able to bear the economic risk of
      loss of its entire investment;

	 	 	 
		(c) 	
      the Borrower has provided to Auramet the opportunity to
      ask questions and receive answers concerning the terms and conditions of
      the offering, and it has had access to such information concerning the
      Borrower as it has considered necessary or appropriate in connection with
      its investment decision to acquire the Securities, including access to the
      Borrower's public filings with the Securities and Exchange Commission, and
      any answers to Auramet’s questions and any request for information have
      been complied with to Auramet’s satisfaction; and

	 	 	 
		(d) 	
      it will be acquiring its Warrants for its own account,
      for investment purposes only, and not with a view to any resale,
      distribution or other disposition of such Warrants or the underlying
      Warrant Shares in violation of the United States securities
  laws.

DATED this _____day of May, 2006.

	 	AURAMET TRADING,
      LLC 
	 	 	  
	 	 	  
	 	 	  
	 	By: 	
	 	 	Authorized Signatory 

2

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