Document:

Filed by Automated Filing Services Inc. (604) 609-0244 - Nord Resources Corporation - Exhibit 4.27

NORD RESOURCES CORPORATION

WARRANT CERTIFICATE

	No. W2006-021	75,000 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, Nedbank
Limited, a limited liability company organized under the laws of the
Republic of South Africa (the “Holder”), is the owner of 75,000 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. Tucson 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:

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(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 $1.00.

(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.
(Tuscon 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.

(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 

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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 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

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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 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.

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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 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 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.

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(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 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 

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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
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 

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

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(c)          
The legend requirements of Section 6(a) and (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 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

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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, 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.

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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: May 15, 2006

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 

- 2 -

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]Filed by Automated Filing Services Inc. (604) 609-0244 - Nord Resources Corporation - Exhibit 4.28

NORD RESOURCES CORPORATION

WARRANT CERTIFICATE

	No. W2006-022	25,000 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, Auramet Trading
LLC, a Delaware limited liability company (the “Holder”), is the owner of
25,000 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. Tucson 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:

- 2 -

(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 $1.00.

(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.
(Tuscon 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.

(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 

- 3 -

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 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 

- 4 -

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 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.

- 5 -

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 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 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.

- 6 -

(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 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 

- 7 -

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
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 

- 8 -

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

- 9 -

(c)          
The legend requirements of Section 6(a) and (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 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

- 10 -

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, 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.

- 11 -

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: May 15, 2006

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 

- 2 -

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]

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