|                                       |                                    |
|--------------------------------------------|-----------------------------------------|
| Issuance      Date:  _______ __, 2009 | Principal      Amount: U.S. $__________ |

1.    PAYMENTS OF PRINCIPAL;MATURITY.  Payment of principal and interest due on this Note ispayable no later than __________ __, 2011 (the “Maturity Date”); provided, however,that each of the parties hereto may mutually agree to extend the term of thisNote beyond the Maturity Date.

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 In the event of a dispute as to the number of Sharesissuable to the Holder in connection with a conversion of this Note, the Companyshall issue to the Holder the number of Shares not in dispute and resolve suchdispute using good faith efforts with the Holder.

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|   | DEERFIELD      RESOURCES, LTD. |                         |
|--------|--------------------------------|------------------------------|
|   |                           |                         |   |
|   | By:                            | /s/                     |   |
|   | Name:                          | James      W. Morgon         |   |
|   | Title:                         | Chief      Executive Officer |   |
|   |                           |                         |   |

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| TO: |   |
|-----|--------|

| Conversion      Date:                                                                                                           |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|---------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Applicable      Conversion Price:                                                                                               |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| Signature:                                                                                                                      |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| Name:                                                                                                                           |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| Address:                                                                                                                        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| Amount      to be converted:                                                                                                    |   | $                                                                                      |
| Amount      of Note unconverted:                                                                                                |   | $                                                                                      |
| Conversion      Price per Unit:                                                                                                 |   | $                                                                                      |
| Number      of shares of Common Stock      and Warrants to be issued including      as payment of interest,      if applicable: |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| Please      issue the shares of Common      Stock and Warrants in      the following name and to the following      address:    |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| Issue      to the following account of the Holder:                                                                              |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| Authorized      Signature:                                                                                                      |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| Name:                                                                                                                           |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| Title:                                                                                                                          |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| Phone      Number:                                                                                                              |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| Broker      DTC Participant Code:                                                                                               |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| Account      Number:                                                                                                            |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |