Document:

Santa Fe Gold Corporation: Exhibit 10.1 - Filed by newsfilecorp.com

	Up to 16,666,667 Units 
	SANTA FE GOLD CORPORATION 
	  
	Units Consisting of 
	One Share of Common Stock and 
	A Warrant to Purchase One Share of Common Stock
  
	  
	$.30 Purchase Price per Unit 
	  
	  
	SUBSCRIPTION AGREEMENT 

To: Santa Fe Gold Corporation

Ladies and Gentlemen:

     1. Subscription. Pursuant
to the accompanying Prospectus Supplement, dated August 1, 2012, and the related
base prospectus dated December 29, 2009, the undersigned (the
“Subscriber”) hereby subscribes for, and agrees to purchase from
Santa Fe Gold Corporation, a Delaware corporation (the “Company”), such number
of Units, as set forth on the signature page hereto, at a purchase price of $.30
per Unit, with each Unit consisting of one share of common stock, par value
$0.002 (“Common Stock”), and a warrant to purchase a share of Common Stock at an
initial exercise price of $.40 per share of Common Stock. As a condition of the
offer, the undersigned agrees to deliver to the Company this executed
Subscription Agreement.

     2. Representations and
Warranties. By executing this Subscription Agreement, the undersigned
represents, warrants and acknowledges to the Company that:

          a. The
undersigned is either (i) an existing holder of shares of the Company’s Common
Stock, (ii) an “accredited investor” as defined in Rule 501(a)(1), (a)(2),
(a)(3), (a)(7) or (a)(8) under the Securities Act of 1933, as amended (the
“Securities Act”) or (iii) a “qualified institutional buyer” as defined in Rule
144A(a) under the Securities Act;

          b. No
commission or other remuneration will be paid or given directly or indirectly
for soliciting any security holder in connection with the purchase and sale of
the Units;

          c. Based
on personal knowledge and experience in financial and business matters in
general, the undersigned understands the nature of this investment, is fully
aware of and familiar with the proposed business operations of the Company, is
able to evaluate the merits and risks of an investment in the Units and is
capable of protecting the undersigned’s interests in such investment;

          d. The
undersigned has considered the "Risk Factors" beginning on page S-4 of the
Supplemental Prospectus, on page 7 of the accompanying prospectus and on page 9
of the Company’s Annual Report on Form 10-K dated September 13, 2011, for the
fiscal year ended June 30, 2011;

          e. The
undersigned has been advised and understands that this investment is, by its
nature, very speculative;

          f. The
undersigned has sufficient income and net worth such that the undersigned does
not contemplate being required to dispose of any portion of the investment in
the Units to satisfy any existing or expected undertaking or indebtedness. The
undersigned is able to bear the economic risks of this investment, including,
without limiting the generality of the foregoing, the risk of losing all or any
part of the investment and probable inability to sell or transfer the investment
for an indefinite period of time;

          g. The
Units when purchased will be acquired for the account of the undersigned and are
not being acquired with a view to any distribution thereof, and the undersigned
is not, directly or indirectly, participating in an underwriting of any such
distribution or transfer;

          h. The
investment in the Company has been privately proposed to the undersigned without
the use of general solicitation or advertising; 

          i. The
undersigned is not a citizen or resident of Canada nor an entity incorporated or
formed under the laws of Canada or any of its provinces; and

          j. No
federal or state agency, including the Securities and Exchange Commission or the
securities regulatory agency of any state, has approved or disapproved the
Units, passed upon or endorsed the merits of such investments, or made any
finding or determination as to the fairness of the Units for private investment.

     3. Successors and Assigns.
This Subscription Agreement shall be binding upon and shall inure to the
benefit of the parties hereto and to the successors and assigns of the Company
and to the legal representatives, successors and permitted assignees of the
undersigned. 

     4. Governing Law. This
Subscription Agreement shall be governed by and construed in accordance with the
laws of the State of Delaware without regard to principles of conflicts of
law.

     5. Counterparts. This
Subscription Agreement may be executed in two or more counterparts, each of
which shall be deemed an original but all of which together shall constitute one
and the same instrument.

[Signatures on Next Page]

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     IN WITNESS WHEREOF, the
undersigned has executed this Subscription Agreement. 

     DATED: _______________,
2012

	Number of Units Subscribed: 	Price Per Unit 	Total Purchase Price 
	  	$.30 	  

	 	By: 	
	 	 	Signature of Investor 
	 	 	 
	 	 	 
	 	Print Name of Investor
    
	 	 
	 	Address: 	
	 	 	 
	 	 	 
	 	 	  
	 	SSN (or EIN): 	
	 	 	 
	 	 	  
	 	By: 	
	 	 	Signature of Co-Investor (if any) 
	 	 	 
	 	 	 
	 	Print Name of
      Co-Investor (if any) 
	 	 
	 	Address: 	
	 	 	 
	 	 	 

Agreed to and accepted by Santa Fe Gold Corporation 
as of
the ___ day of ___________, 2012.

	By: 	  	 
	Name: 	W. Pierce Carson 	 
	Title:  	President	 

INSTRUCTIONS FOR “COMPLETION”

To purchase Units in the offering you must complete, date and
execute the Subscription Agreement provided and return it, along with a check
made payable to "Santa Fe Gold Corporation" for the full subscription amount to
us at the following address:

	Santa Fe Gold Corporation 
	1128 Pennsylvania NE, Suite 200 
	Albuquerque, NM 87110 
	Attn: Michael Martinez 

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Alternatively, you may mail your executed Subscription
Agreement and wire transfer payment directly to the Company's bank account. Following is the account information
for wire transfer payments:

	Name of Bank: 	Bank of America 
	Branch Number: 	33 
	Address: 	5007 North Dysart Road, Litchfield Park,
      Arizona 85340 
	Phone Number: 	(623) 547-4700 
	  	  
	ABA Routing No: 	026 009 593 
	Account No: 	000 135 725 157 
	SWIFT Code: 	BOFAUS3N 
	Name on Account: 	Santa Fe Gold Corporation 
	  	1128 Pennsylvania NE, Suite 200 
	  	Albuquerque, NM 87110 

Important: Payment of the full subscription price for Units
must be included with the Subscription Agreement or wire transferred to the
Company's bank account.

4Santa Fe Gold Corporation: Exhibit 10.2 - Filed by newsfilecorp.com

SANTA FE GOLD CORPORATION

WARRANT

	Warrant No. [ ] 	Dated: [ ], 2012 

     Santa Fe Gold Corporation, a
Delaware corporation (the “Company”), hereby certifies that, for value
received, ______________ or its registered assigns (the “Holder”), is
entitled to purchase from the Company up to a total of ___________ shares of
common stock, $0.002 par value per share (the “Common Stock”), of the
Company (each such share, a “Warrant Share” and all such shares, the
“Warrant Shares”) at an exercise price equal to $0.40 per share (as
adjusted from time to time as provided in Section 9, the “Exercise
Price”), at any time and from time to time from and after the date hereof
and through and including the date that is three years from the date of issuance
hereof (the “Expiration Date”), and subject to the following terms and
conditions. This Warrant (“Warrant”) is issued in association with the
Company’s offering up to 16,666,667 Units to its existing stockholders and a
limited number of institutional investors pursuant to a prospectus supplement
and the accompanying prospectus and that certain Subscription Agreement dated
_______ , 2012 by and among the Company and the Holder (the “Subscription
Agreement”) relating to the sale by the Company of the units specified in
the Subscription Agreement.

     1. Registration of
Warrant. The Company shall register this Warrant, upon records to be
maintained by the Company for that purpose (the “Warrant Register”), in
the name of the record Holder hereof from time to time. The Company may deem and
treat the registered Holder of this Warrant as the absolute owner hereof for the
purpose of any exercise hereof or any distribution to the Holder, and for all
other purposes, absent actual notice to the contrary.

     2. Registration of
Transfers. The Company shall register the transfer of any portion of this
Warrant in the Warrant Register, upon surrender of this Warrant, with the Form
of Assignment attached hereto duly completed and signed, to the Transfer Agent
or to the Company at its address specified herein. Upon any such registration or
transfer, a new warrant to purchase Common Stock, in substantially the form of
this Warrant (any such new warrant, a “New Warrant”), evidencing the
portion of this Warrant so transferred shall be issued to the transferee and a
New Warrant evidencing the remaining portion of this Warrant not so transferred,
if any, shall be issued to the transferring Holder. The acceptance of the New
Warrant by the transferee thereof shall be deemed the acceptance by such
transferee of all of the rights and obligations of a holder of a Warrant.

      3. Exercise and Duration of
Warrants.

          (a) This
Warrant shall be exercisable by the registered Holder at any time and from time
to time on or after the date hereof to and including the Expiration Date. At
6:30 P.M., New York City time on the Expiration Date, the portion of this
Warrant not exercised prior thereto shall be and become void and of no value.

          (b) A
Holder may exercise this Warrant by delivering to the Company (i) an exercise
notice, in the form attached hereto (the “Exercise Notice”),
appropriately completed and duly signed, and (ii) payment of the Exercise Price
for the number of Warrant Shares as to which this Warrant is being exercised,
and the date such items are delivered to the Company (as determined in
accordance with the notice provisions hereof) is an “Exercise Date.” The
Holder shall not be required to deliver the original Warrant in order to effect
an exercise hereunder. Execution and delivery of the Exercise Notice shall have
the same effect as cancellation of the original Warrant and issuance of a New
Warrant evidencing the right to purchase the remaining number of Warrant
Shares.

     4. Delivery of Warrant
Shares.

          (a) Upon
exercise of this Warrant, the Company shall promptly (but in no event later than
three Trading Days after the Exercise Date) issue or cause to be issued and
cause to be delivered to or upon the written order of the Holder and in such
name or names as the Holder may designate, a certificate for the Warrant Shares
issuable upon such exercise, free of restrictive legends unless a registration
statement covering the resale of the Warrant Shares and naming the Holder as a
selling stockholder thereunder is not then effective and the Warrant Shares are
not freely transferable without volume restrictions pursuant to Rule 144 under
the Securities Act. The Holder, or any Person so designated by the Holder to
receive Warrant Shares, shall be deemed to have become holder of record of such
Warrant Shares as of the Exercise Date. The Company shall, upon request of the
Holder, use its best efforts to deliver Warrant Shares hereunder electronically
through the Depository Trust Corporation or another established clearing
corporation performing similar functions.

          (b) This
Warrant is exercisable, either in its entirety or, from time to time, for a
portion of the number of Warrant Shares. Upon surrender of this Warrant
following one or more partial exercises, the Company shall issue or cause to be
issued, at its expense, a New Warrant evidencing the right to purchase the
remaining number of Warrant Shares.

          (c) The
Company’s obligations to issue and deliver Warrant Shares in accordance with the
terms hereof are absolute and unconditional, irrespective of any action or
inaction by the Holder to enforce the same, any waiver or consent with respect
to any provision hereof, the recovery of any judgment against any Person or any
action to enforce the same, or any setoff, counterclaim, recoupment, limitation
or termination, or any breach or alleged breach by the Holder or any other
Person of any obligation to the Company or any violation or alleged violation of
law by the Holder or any other Person, and irrespective of any other
circumstance which might otherwise limit such obligation of the Company to the
Holder in connection with the issuance of Warrant Shares. Nothing herein shall
limit a Holder’s right to pursue any other remedies available to it hereunder,
at law or in equity including, without limitation, a decree of specific
performance and/or injunctive relief with respect to the Company’s failure to
timely deliver certificates representing shares of Common Stock upon exercise of
the Warrant as required pursuant to the terms hereof.

     5. Charges, Taxes and
Expenses. Issuance and delivery of certificates for shares of Common Stock
upon exercise of this Warrant shall be made without charge to the Holder for any
issue or transfer tax, withholding tax, transfer agent fee or other incidental
tax or expense in respect of the issuance of such certificates, all of which
taxes and expenses shall be paid by the Company; provided, however, that the
Company shall not be required to pay any tax which may be payable in respect of
any transfer involved in the registration of any certificates for Warrant Shares
or Warrants in a name other than that of the Holder or an Affiliate thereof. The
Holder shall be responsible for all other tax liability that may arise as a
result of holding or transferring this Warrant or receiving Warrant Shares upon
exercise hereof.

     6. Replacement of Warrant.
If this Warrant is mutilated, lost, stolen or destroyed, the Company shall issue
or cause to be issued in exchange and substitution for and upon cancellation
hereof, or in lieu of and substitution for this Warrant, a New Warrant, but only
upon receipt of evidence reasonably satisfactory to the Company of such loss,
theft or destruction and customary and reasonable indemnity, if requested.
Applicants for a New Warrant under such circumstances shall also comply with
such other reasonable regulations and procedures and pay such other reasonable
third-party costs as the Company may prescribe.

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     7. Reservation of Warrant
Shares. The Company covenants that it will at all times reserve and keep
available out of the aggregate of its authorized but unissued and otherwise
unreserved Common Stock, solely for the purpose of enabling it to issue Warrant
Shares upon exercise of this Warrant as herein provided, the number of Warrant
Shares which are then issuable and deliverable upon the exercise of this entire
Warrant, free from preemptive rights or any other contingent purchase rights of
persons other than the Holder (taking into account the adjustments and
restrictions of Section 8). The Company covenants that all Warrant Shares
so issuable and deliverable, upon issuance and the payment of the applicable
Exercise Price in accordance with the terms hereof, shall be duly and validly
authorized, issued and fully paid and nonassessable. The Company will take all
such action as may be necessary to assure that such shares of Common Stock may
be issued as provided herein without violation of any applicable law or
regulation, or of any requirements of any securities exchange or automated
quotation system upon which the Common Stock may be listed.

     8. Certain Adjustments.
The Exercise Price and number of Warrant Shares issuable upon exercise of this
Warrant are subject to adjustment from time to time as set forth in this
Section 8.

          (a)
Stock Dividends and Splits. If the Company, at any time while this
Warrant is outstanding, (i) pays a stock dividend on its Common Stock or
otherwise makes a distribution on any class of capital stock that is payable in
shares of Common Stock, (ii) subdivides outstanding shares of Common Stock into
a larger number of shares, or (iii) combines outstanding shares of Common Stock
into a smaller number of shares, then in each such case the Exercise Price shall
be multiplied by a fraction of which the numerator shall be the number of shares
of Common Stock outstanding immediately before such event and of which the
denominator shall be the number of shares of Common Stock outstanding
immediately after such event. Any adjustment made pursuant to clause (i) of this
paragraph shall become effective immediately after the record date for the
determination of stockholders entitled to receive such dividend or distribution,
and any adjustment pursuant to clause (ii) or (iii) of this paragraph shall
become effective immediately after the effective date of such subdivision or
combination.

          (b)
Pro Rata Distributions. If the Company, at any time while this Warrant is
outstanding, distributes to holders of Common Stock (i) evidences of its
indebtedness, (ii) any security (other than a distribution of Common Stock
covered by the preceding paragraph), (iii) rights or warrants to subscribe for
or purchase any security, or (iv) any other asset (in each case, “Distributed
Property”), then in each such case the Exercise Price in effect immediately
prior to the record date fixed for determination of stockholders entitled to
receive such distribution shall be adjusted (effective on such record date) to
equal the product of such Exercise Price times a fraction of which the
denominator shall be the average of the Closing Prices for the five Trading Days
immediately prior to (but not including) such record date and of which the
numerator shall be such average less the then fair market value of the
Distributed Property distributed in respect of one outstanding share of Common
Stock, as determined by the Company's independent certified public accountants
that regularly examine the financial statements of the Company, (an
“Appraiser”). In such event, the Holder, after receipt of the
determination by the Appraiser, shall have the right to select an additional
appraiser (which shall be a nationally recognized accounting firm), in which
case such fair market value shall be deemed to equal the average of the values
determined by each of the Appraiser and such appraiser. As an alternative to the
foregoing adjustment to the Exercise Price, at the request of the Holder
delivered before the 90th day after such record date, the Company will deliver
to such Holder, within five Trading Days after such request (or, if later, on
the effective date of such distribution), the Distributed Property that such
Holder would have been entitled to receive in respect of the Warrant Shares for
which this Warrant could have been exercised immediately prior to such record
date. If such Distributed Property is not delivered to a Holder pursuant to the
preceding sentence, then upon expiration of or any exercise of the Warrant that
occurs after such record date, such Holder shall remain entitled to receive, in
addition to the Warrant Shares otherwise issuable upon such exercise (if
applicable), such Distributed Property.

3

          (c)
Fundamental Transactions. If, at any time while this Warrant is
outstanding, (i) the Company effects any merger or consolidation of the Company
with or into another Person, (ii) the Company effects any sale of all or
substantially all of its assets in one or a series of related transactions,
(iii) any tender offer or exchange offer (whether by the Company or another
Person) is completed pursuant to which holders of Common Stock are permitted to
tender or exchange their shares for other securities, cash or property, or (iv)
the Company effects any reclassification of the Common Stock or any compulsory
share exchange pursuant to which the Common Stock is effectively converted into
or exchanged for other securities, cash or property (other than as a result of a
subdivision or combination of shares of Common Stock covered by Section 9(a)
above) (in any such case, a “Fundamental Transaction”), then the Holder
shall have the right thereafter to receive, upon exercise of this Warrant, the
same amount and kind of securities, cash or property as it would have been
entitled to receive upon the occurrence of such Fundamental Transaction if it
had been, immediately prior to such Fundamental Transaction, the holder of the
number of Warrant Shares then issuable upon exercise in full of this Warrant
(the “Alternate Consideration”). The aggregate Exercise Price for this
Warrant will not be affected by any such Fundamental Transaction, but the
Company shall apportion such aggregate Exercise Price among the Alternate
Consideration in a reasonable manner reflecting the relative value of any
different components of the Alternate Consideration. If holders of Common Stock
are given any choice as to the securities, cash or property to be received in a
Fundamental Transaction, then the Holder shall be given the same choice as to
the Alternate Consideration it receives upon any exercise of this Warrant
following such Fundamental Transaction. In the event of a Fundamental
Transaction, the Company or the successor or purchasing Person, as the case may
be, shall execute with the Holder a written agreement providing that:

     (x) this
Warrant shall thereafter entitle the Holder to purchase the Alternate
Consideration in accordance with this section 8(c), 

     (y) in
the case of any such successor or purchasing Person, upon such consolidation,
merger, statutory exchange, combination, sale or conveyance such successor or
purchasing Person shall be jointly and severally liable with the Company for the
performance of all of the Company's obligations under this Warrant and the
Subscription Agreement, and 

     (z) if
registration or qualification is required under the Exchange Act or applicable
state law for the public resale by the Holder of shares of stock and other
securities so issuable upon exercise of this Warrant, such registration or
qualification shall be completed prior to such reclassification, change,
consolidation, merger, statutory exchange, combination or sale.

If, in the case of any Fundamental Transaction, the Alternate
Consideration includes shares of stock, other securities, other property or
assets of a Person other than the Company or any such successor or purchasing
Person, as the case may be, in such Fundamental Transaction, then such written
agreement shall also be executed by such other Person and shall contain such
additional provisions to protect the interests of the Holder as the Board of
Directors of the Company shall reasonably consider necessary by reason of the
foregoing. At the Holder’s request, any successor to the Company or surviving
entity in such Fundamental Transaction shall issue to the Holder a new warrant
consistent with the foregoing provisions and evidencing the Holder’s right to
purchase the Alternate Consideration for the aggregate Exercise Price upon
exercise thereof. The terms of any agreement pursuant to which a Fundamental
Transaction is effected shall include terms requiring any such successor or
surviving entity to comply with the provisions of this paragraph (c) and
insuring that the Warrant (or any such replacement security) will be similarly
adjusted upon any subsequent transaction analogous to a Fundamental Transaction.
Number of Warrant Shares. Simultaneously with any adjustment to the
Exercise Price pursuant to paragraphs (a) or (b) of this Section, the number of
Warrant Shares that may be purchased upon exercise 

4

of this Warrant shall be increased or decreased
proportionately, so that after such adjustment the aggregate Exercise Price
payable hereunder for the increased or decreased number of Warrant Shares shall
be the same as the aggregate Exercise Price in effect immediately prior to such
adjustment.

          (d)
Calculations. All calculations under this Section 8 shall be made
to the nearest cent or the nearest 1/100th of a share, as applicable. The number
of shares of Common Stock outstanding at any given time shall not include shares
owned or held by or for the account of the Company, and the disposition of any
such shares shall be considered an issue or sale of Common Stock.

          (e)
Notice of Adjustments. Upon the occurrence of each adjustment pursuant to
this Section 8, the Company at its expense will promptly compute such
adjustment in accordance with the terms of this Warrant and prepare a
certificate setting forth such adjustment, including a statement of the adjusted
Exercise Price and adjusted number or type of Warrant Shares or other securities
issuable upon exercise of this Warrant (as applicable), describing the
transactions giving rise to such adjustments and showing in detail the facts
upon which such adjustment is based. Upon written request, the Company will
promptly deliver a copy of each such certificate to the Holder and to the
Company’s Transfer Agent.

          (f)
Notice of Corporate Events. If the Company (i) declares a dividend or any
other distribution of cash, securities or other property in respect of its
Common Stock, including without limitation any granting of rights or warrants to
subscribe for or purchase any capital stock of the Company or any Subsidiary,
(ii) authorizes or approves, enters into any agreement contemplating or solicits
stockholder approval for any Fundamental Transaction or (iii) authorizes the
voluntary dissolution, liquidation or winding up of the affairs of the Company,
then the Company shall deliver to the Holder a notice describing the material
terms and conditions of such transaction, at least 20 calendar days prior to the
applicable record or effective date on which a Person would need to hold Common
Stock in order to participate in or vote with respect to such transaction, and
the Company will take all steps reasonably necessary in order to insure that the
Holder is given the practical opportunity to exercise this Warrant prior to such
time so as to participate in or vote with respect to such transaction; provided,
however, that the failure to deliver such notice or any defect therein shall not
affect the validity of the corporate action required to be described in such
notice. 

     9. Payment of Exercise
Price. The Holder shall pay the Exercise Price in immediately available
funds.

     10. Fractional Shares. The
Company shall not be required to issue or cause to be issued fractional Warrant
Shares on the exercise of this Warrant. If any fraction of a Warrant Share
would, except for the provisions of this Section, be issuable upon exercise of
this Warrant, the number of Warrant Shares to be issued will be rounded up to
the nearest whole share.

     11. Notices. Any and all
notices or other communications or deliveries hereunder (including without
limitation any Exercise Notice) shall be in writing and shall be deemed given
and effective on the earliest of (i) the date of transmission, if such notice or
communication is delivered via facsimile at the facsimile number specified in
this Section prior to 6:30 p.m. (New York City time) on a Trading Day, (ii) the
next Trading Day after the date of transmission, if such notice or communication
is delivered via facsimile at the facsimile number specified in this Section on
a day that is not a Trading Day or later than 6:30 p.m. (New York City time) on
any Trading Day, (iii) the Trading Day following the date of mailing, if sent by
nationally recognized overnight courier service, or (iv) upon actual receipt by
the party to whom such notice is required to be given. The address for such
notices or communications shall be as set forth in the Subscription
Agreement.

5

     12. Warrant Agent. The
Company shall serve as warrant agent under this Warrant. Upon 30 days' notice to
the Holder, the Company may appoint a new warrant agent. Any corporation into
which the Company or any new warrant agent may be merged or any corporation
resulting from any consolidation to which the Company or any new warrant agent
shall be a party or any corporation to which the Company or any new warrant
agent transfers substantially all of its corporate trust or stockholders
services business shall be a successor warrant agent under this Warrant without
any further act. Any such successor warrant agent shall promptly cause notice of
its succession as warrant agent to be mailed (by first class mail, postage
prepaid) to the Holder at the Holder's last address as shown on the Warrant
Register.

     13. Miscellaneous.

          (a)
Subject to the restrictions on transfer set forth on the first page hereof, this
Warrant may be assigned by the Holder. This Warrant may not be assigned by the
Company except to a successor in the event of a Fundamental Transaction. This
Warrant shall be binding on and inure to the benefit of the parties hereto and
their respective successors and assigns. Subject to the preceding sentence,
nothing in this Warrant shall be construed to give to any person other than the
Company and the Holder any legal or equitable right, remedy or cause of action
under this Warrant. This Warrant may be amended only in writing signed by the
Company and the Holder and their successors and assigns.

          (b) The
Company will not, by amendment of its governing documents or through any
reorganization, transfer of assets, consolidation, merger, dissolution, issue or
sale of securities or any other voluntary action, avoid or seek to avoid the
observance or performance of any of the terms of this Warrant, but will at all
times in good faith assist in the carrying out of all such terms and in the
taking of all such action as may be necessary or appropriate in order to protect
the rights of the Holder against impairment. Without limiting the generality of
the foregoing, the Company (i) will not increase the par value of any Warrant
Shares above the amount payable therefor on such exercise, (ii) will take all
such action as may be reasonably necessary or appropriate in order that the
Company may validly and legally issue fully paid and nonassessable Warrant
Shares on the exercise of this Warrant, and (iii) will not close its stockholder
books or records in any manner which interferes with the timely exercise of this
Warrant.

          (c)
GOVERNING LAW. ALL QUESTIONS CONCERNING THE
CONSTRUCTION, VALIDITY, ENFORCEMENT AND INTERPRETATION OF THIS WARRANT SHALL BE
GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE
OF DELAWARE.

          (d) The
headings herein are for convenience only, do not constitute a part of this
Warrant and shall not be deemed to limit or affect any of the provisions
hereof.

          (e) In
case any one or more of the provisions of this Warrant shall be invalid or
unenforceable in any respect, the validity and enforceability of the remaining
terms and provisions of this Warrant shall not in any way be affected or
impaired thereby and the parties will attempt in good faith to agree upon a
valid and enforceable provision which shall be a commercially reasonable
substitute therefor, and upon so agreeing, shall incorporate such substitute
provision in this Warrant.

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SIGNATURE PAGE
FOLLOWS]

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     IN WITNESS WHEREOF, the Company
has caused this Warrant to be duly executed by its authorized officer as of the
date first indicated above.

	 	SANTA FE GOLD CORPORATION
  
	 	 	  
	 	 	  
	 	By: 	
	 	Name: 	W. Pierce Carson 
	 	Title:	President 

7

FORM OF EXERCISE NOTICE

(To be executed by the Holder to exercise the right to purchase
shares of Common Stock under the foregoing Warrant)

To: Santa Fe Gold Corporation

The undersigned is the Holder of Warrant No. _______ (the
“Warrant”) issued by Santa Fe Gold Corporation, a Delaware corporation
(the “Company”). Capitalized terms used herein and not otherwise defined
have the respective meanings set forth in the Warrant.

	1. 	
      The Warrant is currently exercisable to purchase a total
      of ______________ Warrant Shares.

	 	 
	2. 	
      The undersigned Holder hereby exercises its right to
      purchase _________________ Warrant Shares pursuant to the
  Warrant.

	 	 
	3. 	
      The Holder intends that payment of the Exercise Price
      shall be made as (check one):

____ “Cash Exercise” under Section
10

____ “Cashless Exercise” under Section
10 (if permitted)

	4. 	
      If the Holder has elected a Cash Exercise, the Holder
      shall pay the sum of $ ____________ to the Company in accordance with the
      terms of the Warrant.

	 	 
	5. 	
      Pursuant to this exercise, the Company shall deliver to
      the Holder _______________ Warrant Shares in accordance with the terms of
      the Warrant.

	 	 
	6. 	
      Following this exercise, the Warrant shall be exercisable
      to purchase a total of ______________ Warrant
Shares.

	Dated: _________________, ______	Name of Holder: 
	 	  	 
	 	(Print) 	 
	 	  	 
	 	By: 	 
	 	Name: 	 
	 	Title: 	 
	 	  	 
	 	(Signature must conform in all
      respects to name of 
	 	holder as specified on the face of
      the Warrant) 

FORM OF ASSIGNMENT

     [To be completed and signed only upon
transfer of Warrant]

     FOR VALUE RECEIVED, the
undersigned hereby sells, assigns and transfers unto
________________________________ the right represented by the within Warrant to
purchase ____________ shares of Common Stock of Santa Fe Gold Corporation to
which the within Warrant relates and appoints ________________ attorney to
transfer said right on the books of Santa Fe Gold Corporation with full power of
substitution in the premises.

Dated: ______________, ______

	 	 
	 	(Signature must conform in all respects to name
      of Holder as 
	 	specified on the face of the Warrant) 
	 	  
	 	  
	 	Address of Transferee 
	 	 
	 	 
	 	 

In the presence of:

_____________________________

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00206-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00206-of-00352.parquet"}]]