SFM

Santa Fe Metals Corporation (TSX VENTURE:SFM) ("SFM" or the "Company") announces
that it has closed the first tranche of a non-brokered private placement of
1,550,000 flow-through ("FT") units at a price of $0.05 each for gross proceeds
of $77,500 and 3,660,000 non flow-through ("NFT") units at a price of $0.05 each
for gross proceeds of $183,000. 


Each FT Unit is comprised of one flow-through common share and one-half of a
share purchase warrant. Each NFT unit is comprised of one common share and one
share purchase warrant. Each whole share purchase warrant entitles the holder to
purchase one common share of the Company at the price of $0.10 for a period of
two years from the date of closing. Insiders purchased a total of 2,760,000 NFT
units. Finders' fees of 8% cash and share purchase warrants equal to 8% of the
number of securities placed were paid on a portion of the private placement.


The Company intends to use the proceeds from the flow-through common shares to
incur Canadian exploration expenses as defined in the Income Tax Act (Canada) to
advance drilling and other exploration activities on the Issuer's Sully project
and to use the remaining net proceeds of the private placement for general
working capital purposes.


The securities issued in connection with the private placement are subject to a
four month statutory hold period from closing.


Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release. 


FOR FURTHER INFORMATION PLEASE CONTACT: 
Santa Fe Metals Corporation
Scott E. Broughton, P.Eng.
President and CEO
604.684.2900
www.santafemetals.com

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