Mr. Scott Broughton reports

SANTA FE SIGNS NEW LOI FOR CUATRO CIENEGAS PROPERTY

Santa Fe Metals Corp. has signed a letter of intent with Philippine Metals Inc. to sell 100 per cent of its interest in the Cuatro Cienegas property in Mexico to Philippine Metals by way of an option agreement.

The project was previously the subject of a similar agreement with Brigadier Gold Ltd. Concurrently with the Philippine Metals letter of intent, Brigadier and Santa Fe have mutually released each other as to the previous option agreement on the property.

The letter of intent contemplates an upfront payment to the company of $25,000 (which was received on Nov. 26, 2014) and a further payment of $25,000 on receipt of TSX Venture Exchange approval. Additionally, Philippine Metals has agreed to pay further consideration of $575,000 over a period of 24 months to be satisfied by the issuance of Philippine Metals shares or cash, with the shares being issued at the then market price (as defined by TSX Venture Exchange policies).