Mr. Scott Broughton reports

SANTA FE METALS-DRILLING IN RANGE OF SULLY'S EAST TARGET

Santa Fe Metals Corp.'s drill hole SU14-07 is now over 815 metres deep and is continuing well on its planned trajectory to test the East sedimentary exhalative (sedex) target at the Sully project.

Gravity surveying and interpretation suggest the depth of the top of the East target is in the 800-metre-to-1,000-metre range, and, based on current drilling performance, that range will be tested in the coming days. A video presentation of the current geological model, including the geophysical targets and traces of historic drill holes, can be seen at the company's website.

The Sully project

Sully is located near Fort Steele, 30 kilometres east of the world-famous Sullivan mine at Kimberley, B.C. The East target is one of two gravity mass anomalies estimated to come within 800 metres to 1,000 metres of surface and extending to depth. Coincident magnetic anomalies reinforce the positioning of the large-scale gravity masses at this depth and approximately 800 metres apart. Management believes the best explanation for the twin mass anomalies is the presence of two very large vertically oriented sedex massive sulphide bodies.

The Sullivan mine

Sullivan was discovered in 1892 and is one of the largest silver-lead-zinc sedex deposits in the world. Over its roughly 100-year lifetime, Sullivan produced almost 300 million ounces of silver, 36 billion pounds of lead and zinc, plus smaller amounts of other metals, collectively worth over $40-billion at current metal prices. The company cautions that past results or discoveries on proximate land are not necessarily indicative of the results that may be achieved on the Sully property.

Technical contents of the Sully project

Disclosure in this news release has been reviewed and approved by Paul Ransom, PGeo, a qualified person as defined by National Instrument 43-101.