SFM

Santa Fe Metals Corp. (the "Company") (TSX VENTURE:SFM) announces that drilling
at the Sully group of claims (the "Sully Property") located near Fort Steele in
southeastern British Columbia has recently been completed to a hole depth of
1,544 m, equivalent to a vertical depth of approximately 1,490 m below the drill
collar elevation. 


The pattern of faults and associated deformation described in previous news
continued at depth with notable structures at hole depths of 1334, 1398, 1515
and 1536 m. Olivine gabbro, commonly occurring with sheared and foliated
margins, intrudes Fort Steele strata above and is also present between these
faults. Olivine gabbro is unique to the Fort Steele Formation locally and
therefore it is assumed the hole remains in Fort Steele rocks despite crossing
many structural breaks. Measurements of the gabbro specific gravity, and the
relatively thin intervals intersected confirm that it does not account for the
gravity anomaly that is the target mass. 


The tectonic forces that formed the Rocky Mountains also produced complex
patterns of folds and faults in the dominantly sedimentary rocks. The
culmination of deforming forces and faulting appears to have tilted the local
structure into a near-vertically oriented panel such that the trajectory of the
recent drill hole has been predominantly in steep dipping Aldridge and older
Fort Steele Formations. The fact that the hole passed through many repeats of
similar looking intervals (progressing somewhat from sediments that were
predominantly muds and silts, into cross bedded sands and most recently into
thick bedded sands intruded by olivine gabbro) is suggestive of a fault pattern
described as a duplex structure. It is postulated that the gravity target is
present below this duplex structure. If this interpretation is correct the
magnitude of block faulting implied is not known locally. However, such extreme
tilting is well documented elsewhere in the Basin and Range, (such as in Nevada)
and the local Rocky Mountain Trench is a complex fault system that is at the
northern limit of the Basin and Range. 


The trajectory of the hole was well controlled but did not ultimately test the
target centre as interpreted by geophysics. Instead, the hole is thought to have
ended above the target's southern edge and may indeed be parallel to a steep
east-dipping structure below which is the envisioned cause of the gravity
anomaly. This interpretation is based on both gravity modeling and magnetic
readings recorded at 50m intervals throughout the drill hole. 


Notable sulphides were intersected in Aldridge Formation unit A1c in the form of
numerous scattered centimeter-wide iron sulphide veinlets, most of which are
bedding parallel and having associated minor quartz-carbonate. Based on this
stratigraphic position and lithologic characteristics (and unique high 20 per
mil sulphur 34 isotope signatures), this position is correlated with the top of
Lower Aldridge Formation that hosts the Sullivan deposit. 


Notable iron sulphide occurring as predominantly magnetic pyrrhotite, was also
noted over a 38m interval (representing as much as 7 metres stratigraphic
thickness) between 1295-1333 of Fort Steele quartz arenite. From 1305-1311
pyrrhotite is observed in coarse grain clusters to 7 mm with associated traces
of chalcopyrite; elsewhere pyrrhotite grains were more scattered and less than 1
mm with lesser associated chalcopyrite. This is the only portion of Fort Steele
Formation with any significant sulphide, a marked contrast with
stratigraphically equivalent Lower Aldridge Formation in the Purcell mountains
only 30 km to the west. The Company is reviewing the results of all of the new
geologic information and will announce next steps for the project and program
when completed.


About the Sully property 

The Sully property comprises 1,375 hectares located 27 kilometres east of the
world-class Sullivan deposit located at Kimberley, B.C. The property comprises
rocks of similar age and origin as those that host the Sullivan mine. The Sully
target is a large-scale anomaly based on thousands of gravity stations recorded
over the property area. The target is considered 'blind' because its actual
depth, thickness and composition can only be tested by drilling. Geological
models of the target suggest it lies below a large structural thrust fault
and/or fold and drill core observed to date shows evidence of proximity to such
a structure.


Sullivan Mine Legacy 

Sullivan was discovered in 1892 and is known to be one of the largest SEDEX
deposits in the world. Over its 100-year lifetime, Sullivan produced almost 300
million ounces of silver, 17.5 billion pounds of zinc and 18.5 billion pounds of
lead, and other metals collectively worth over $45-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. 

This news release has been reviewed and approved by Paul Ransom P.Geo. who is
defined as a qualified person in accordance with National Instrument 43-101.


SANTA FE METALS CORP.

Scott E. Broughton, P.Eng 

President & CEO

This news release contains forward-looking statements, including statements
relating to the Company's future plans and objectives with respect to the
exploration of the Sully Property. Forward-looking statements are based on
numerous assumptions and are subject to all of the risks and uncertainties
inherent in the Company's business, including risks inherent in resource
exploration and development. There can be no assurance that planned exploration
will be completed as proposed or at all, or that economic resources will be
discovered or developed at the Sully Property. 


The TSX Venture Exchange has in no way passed upon the merits of the proposed
transactions and has neither approved nor disapproved the contents of this news
release. 


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


FOR FURTHER INFORMATION PLEASE CONTACT: 
Santa Fe Metals Corp.
Scott Broughton
President & CEO
604.684-2900
sbroughton@santafemetals.com
www.santafemetals.com

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