Santa Fe Metals Corp.

Santa Fe Metals Corp.

May 13, 2008 09:00 ET

Santa Fe Metals Closes Acquisition of the Cuatro Cienegas Property and Private Placement With Mineria Melina S.A. de C.V.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 13, 2008) - Santa Fe Metals Corporation (TSX VENTURE:SFM) (the "Company") is pleased to announce that, further to the Company's announcement of May 7, 2008, its wholly owned subsidiary, Compania Minera Coronado S.A. de C.V. ("Coronado"), has acquired the mineral concessions collectively referred to the Cuatro Cienegas Property in the State of Coahuila, Mexico.

The Company is also pleased to announce that it has completed the private placement of 500,000 common shares of the Company to Mineria Melina S.A. de C.V. at a price of US$0.60 per common share for an aggregate subscription price of US$300,000 (the "Private Placement").

All securities issued under the Private Placement will be subject to a hold period of four months and one day after the closing date of the Private Placement, expiring on September 13, 2008, in accordance with the policies of the TSX Venture Exchange and applicable Canadian securities laws and such other further restrictions as may apply under foreign securities laws, if applicable.

About Santa Fe Metals Corp.

The Company's mission is to utilize the broad experience and expertise of its management team and board to aggressively identify and develop precious and base metal properties in Mexico. The Company's management and board together have more than 200 years of industry experience in senior corporate positions encompassing exploration, mining and metallurgical engineering, operations, project management, finance and accounting and mining, corporate and securities law. The Company's initial area of interest for project acquisitions is the prolific Mexican gold and silver and CRD belts (silver, lead, zinc and copper) of north-central Mexico. Some members of the management and board are very knowledgeable on working conditions in Mexico, having worked there for many years. Mexico is a country that has low political and permitting risk, exceptionally good infrastructure and a very skilled work force. Further information is available on the Company's website


IAN SMITH, President & CEO

This release contains forward-looking statements, including statements relating to Santa Fe Metals' future plans and objectives with respect to the exploration of the lobos property. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in Santa Fe Metals' business, including risks inherent in resource exploration and development. There can be no assurance that an economic resource will be developed at the Lobos property. Actual results may vary materially from those described in forward-looking statements.

The TSX Venture Exchange Inc. does not accept responsibility for the adequacy or accuracy of this news release.

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