Santa Fe Metals Corp.
TSX VENTURE : SFM

Santa Fe Metals Corp.

November 24, 2011 09:00 ET

Santa Fe Metals Corp. Samples Up to 5.86% Copper and 901 g/t Silver at Don Indio Historical Mine Sites

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 24, 2011) - Santa Fe Metals Corp. (TSX VENTURE:SFM) ("the Company") is pleased to announce assay results from its continuing channel sampling program taken on the Don Indio project, Cuatro Ciénegas.

Channel sampling has now been completed at the "Pilar Grande" mine where channel sample intervals of up to 5.86% copper and 901 g/t silver were found on level 2 (Table 1), which was not sampled during the earlier program. High grade copper, silver, lead and zinc mineralization, with results as high as 3.55% copper, 344 g/t silver, 14.83% lead and 3.71% zinc (Table 2), was found at "La Cuchilla" mine, approximately 1.4 km south along strike from the "Pilar Grande" mine where similar high grades were found in August, 2011 (Sept. 7, 2011 news release: www.santafemetals.com/index.php?page=newsdetail&newsfile=sfm_20110907.htm). A sample of rock from the dump material outside of "La Cuchilla" mine returned 478 g/t silver, 10.89% copper, 3.80% lead and 3.51% zinc (Table 2). Sampling results also confirm the presence of high grade silver, lead and zinc mineralization at the "San Marcos West" mine, located a further 700 metres south along strike from "La Cuchilla", where samples returned as high as 239 g/t silver, and 16.87% lead (Table 3).

A document showing the relative locations of the various historical mine workings within the Don Indio project can be found at www.santafemetals.com/docs/Don_Indio_Layout.pdf.

Company president and CEO, Ian Smith remarked, "The Don Indio sampling program findings continue to confirm, and improve on, high grade historic data. Verifying the continuity of mineralization along strike and down dip on both limbs of the anticline, joining several historical mine workings on the property is a priority for establishing a resource estimate on the property that is potentially huge."

Level Channel # Width
(m)
Silver
(g/t)
Copper
(%)
Lead
(%)
Zinc
(%)
Moly
(%)
Table 1: Pilar Grande Mine Sample Highlights
2 C-PM-2-4 1.6 224 2.39 0.13
C-PM-2-6 0.6 526 1.84
C-PM-2-8 4.4 167 1.00
Including 0.8 448 2.53 0.16
C-PM-2-9 4.9 197 1.03 0.12
Including 0.5 901 5.86 0.13
C-PM-2-12 0.5 210 2.12 1.66 0.24
C-PM-2-16 1.1 145 2.11 0.17
3 C-PM-3-2 2.0 50 1.54 0.23 0.01
Including 0.5 112 3.10
C-PM-3-4 5.2 131 1.25
C-PM-3-7 1.6 49 1.93 1.43 0.02
Including 0.6 129 5.07 3.72 0.15 0.04
C-PM-3-9 0.3 283 2.80 0.17 0.03
4 C-PM-4-1 2.8 149 1.79
Including 1.2 255 2.97
C-PM-4-2 4.3 138 1.98
C-PM-4-5 5.4 165 1.81 0.03
Including 3.2 177 2.06 0.12 0.04
C-PM-4-6 0.5 186 2.92
C-PM-4-7 0.7 114 2.78
C-PM-4-8 0.5 184 2.94
C-PM-4-9 0.5 269 6.60 0.43 0.18
C-PM-4-11 1.2 124 2.35 0.17
C-PM-4-15 0.7 114 2.11 2.08 0.01
C-PM-4-20 0.7 233 2.48
C-PM-4-21 1.2 122 2.65 0.01
Including 0.5 182 4.41 0.11 0.01
C-PM-4-22 0.4 227 4.01
C-PM-4-23 0.7 129 2.91 0.03
C-PM-4-24 0.4 142 2.85 0.10 0.03
4A C-PM-4A-5 1.9 167 2.26 0.52 0.01
Table 2: La Cuchilla Mine Sample Highlights
1 CML1-1 0.6 190 0 5.33 0.13
CML1-2 0.6 177 0 6.65 0.24
CML1-3 0.7 18 0.15 3.92 0.28
CML1-4 0.6 21 0.15 4.68 0.06
CML1-5 0.6 140 1.19 6.34 0.18
CML1-6 0.3 344 3.55 14.83 3.17
CML1-7 0.6 341 2.03 0.59 0.57
CML1-8 0.8 289 0.94 6.61 0.35
CML1-9 0.7 276 5.36 1.51 0.78
CML1-10 0.6 34 0.21 1.62 0.74
CML1-11 0.5 72 0.87 2.73 0.35
CML1-12 0.7 74 1.01 3.82 0.42
CML1-13 0.7 69 1.05 0.78 0.21
Dump CML1-14 - 478 10.89 3.80 3.51
Table 3: San Marco West Mine Sample Highlights
1 SMMW-1 1.1 2 0.06 0.13
SMMW-2 0.5 156 5.67 1.99
SMMW-3 1 41 4.82 0.11
SMMW-4 1 58 0.16 2.31 2.27
SMMW-5 0.6 239 16.87
SMMW-6 0.7 231 10.49 0.17
SMMW-7 0.6 72 3.79
SMMW-8 0.6 126 5.55 1.16

NB: Values of less than 0.1% copper, lead, zinc and 0.01% molybdenum were excluded from these tables. Full results will be posted on the website.

In total, over 7.4 km of strike length will be assessed for copper, silver, lead, zinc and molybdenum mineralization by channel sampling at 7 locations along the western cliff of the Don Indio project. To date, 315 channel samples have been collected from the "Pilar Grande", "El Ojito", "La Cuchilla" and "San Marcos West" mines. So far these results have confirmed, and in some cases surpassed, the findings of Minera Cascabel who in 1999 found high grade mineralization in all of the workings and exposures of the Stratabound copper-silver layer. Further exploration by underground and surface diamond drilling will assess the outcrop between these workings beneath the thick talus cover.

Geological mapping has shown that, at both "Pilar Grande" and "La Cuchilla", mineralization is hosted within stratiform north-south trending layers as well as vertical east-west trending structures. Mapping has also confirmed the potential of continuous mineralization between the two mines.

QUALITY ASSURANCE

A total of 208 channel samples were taken from the "Pilar Grande", "La Cuchilla" and "San Marcos West" mines on the Company's Don Indio project located on its Cuatro Ciénegas property.

Individual channel samples collected were continuous, 10 cm wide and cut perpendicular to the strike of the mineralized bedding to a depth of between 3 cm and 5 cm. The rock sampled was systematically logged by geologist Ing. Pedro Rocha Marquez (MAusIMM) who transported all samples from the Cuyoaco project in a secure vehicle to the Inspectorate preparation labs in Zacatecas, Mexico. Field duplicates, blanks and commercially prepared external standards (CDN labs) were systematically inserted in the sample suite to ensure the quality of the data collected.

The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed by Ian Smith (FAusIMM-CP), a qualified person under National Instrument 43-101.

SANTA FE METALS CORP.

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 and development of its properties. 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 economic resources will be developed at any of its properties. 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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