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Santa Fe Metals Announces Completion of Private Placement

March 11, 2010

Vancouver, BC: The Company is pleased to announce that it has completed the non-brokered private placement announced in its February 19, 2010 news release. The offering of 10 million units was oversubscribed. The Company issued 11 million units at $0.10 per unit generating gross proceeds of $1,100,000. Finder's fees of $6,500 were paid in connection with the placement of 1,300,000 units.  Insiders subscribed for 3,650,000 units, or 33.18% of the offering.

Each unit consists of one common share and one-half of a warrant. One whole warrant entitles the holder to purchase one additional common share at $0.15 each for a two year period expiring March 9, 2012. Also, the warrants are subject to early expiry upon thirty (30) days written notice to the holder if, following four (4) months from March 9, 2010, the common shares of the Corporation trade at a price of not less than $0.45 per common share for ten (10) consecutive trading days.

The shares are subject to a four month hold period expiring July 10, 2010.

Proceeds will be used to primarily fund acquisitions of underperforming or near term producers in the gold sector.

The Company also announces, subject to TSX-V approval, the re-pricing of its 80 cent warrants due to expire on February 27, 2011 to 60 cents.

Santa Fe Metals Corp.


"Ian Smith"

Ian B. Smith, President & CEO

For further information contact Ian Smith:

Telephone: 604.678.8823 ext. 1
e-mail:        info@santafemetals.com
website:     www.santafemetals.com

 

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