Santa Fe Metals Corp. (TSX VENTURE:SFM) ("SFM" or the "Company") announces it
has signed a binding Letter of Intent (LOI) with Eagle Plains Resources Ltd.
("EPL") outlining the terms for an earn-In option (the "Option") to acquire a
60% interest in EPL's Iron Range Project ("Iron Range"). Iron Range hosts the
same stratigraphic rock assemblage as the historic Sullivan Mine, one of the
largest sedimentary exhalative (SEDEX) silver-lead-zinc deposits in the world,
located approximately 60km north east of Iron Range.


With abundant exploration success and many defined targets, SFM and EPL plan to
focus on Sullivan-time stratigraphy and the regional-scale fault complex at Iron
Range for two significant target types on the property; 




--  Sullivan-style SEDEX Ag-Pb-Zn mineralization - The Sullivan Mine
    produced almost 300 million ounces of silver, 17.5 billion pounds of
    zinc and 18.5 billion pounds of lead, over its 100-year lifetime
    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 results that may be achieved on the Iron Range
    property), and 
--  Iron-oxide-Cu-Au (IOCG) mineralization - Iron Range also hosts bonanza-
    grade gold (2008 drilling intersected 51.52 g/t Au over 7m) in proximity
    to felsic granitoid intrusives. This type of contact with a major iron
    oxide fault zone (such as the Iron Range fault) are known to generate
    significant copper-gold silver deposits, such as the Candelaria deposit
    of Chile.



The 630 km2 Iron Range project, located near Creston, BC, is owned 100% by EPL
subject to a 1% NSR on a portion of the claim group. A complete description of
past drill and other exploration results can be viewed at
http://www.eagleplains.com/projects/bc/ironrange/.


The Option comprises a commitment by SFM over a 5-year period to earn a 60%
interest by incurring exploration expenditures on the Property, issuing SFM
shares and making cash payments to EPL, conditional on regulatory approval
including without limitation that of the TSX Venture Exchange (the "Exchange"):




--  On Exchange approval: issuing 1 million SFM shares 
--  On or before December 31st, 2014: incurring $150K in exploration
    expenditures, and issuing an additional 1 million SFM shares and an
    additional $25K in cash; 
--  On or before December 31st, 2015: incurring an additional $350K in
    exploration expenditures, and issuing an additional 1 million SFM shares
    and an additional $50K in cash; 
--  On or before December 31st, 2016: incurring an additional $1.5 million
    in exploration expenditures, and issuing an additional 1 million SFM
    shares and an additional $75K in cash; 
--  On or before December 31st, 2017: incurring an additional $3.0 million
    in exploration expenditures, and issuing an additional 1 million SFM
    shares and an additional $150K in cash; and, 
--  On or before December 31st, 2018: incurring an additional $5.0 million
    in exploration expenditures, and issuing an additional 1 million SFM
    shares and an additional $200K in cash.



SFM and EPL agree to execute a definitive agreement for the Property on or
before April 17, 2014. When all of the conditions of the definitive agreement
have been met and SFM has exercised the Option, a 60/40 joint venture ("JV")
will be formed to advance the Property. EPL will be the operator during the term
of the Option.


Update on Sully Project 

SFM plans to re-commence drilling shortly at its Sully Project located near Fort
Steele and 30 km east of the Sullivan Mine at Kimberley, BC. Sully hosts twin,
large-scale, parallel geophysical targets that do not outcrop on surface. The
'blind' targets are well defined by detailed gravity surveys completed over much
of the property. Both targets are made more compelling by coincident parallel
magnetic anomalies. Drilling to date has tested neither of these targets.


Management is excited about the Iron Range project's potential to host Sullivan
type massive sulphides or IOCG deposits and is anxious to be advancing
exploration at both the Iron Range and Sully. Scott Broughton, President and CEO
commented; "The agreement with EPL for Iron Range demonstrably expands on the
project and discovery potential for SFM in this prolific base metal region of
the world."


Technical contents of the Iron Range Project disclosure in this news release
have been reviewed and approved by Charles Downie, P.Geo., a qualified person as
defined by National Instrument 43-101. Technical contents of the Sully Project
disclosure in this news release have been reviewed and approved by Paul Ransom,
P.Geo., a qualified person as defined by National Instrument 43-101. 


The TSX Venture Exchange has in no way passed upon the merits of the proposed
transaction 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 E. Broughton, P.Eng.
President and CEO
604.684.2900
www.santafemetals.com
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