Market Overview

Santa Barbara Terminates Agreement to Acquire San Francisco Property, Chile

VANCOUVER, British Columbia--(BUSINESS WIRE)--

Santa Barbara Resources Limited (TSX-V: SBL - “Santa Barbara” or the “Company”) has delivered notice to the underlying owners to terminate its option agreement to acquire the San Francisco Project in Chile.

Santa Barbara had the right to acquire, subject to certain option requirements and a royalty, a 100 % interest in the 3,740 hectare San Francisco gold exploration property from Sociedad Legal Minera Pomez VIII Del Campo de Piedra Pomez. (see Santa Barbara's press release December 7, 2010)

The Company evaluated the results of the drill program conducted and announced earlier this year in the geological context of the property and has now decided that the geological concept has been adequately tested and made the decision to terminate the agreement.

About the Company

Santa Barbara is a South American mineral explorer focusing on Peru and Chile.

“Christoph Lassl”


Christoph Lassl, President and
Chief Executive Officer

Please visit the Company's web site: .

Address: Manquehue Norte 151 - Oficina 906, Las Condes, Santiago, Chile.

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.

This news release contains certain statements that may be deemed “forward-looking” statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although Santa Barbara believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

Santa Barbara Resources Limited
Christoph Lassl, 56-2-2462545
Fax: 56-2-2462565
President and Chief Executive Officer

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