Santa Barbara Over-Allotment Option Exercised

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES


Santa Barbara Resources Limited (the "Company") (TSX VENTURE:SBL) completed its
initial public offering (the "Offering") on July 7, 2010 and began trading on
the TSX Venture Exchange under the symbol SBL on July 9, 2010. 


The Offering was sold through the Company's agents, Dundee Securities
Corporation and PI Financial Corp. (collectively, the "Agents"). The Company
granted to the Agents an over-allotment option (the "Over-Allotment Option") for
market stabilization purposes which was exercisable no later than 30 days after
the closing of the Offering, to cover over-allotments. Pursuant to the exercise
of the Over-Allotment Option the Company issued 319,668 additional units (each a
"Unit") at a purchase price of $0.75 for proceeds of $239,751. Each Unit
consists of one common share of the Company (a "Share") and one-half of one
transferable common share purchase warrant (each whole warrant, a "Warrant") of
the Company. Each whole Warrant entitles the holder to purchase one common share
of the Company (a "Warrant Share") at any time on or before July 7, 2012 at an
exercise price of $1.00 per Warrant Share. 


Pursuant to the exercise of the Over-Allotment Option, the Company also issued
an additional 36,000 Warrants at a purchase price of $0.03 for proceeds of
$1,080. The aggregate gross proceeds from the exercise of the Over-Allotment
Option were $240,831.


As consideration for the services provided by the Agents to the Company, the
Agents received an aggregate cash commission of $15,654, and an aggregate of
20,778 non-transferable agents' warrants (each an "Agents' Warrant"). Each
Agents' Warrant is exercisable to acquire up to one common share in the capital
of the Company (an "Agents' Warrant Share") at an exercise price of $0.75 per
Agents' Warrant Share exercisable at any time on or before July 7, 2012.


The Company is engaged in the business of mineral exploration in Peru and
Ecuador. The Company's two principal properties are the Sancos Project and the
Antalla Project, both located in Peru. 


ON BEHALF OF THE BOARD

Christoph Lassl, President and Chief Executive Officer

The offered securities will not be registered under the United States Securities
Act of 1933, as amended, or any applicable state securities laws and may not be
offered or sold in the United States absent such registration or an applicable
exemption from such registration requirements. This news release shall not
constitute an offer to sell or the solicitation of an offer to buy the offered
securities in any jurisdiction.


Address: Edificio In-Luxor - Oficina 102, Camilo Destruge N24-633 y Francisco
Salazar, P.O. Box 17-07-9719, Quito, Ecuador