Santoy Resources Ltd.
TSX VENTURE : SAN

Santoy Resources Ltd.

March 28, 2007 09:47 ET

Santoy Reports Drilling Underway at Fish Hawk Lake, CMB Labrador

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 28, 2007) - Santoy Resources Ltd. (TSX VENTURE:SAN) is pleased to announce that the scheduled diamond drill program is underway on the Fish Hawk Lake South Zone on the 100% owned Anomaly 7 area claims, Central Mineral Belt, Labrador. The principal focus of the 2,000 meter program will be to test this zone which was discovered late in the 2006 field season. The zone has been traced over a distance of 430 metres along strike, and over widths of up to 20 metres. The best diamond saw-cut channel sample averaged 0.101%U3O8 over 7.0 metres with grabs of 0.201%U3O8, and 0.041%U3O8 extending the width for an additional 2.0 metres. Grab samples from outcrop along trend returned values of up to 0.602%U3O8 with one 2.5 by 1.0 metre pit averaging 0.26%U3O8. Up to 16 short holes will test the zone over the entire 430 metre strike length.

The Fish Hawk Lake North Zone, approximately 1km northeast, will also be drill tested in the vicinity of an angular talus boulder discovered at the base of a mineralized outcrop. This boulder, which is thought to be very close to source, assayed 5.086%U3O8.

The Fish Hawk Lake South Zone is located 1.5 kilometers to the north of the previously drilled Anomaly 7 Zone along a parallel structure. The best drill result from historic drilling by Canico in 1978 to 1980 intersected 0.129%U3O8 over 23.4 metres, including 0.249%U3O8 over 9.68 metres. Other significant activity in the immediate area was recently announced by Silver Spruce and Universal Uranium on their Two Time Zone which is located approximately 6.0 kilometers to the northwest. The best drill intercept averaged 0.11%U3O8 over 30 metres.

Santoy, in accordance with the company's stock option plan, is granting 425,000 incentive stock options at an exercise price of $1.50 per share for a period of 5 years from the date of grant to employees and consultants. Two hundred and seventy-five thousand of the options are subject to vesting over a period of one year. Any shares issued under the option plan will be subject to a four-month hold period from the date of grant, pursuant to the policies of the TSX Venture Exchange.

The Qualified Person, as defined by National Instrument 43-101, responsible for review of this news release is Ron Nichols, P.Geo., Vice-President of Exploration.

About Santoy Resources Ltd.

Santoy Resources Ltd. is a Canadian mining exploration company focused primarily on the energy sector. Emphasis is being placed on uranium projects in British Columbia, Saskatchewan, Manitoba, Otish Mountains of Quebec and the Central Mineral Belt of Labrador; and on coal and coal bed methane in Western Canada. A description of our properties, including maps and photographs can be viewed on the Company's website at www.santoy.ca.

On Behalf of the Board of Directors

SANTOY RESOURCES LTD.

Ron Netolitzky, President

Cautionary Statement on Forward-Looking Information

The statements made in this News Release may contain certain forward-looking statements. Actual events or results may differ from the Company's expectations. Certain risk factors may also affect the actual results achieved by the Company.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Santoy Resources Ltd.
    Ron Netolitzky
    (604) 669-4799
    or
    Santoy Resources Ltd.
    Tony Perri
    Investor Relations, Manager
    (604) 669-4799
    or
    Santoy Resources Ltd.
    Suite 611, 675 W. Hastings Street
    Vancouver, British Columbia, Canada V6B 1N2
    (604) 669-4799
    (604) 669-2543 (FAX)
    Website: www.santoy.ca