Santoy Resources Ltd.
TSX VENTURE : SAN

Santoy Resources Ltd.

November 23, 2006 09:59 ET

Santoy Reports Uranium Assays From Fish Hawk Lake, CMB Labrador

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 23, 2006) - Santoy Resources Ltd. (TSX VENTURE:SAN) is pleased to announce further assay results received from the Fish Hawk Lake Zones on Santoy Resources Ltd. 100% owned Anomaly 7 property, Central Mineral Belt Labrador. The Fish Hawk Lake South Zone, along with the Fish Hawk Lake North and Fish Hawk Lake Central Zones, were discovered by Santoy's prospecting crews in September, 2006 during prospecting follow-up of airborne radiometric anomalies on the Anomaly 7 property. All assay results from the three zones have now been returned. Please refer to news release dated October 13, 2006 for the previously released assays.

Fish Hawk Lake South Zone

The Fish Hawk Lake South Zone is a radioactive zone that has been traced 430 meters along strike and over widths of up to 20 meters. The zone occurs at the southern tip of Fish Hawk Lake. Initial grabs from the Fish Hawk Lake South Zone returned thirteen analyses greater than 0.100% U3O8, five analyses greater than 0.400% U3O8, and a best assay of 1.487% U3O8. The mineralization is associated with fractured to brecciated and hematized Archean granodiorite. Assay results from two channel cut trenches spaced 75 meters apart and along strike have been returned with the following results:



Trench 1: 0.056% U3O8 over 9.0 meters.

Trench 2: 0.101% U3O8 over 7.0 meters, with additional grab samples of
0.201% U3O8 and 0.041% U3O8 extending the zone for an additional
2 meters.

Assay results were also returned from seven grab samples from the Fish Hawk
Lake South Zone:

Available assay results from the Fish Hawk Lake South Zone
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Sample type Description % U3O8
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Outcrop grab Intensely hematized granodiorite 0.260
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Outcrop grab Intensely hematized granodiorite 0.224
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Outcrop grab Intensely hematized granodiorite 0.389
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Outcrop grab Intensely hematized granodiorite 0.283
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Outcrop grab Intensely hematized granodiorite 0.437
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Boulder Intensely hematized granodiorite boulder 0.602
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Extremely altered, brecciated and hematite/chlorite
Outcrop grab altered granodiorite exposed in 2.5m x 1m pit. 0.260
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Fish Hawk Lake North Zone

The second zone, Fish Hawk Lake North, is located on the north end of the eastern arm of Fish Hawk Lake. The initial discovery consisted of radioactive boulders in a bog. Prospecting subsequently traced the boulders to the south along a north-facing ridge exposing radioactivity in bed rock. Additional radioactive outcrops have been located on strike 175 meters to the west. Radioactivity is associated with silicified and hematite altered, micro fractured intrusives. Sulphide mineralization includes pyrite (up to 3-5%) and minor chalcopyrite.



Assay results received from four outcrops and two local angular boulders
returned the following values:

Available assay results from the Fish Hawk Lake North Zone
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Sample type Description % U3O8
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Local angular Very dark grey faintly porphyritic intrusive;
boulder granodiorite-related. 5.086
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Altered, silicified granodiorite with minor
Outcrop grab dusty pyrite. 0.025
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Outcrop grab Altered granodiorite 0.153
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Outcrop grab Altered granodiorite 0.118
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Local angular Siliceous, oxidized granodiorite with pyrite
boulder and chalcopyrite 0.236
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Outcrop grab Altered granodiorite 0.007
---------------------------------------------------------------------------


The best assay of 5.086% U3O8 was obtained from an angular boulder in talus at the base of a mineralized outcrop, and is undoubtedly from the underlying bedrock. This same sample also returned 43.4 g/t (1.40 oz/tonne) silver, 0.253% copper and 0.390% lead.

Fish Hawk Lake Central Zone

A single outcrop grab sample from the Fish Hawk Lake Central Zone returned 0.015% U3O8.

The Qualified Person, as defined by National Instrument 43-101, responsible for the technical data in 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, Central Mineral Belt of Labrador, the United States and Central America; 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
    President
    (604) 669-4799
    (604) 669-2543 (FAX)
    or
    Santoy Resources Ltd.
    Tony Perri
    Investor Relations, Manager
    (604) 669-4799
    (604) 669-2543 (FAX)
    or
    Santoy Resources Ltd.
    Suite 611, 675 W. Hastings Street
    Vancouver, British Columbia, Canada V6B 1N2
    Website: www.santoy.ca