Signet Minerals Inc.
TSX VENTURE : SGN

Signet Minerals Inc.

May 30, 2006 14:22 ET

Signet Completes $4,455,505 Private Placement

COMOX, BRITISH COLUMBIA--(CCNMatthews - May 30, 2006) - Signet Minerals Inc. (TSX VENTURE:SGN) ("Signet" or the "Corporation") is pleased to announce that the private placement announced in press releases issued on May 8, 2006 and May 24, 2006 (the "Offering") has closed raising gross proceeds of $4,455,505.

A total of 2,486,640 units at a price of $0.50 per unit (each a "Regular Unit") and 5,180,944 flow-through units of the Corporation at a price of $0.62 per flow-through unit (each a "FT Unit") were sold pursuant to the Offering. Each Regular Unit consists of one common share ("Common Share") in the capital of the Corporation and one half of one non flow-through Common Share purchase warrant of the Corporation ("Warrant"). Each whole Warrant entitles the holder to purchase one non flow-through Common Share of the Corporation at a price of $0.75 until November 29, 2007. Each FT Unit consists of one Common Share issued on a "flow-through" basis and one half of one non flow-through Common Share purchase warrant of the Corporation ("NFT Warrant"). Each whole NFT Warrant entitles the holder to purchase one non flow-through Common Share of the Corporation at a price of $0.85 until November 29, 2007

Toll Cross Securities Inc. and Pacific International Securities Inc. acted as agents under the Offering (the "Agents") and received a cash commission of $356,440. A total of 613,407 Common Shares were reserved for issuance pursuant to Brokers' Warrants granted to the Agents which are exericisable at a price of $0.50 per Common Share until November 29, 2007.

Proceeds of the Offering will be used for Canadian exploration expenses on Signet's Curie project, Golden Eagle project and other mineral projects as well as other general corporate purposes.

The securities sold pursuant to the Offering are subject to statutory resale restrictions for a period of 4 months from the date of issuance (until September 30, 2006). Under the Offering, Tracy Hurley, the Vice-President Exploration of the Corporation subscribed for 75,000 FT Units. The Corporation has determined that exemptions from the various requirements of TSX Venture Exchange Policy 5.9 are available for the issuance of these securities.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

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

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