Signet Minerals Inc.

Signet Minerals Inc.

June 01, 2006 08:30 ET

Signet Completes Airborne Survey at Curie Uranium-Gold Project

COMOX, BRITISH COLUMBIA--(CCNMatthews - June 1, 2006) - Signet Minerals Inc. (TSX VENTURE:SGN) is pleased to announce that McPhar Geosurveys Ltd. has completed a combined helicopter-borne magnetometer and electromagnetic survey over the Company's Curie uranium-gold project. Signet has received preliminary total magnetic and EM profile maps and is set to commence a comprehensive field program on the property. The $1,500,000 Phase I program is designed to include mapping, prospecting, sampling, ground geophysics, trenching and 3,000 metres of diamond drilling. The Curie project includes a significant number of uranium showings (Oct. 31, 2005 News Release) and drill targets have already been identified on the Deer showings.

Located in the Wernecke Mountains, Yukon, the Curie property is considered prospective for high-grade, unconformity-related uranium deposits (Athabasca Basin style) as well as breccia complex (Olympic Dam/IOCG style) uranium deposits. Exploration work in the late 1970's identified radioactive surface showings, radioactive float trains, and substantial radon and uranium geochemical anomalies in soils. Better mineralization was found to be structurally controlled in hydrothermally altered sediments, including a 1.8-metre wide shear zone that returned a best assay of 4.5% U3O8 over 0.6 metres on the Deer 1 showing (Yukon Minfile 106E31).

In August-September 2005, Signet conducted reconnaissance spectrometer, gravity and prospecting surveys over the historic Deer 1 and 2 showings, the original 334-hectare claim block, and the immediate area. The 131-station gravity survey identified a 3.2 mGal anomaly coincident with the showings. A total of 27 grab samples of altered and/or radioactive float and bedrock were collected and sent for analysis by SRC Laboratories, Saskatoon. Ten of the samples (37%) returned significant uranium results. The highest assay (54.3% U3O8) was obtained from a grab sample of outcropping, sheared and hydrothermally altered, quartz-feldspar-chlorite veined fine-grained sediments (Oct. 26, 2005 News Release) on the Deer 1 showing. It is not known if this sample was collected from the 1.8-metre wide shear zone that returned a best assay of 4.5% U3O8 over 0.6 metres (Yukon Minfile 106E31) or from a different structure. These encouraging results generated a staking program that expanded the property to 19,300 hectares. Signet further expanded the Curie project in January 2006 with the addition of the 270-hectare Pike property. Located 7 kilometres south of the Curie claims, Pike hosts IOCG-style uranium-copper mineralization as well as pitchblende-brannerite bearing high-grade gold quartz veins (Jan. 30, 2006 News Release).

Aurora Geosciences Ltd. has been contracted to conduct the 2006 summer fieldwork and supervise the drill program. Results will be released as received, compiled and interpreted.

Tracy Hurley, PGeo, Vice President, Exploration and Qualified Person as defined by National Instrument 43-101 is responsible for the technical information provided in this release.

Statements in this press release may contain forward-looking statements. Except for statements of historical fact, all statements in this press release - including, without limitation, statements regarding future plans and objectives of the Company - are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.

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

Contact Information