Signet Minerals Inc.
TSX VENTURE : SGN

Signet Minerals Inc.

December 05, 2006 13:24 ET

Signet Minerals Updates Exploration Progress

COMOX, BRITISH COLUMBIA--(CCNMatthews - Dec. 5, 2006) - Signet Minerals Inc. (TSX VENTURE:SGN) updates progress on its exploration programs at the Curie, Murphy, Golden Eagle and McClarty Lake projects.

Curie Project - Uranium/Gold

The Curie project, located in the Wernecke Mountains, Yukon, is prospective for and IOCG type and unconformity related uranium deposits. Signet Minerals is one of the largest landholders in the region. Highlights of the 2006 field program include:

- Identification of the Olympic Structure - a prominent regional magnetic structure that extends for over 20 km across the property.

- 1,500 line-km helicopter-borne magnetic-electromagnetic survey.

- 1,800 line-km helicopter-borne radiometric survey.

- Landsat alteration study & IKONUS imagery.

- Prospecting/sampling of uranium showings.

- 18 cubic metres of excavation at the Deer showing.

- 5,455 hectares of new staking combining for total property claim holdings of 1,185 claims covering 24,766 hectares (61,196 acres).

The airborne geophysical surveys have identified prominent structural trends coincident with the surface uranium showings, with 9 of the 13 showings lying on or proximal to the 20-km Olympic structure. A prominent magnetic high feature has also been identified over the area of the Deer showings and is in part coincident with the 750-metre long gravity anomaly identified in 2005. Preliminary results of the airborne radiometric survey are highly intriguing with multiple anomalies to follow up on in the 2007 field season.

A ground gravity survey was initiated this fall to test the Olympic Structure as well as a number of other uranium showings and related structures that lie outside of the 2005 coverage area. The program was suspended in November due to severe weather conditions and will resume in spring 2007.

Work to date has demonstrated geochemical and structural setting similarities to both unconformity-related (Athabasca type) and IOCG (Olympic Dam type) uranium deposits. Compilation of the assay results from the 2006 prospecting and trenching program is underway and will be released shortly.

Murphy Project - Uranium

The Murphy project, 85 kilometres northeast of Whitehorse, Yukon, is prospective for intrusive-hosted uranium mineralization. Highlights of the 2006 field program include:

- 200 line-km helicopter-borne radiometric survey.

- Large radiometric anomaly identified partly coincident with the area of historic uranium showings and major structures.

- Reconnaissance ground magnetic-electromagnetic survey.

- Reconnaissance prospecting and mapping.

- Coincident intrusion and sulphide zones.

- Diamond drilling program started.

A 1,000-metre reconnaissance diamond drilling program commenced in October 2006. Three holes were drilled before the program was suspended due to extremely cold weather. The drill remains on-site and drilling will resume when weather conditions permit. Results of the drilling completed to date will be released once received and compiled.

Golden Eagle Project - Gold

The Golden Eagle project, located in northwestern British Columbia, is prospective for intrusive and shear zone hosted gold mineralization and volcanogenic massive sulphide (VMS) deposits. The Company commenced a diamond drilling program in October 2006 to test targets on the Tannis, Carbonate, Skarn, Plateau and LQ zones. The program was suspended in November due to severe weather conditions, and will resume in spring 2007.

In total six holes were completed, including three on the Carbonate zone, one on the Skarn zone and one at the Plateau. One hole was also completed on the Tannis zone where two of three holes drilled in 2005 returned the following high-grade intersections (Reference: Dec. 21, 2005 News Release):

- Tan-02: 10.73 g/t Au & 104.2 g/t Ag over 5.5m

- Tan-03: 12.00 g/t Au over 3.5m

Follow-up of these intersections remains a priority for the 2007 drill program. Assay results from the 2006 drilling will be released once received and compiled.

McClarty Lake Project - VMS

The McClarty Lake project, 47 kilometres south-southwest of Snow Lake, Manitoba, lies within the prolific Flin Flon Greenstone Belt and is prospective for volcanogenic massive sulphide (VMS) deposits. Past drilling by the Company intersected massive sulphides and alteration similar to that associated with VMS deposits in the Snow Lake camp.

The Company has awarded a contract for a 2,000-metre diamond drilling program, which is scheduled to commence in January 2007 or as soon as ice conditions permit. This program will follow up encouraging results from previous drilling as well as test a number of un-drilled TEM conductors.

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.


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