Signet Minerals Inc.
TSX VENTURE : SGN

Signet Minerals Inc.

April 30, 2007 08:30 ET

Signet Updates Murphy Uranium Project

COMOX, BRITISH COLUMBIA--(CCNMatthews - April 30, 2007) - Signet Minerals Inc. (TSX VENTURE:SGN) reports results from its 2006 exploration program on the Murphy uranium project, located approximately 85 kilometres northeast of Whitehorse, Yukon.

The property covers intrusive-hosted uranium occurrences that are marked by high radioactive and strongly anomalous geochemistry. The 2006 exploration program included a 200 line-km helicopter-borne radiometric survey, reconnaissance ground magnetic/EM surveys and 2 days of reconnaissance prospecting.

The airborne radiometric survey identified a prominent anomaly over approximately 1.7 km2 that is partly coincident with the area of historic uranium showings and major structures. The anomaly appears to coincide with bedrock exposure of the granodiorite.

Seventeen grab samples were collected over 2 days of prospecting and returned background to anomalous uranium values ranging from 3 to 78 ppm U. A significant percentage of the uranium is labile, which is important in that it represents uranium that is easily leached and readily mobilized into deposits. The historical mineral occurrences were not relocated during the brief field investigation, however, the uranium bearing mineral, autunite, was found on fractures in one locale.

A planned 1,000 metre diamond drilling program commenced in early October 2006 and was suspended on October 31 due to extreme weather conditions. Three holes totalling 366 m were completed and a fourth hole was collared in talus to a depth of 18 metres.

Holes MU06-01 and MU06-02 were collared on a prominent gossan on the MURF 16 claim to test for the presence of uranium mineralization at the intersection of a gossanous pyrite-rich granite phase, airborne radiometric highs and faults interpreted from ground magnetics and EM surveys. Both holes encountered coarse grained granodiorite with less than 1% disseminated pyrite over their entire lengths of 79.25 m and 151.09 metres respectively. No elevated radioactivity was noted in the core.

Hole MU06-03 was collared 125 m to the northwest and to test a prominent bedrock surficial radiometric high along the projection of the pyrite-rich granite phase in an area of cross faulting. This hole also encountered coarse-grained granodiorite over its entire length of 135.89 metres with no radioactive mineralization noted. A moderate spike in the down-hole gamma log was noted, however, over a 0.49-metre length at the end of the hole.

Twenty-eight core samples were collected for analysis. Uranium values ranged from 1.44 to 49.00 ppm U:

2 samples greater than 40 ppm

14 samples greater than 20 ppm

8 samples greater than 15 ppm

Between 89% and 100% of the uranium is labile.

The strongest and largest area of radioactivity lies south and southeast of the area of drilling. This area has not yet been prospected, mapped and sampled. Historically, this is an area of anomalous stream sediment geochemistry, returning 17, 106 and 190 ppm U in silt samples.

This is a highly prospective property with potentially significant levels of labile uranium, a strong radiometric signature and abundant structures. The Company is planning a detailed mapping and prospecting program in 2007 to identify possible shear hosted and episyenite type uranium mineralization prior to further drilling. Further details on the Murphy project can be found at www.signetminerals.ca/s/Murphy.asp.

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. Samples were analysed at the Saskatchewan Research Council Laboratory (SRC) in Saskatoon, Saskatchewan. All technical information for the Company's Murphy project is obtained and reported under a formal quality assurance and quality control (QA/QC) program, details of which are presented on the Company's website at: www.signetminerals.ca/i/pdf/QAQC-Murphy.pdf.

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.

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