Signet Minerals Inc.

Signet Minerals Inc.

August 17, 2006 14:41 ET

Signet's Curie Project Returns 0.84% U3O8 Over 1.0 metre

COMOX, BRITISH COLUMBIA--(CCNMatthews - Aug. 17, 2006) - Signet Minerals Inc. (TSX VENTURE:SGN) reports first analyses from the Curie uranium-gold project in the Yukon. The Curie project is considered prospective for high-grade, unconformity-related uranium deposits (Athabasca Basin style) as well as breccia complex (Olympic Dam/IOCG style) uranium deposits.

As previously reported, the area from which the high-grade uranium grab sample (54.3 % U3O8) was collected in 2005 (Reference: October 26, 2005 News Release) was relocated, hand stripped over an area of approximately 4 x 2 metres, mapped and sampled. First-pass chip sampling has confirmed the presence of bedrock uranium mineralization, returning 0.84 % U3O8 over 1.0 metre. Two grab samples collected approximately 2 metres along strike of the chip sample assayed 0.90 % U3O8 and 0.84 % U3O8, indicating that the zone is at least 4.0 metres wide. These two samples were collected in a topographic depression, and it appears that a portion of the zone has been eroded or displaced by previous trenching activities.

Chip samples:
0.84 % U3O8 over 1.0 metre
incl. 1.08 % U3O8 over 0.5 metre
and 0.60 % U3O8 over 0.5 metre

Grab samples:
6 grab samples assayed from 0.35 to 0.93 % U3O8
4 of the samples assayed greater than 0.84 % U3O8

The exposure is believed to be that of the historical Deer 1 showing discovered in the late 1970's. Very limited diamond drilling was conducted in the area at that time, and no work was since performed until Signet's acquisition of the property in 2005. The true width of the mineralized zone is unknown at this time and further stripping is being undertaken to trace out the mineralization. There is extensive talus cover throughout the area, and a small Kubota backhoe has been mobilized to the site to help with trenching on this and other showings.

The Deer prospect covers an area of approximately 5 x 4 kilometres and contains 7 uranium showings as well as numerous Wernecke breccia bodies. The prospect area lies on a magnetic high, and a 750-metre long 3.2 mGal gravity anomaly is in part coincident with the Deer 1 showing.

First-pass sampling has now been conducted at all of the 13 known historical uranium showings within the +22,000-hectare Curie project. Results will be released once received, evaluated and checked.

The Company is awaiting the results of the airborne radiometric survey of the project and plans reconnaissance prospecting of all radiometric anomalies immediately the data is received.

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. All samples were analysed at the Saskatchewan Research Council (SRC) laboratory in Saskatoon. SRC is "ISO/IEC 17025 Accredited" by the Standards Council of Canada. All technical information for the Company's exploration projects is obtained and reported under a formal quality assurance and quality control program. Details of the Company's quality assurance and quality control program are presented on the Company's website at:

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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