News Release: 09-15
Santoy Resources Ltd. (TSX.V: SAN) is pleased to announce that Pursuant to a Plan of Arrangement, (originally announced in a Company news release dated December 22, 2008, and approved by both company's shareholder votes announced May 22, 2009) Santoy Resources Limited ("the Company") has now completed its business combination with privately held Virginia Uranium Ltd. Post-closing, the Company has changed its name to Virginia Energy Resources Inc. ("Virginia Energy"), has consolidated its issued share capital to approximately 54,377,279 common shares outstanding, and will have its trading symbol changed from SAN to VAE on the TSX Venture Exchange.
Virginia Energy currently holds a 20.8 per cent equity interest (in the process of increasing to 22.2 percent) in the Coles Hill uranium deposit, located in southern Virginia. Coles Hill, considered to be one of the largest undeveloped uranium deposits in the United States, had been advanced through to the feasibility stage in 1982. It has an estimated measured and indicated resource of 119 million pounds of U3O8 (at a cut-off grade of 0.025 per cent U3O8) based on a National Instrument 43-101 technical report on the Coles Hill property prepared for Santoy Resources by Behre Dolbear and Co. Ltd., Marshall Miller and Associates Inc., and PAC Geological Consultant Inc. (Dr. Peter Christopher, PEng) dated Feb. 2, 2009, and revised on April 29, 2009. This report is available on SEDAR and on Santoy Resources' website.
Excerpt from Table 1.1 | ||||||||||||
Cutoff | Measured1 | Indicated1 | Total1 | |||||||||
Tons2 | % | Pounds U3O8 | Tons2 | % | Pounds U3O8 | Tons2 | % | Pounds U3O8 | ||||
Project Total (South and North Coles Hill Deposits) | ||||||||||||
0.100 | 0.755 | 0.228 | 3.45 | 6.27 | 0.215 | 26.9 | 7.03 | 0.216 | 30.4 | |||
0.075 | 1.35 | 0.164 | 4.44 | 24.0 | 0.116 | 55.9 | 25.4 | 0.119 | 60.4 | |||
0.050 | 2.28 | 0.124 | 5.65 | 35.4 | 0.101 | 71.7 | 37.7 | 0.103 | 77.4 | |||
0.025 | 6.62 | 0.064 | 8.42 | 92.1 | 0.060 | 111 | 98.7 | 0.060 | 119 | |||
1Total tonnage above cutoff grade and average weight % U3O8 of that tonnage | ||||||||||||
2. Mineral resources which are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, marketing, or other relevant issues.
At the same time, shareholders will gain diversification and will benefit from Santoy's exploration properties. The business combination complements Santoy's portfolio of uranium exploration properties in the Athabasca Basin of Saskatchewan, the Otish Mountains in Quebec and the Central Mineral Belt of Labrador. The Company is also the largest shareholder of Boss Power Corp. which owns the Blizzard uranium deposit in British Columbia.
Messrs Bill James and Pat Barry have resigned from the Company's Board of Directors. Their very significant contributions during the past several years have been much appreciated. Their positions have been filed by the appointment of Walter Coles, Sr., Norm Reynolds and Harvey Roberts, all resident in Virginia. The new Board will now consist of Walter Coles, Sr., Norm Reynolds, Harvey Roberts, Ron Netolitzky, Ron Hochstein, Robert Matthews, and Robert Ingram. Walter Coles, Sr. has been appointed Chairman of the Board. The Management Team will now consist of Norm Reynolds - President & CEO, Walter Coles, Jr. - Executive Vice-President, Karen Allan - Chief Financial Officer, and Mike Cathro -- Vice President, Exploration. Ron Netolitzky will remain very active in the company's direction as we continue to explore our exploration properties and advance the Coles Hill uranium deposit.
On Behalf of the Board of Directors
SANTOY RESOURCES LTD.
"Ron Netolitzky"
R. K. Netolitzky, President & CEO
http://www.santoy.ca/s/NewsReleases.asp?ReportID=356910&_Type=News-Releases&_Title=Santoy-Becomes-Virginia-Energy-Resources-Inc.-Revises-Board-Management
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