Virginia Energy Resources Inc. Corporate (Investor) Presentation

You really need to read this. There are lots of pictures and graphs...it's not a difficult read. But it sure is an interesting one. Everything is falling into place just like dominoes, for Santoy/VERI, VUI, Va Tech, and all investors. There's plenty of space for tailings and a uranium mill. Tech is offering all sorts of student work experiences. It's amazing, actually, to read just how well, and how quickly, things are moving toward mining. It's as though nothing can possibly get in the way. We are fighting a HUGE machine here...one that's well-organized, well-oiled, and well-funded. When will the rest of the state wake up? It's imperative that Southside have the rest of the Commonwealth behind it in this fight. It's enormity has never been better presented than it is here:

http://www.santoy.ca/i/pdf/CorporatePresentation.pdf

Uranium study faces premature doubts [hunh?]

Let's review:

Nowhere on this earth has uranium mining been done safely.

The entity with the most to gain is paying for the study; the state of Virginia hasn't ante'd up one dime.

VUI and Virginia Energy are contributing to every conceivable politician and cause to further their position that Coles Hill should be mined.

Big-name pols are advertising Virginia as being "nuclear friendly" and are touting VA's "nuclear renaissance".

The relationships between politicians, lobbyists, company officials, some Va Tech faculty, and investors are so intertwined that they would appear as a big spider web if reduced to a chart.

So why is expecting that the study will favor mining in Virginia such a leap as to be called "premature"?

The Virginian-Pilot
© September 30, 2009

The respected National Research Council hasn't yet voted on whether to take on a study of uranium mining in Virginia, but the second-guessing has already started.

Some mining opponents in Pittsylvania County dismiss the results - which won't be available for nearly two years - because the study would be underwritten by Virginia Uranium Inc. The company stands to make billions if state officials allow it to tap the estimated 119 million pounds of ore in the county.

Residents are right to feel protective of their community. That's equally true of Virginia Beach leaders, who are concerned that mining could contaminate the city's water supply in Lake Gaston.

But no one has legitimately questioned the integrity of the NRC, the operating arm of the National Academy of Sciences, or suggested a better alternative.

It would be preferable for the state to pay the $1.2 million to $1.4 million for the study, but that's not a realistic option this year. Gov. Tim Kaine recently announced budget cuts that will cost nearly 600 salaried state workers their jobs. Core public safety and mental health services face funding reductions.

The only way to determine whether uranium can be safely mined in Virginia's rainy climate is to allow Virginia Uranium to pay for that assessment. It's an uncomfortable arrangement but one that can work with appropriate safeguards.

The mining company should be required to pay the full amount for the study up front, eliminating any temptation to retract its support if preliminary findings aren't favorable. It should also disclose the source of its money, identifying the investors who are fronting the funds for the study. That's important because no scientists should be permitted to participate in the study if they are employed by a mining company with a financial interest in the project.

William Kearney, a spokesman for the National Academy of Sciences, noted that the organization has a strict conflict-of-interest policy for participating scientists. But state officials must be full partners in preserving the integrity of the study, and they should require VUI to publicly identify its investors before work begins.

The governing board of the NRC is expected to vote on the study proposal in October or November. If it agrees to the project, it will then begin contract negotiations with Virginia Tech's Center for Coal and Energy Research, chosen by state lawmakers to coordinate the study.

The details of that contract, particularly its financial provisions, must be made public. Further, state legislators should hold a meeting to explain the contract and take comments. They should ensure that the scope of the assessment includes an examination of claims by Pittsylvania residents that exploratory drilling at the site has contaminated local wells. Equally important, the state should guarantee that a separate study on the mine's economic impact does not begin until questions of safety are fully addressed.

Opponents who repudiate a study before it even exists risk marginalizing themselves before the real debate begins. But that doesn't negate the fact that many thousands of Virginians who have been less vocal still want and deserve an open, transparent process that puts their health and safety above all other interests.

http://hamptonroads.com/2009/09/uranium-study-faces-premature-doubts

Time/Place Changes for October 6th meeting of the Virginia Commission on Energy and Environment

Take a look at the agenda...link is in the meeting text. Virginia Energy is set to lob a few over the net unopposed...unless there's a substantial turnout of citizens!

SENATE OF VIRGINIA
OFFICE OF THE CLERK
RICHMOND

September 09, 2009

CHANGE IN MEETING LOCATION

TO:	Members, Virginia Commission on Energy and Environment
FROM:	Patty Lung, Coordinator, Senate Committee Operations
RE:	Change in Meeting Date/Time/Location

The time and location for the Tuesday, October 6th meeting of the Virginia Commission on Energy and Environment has been changed. The Commission will meet in conjunction with the Southern Virginia Bioenergy Conference at the Institute for Advanced Learning and Research, 150 Slayton Avenue, Danville, Virginia. Directions to the facility are on the Institute website. The conference begins at 9:00 a.m. and the Commission meeting is scheduled for 3:15 p.m. The agenda for the conference is posted on the Commission website. Additional information will be sent to Commission members as available. If you have questions regarding the meeting content, please contact Ellen Porter or Patrick Cushing with the Division of Legislative Services (804) 786-3591. If I may assist you in any other manner, or if you are a member and cannot attend, please call me at (804) 698-7450.

Members:

The Honorable Mary Margaret Whipple, Chair The Honorable J. Chapman Petersen The Honorable Richard H. Stuart The Honorable Charles D. Poindexter, Vice Chair The Honorable Samuel A. Nixon, Jr. The Honorable Clarke N. Hogan The Honorable Joseph P. Johnson, Jr. The Honorable Mark D. Sickles Patrick G. Hatcher Karen Kennedy Schultz Hugh E. Montgomery, Jr. August Wallmeyer Arlen K. Bolstad David K. Paylor Stephen A. Walz

cc:	The Honorable Susan Clarke Schaar The Honorable Bruce F. Jamerson Ellen Porter, Division of Legislative Services Patrick Cushing, Division of Legislative Services Mail List, Virginia Commission on Energy and Environment

http://dela.state.va.us/Dela/ComOpsStudy.nsf/82965f555b18a72185256c330058a983/C489563D01DC82C28525762C006BF481?OpenDocument

Individuals requiring interpreter services or other special assistance should telephone Senate Committee Operations at (804) 698-7450, TDD (804) 698-7419. Persons making audio-visual presentations to the committee should call for specifications.

VUI...Virginia Co. Becoming More Canadian-Owned

By James West
MidasLetter.com
Monday, May 25, 2009

As far as uranium companies go, there aren't many who can say they are developing one of the largest undeveloped deposits in the world. But Santoy Resources (TSX.V:SAN), through its acquisition of a minority stake in Virginia Uranium, is doing just that. Santoy is in the process of acquiring a 20% interest in the holding company ("Holdco") that controls the leasehold development and operating rights of the Coles Hill uranium property in southside Virginia.

The transaction is structured as a plan of arrangement that also provides Santoy with a right of first refusal on future financings. Santoy's ambition is to earn a 30% interest over the next few years through various financing transactions.

Ron Netolitzky, Chief Executive Officer of Santoy, is also a director and a shareholder of Holdco. To increase the number of Holdco shares available to Santoy, Mr. Netolitzky and Santoy have agreed under the Business Combination Agreement that Santoy will acquire his 2,000,0000 Holdco shares in exchange for Santoy shares at the same ratio of six shares of Santoy for each one share of Holdco. The transaction has been negotiated by an independent committee of theboard of Santoy and has received full board approval with Mr. Netolitzky abstaining.

It is contemplated that Santoy will, subject to regulatory approval, change its name to "Virginia Energy Resources Inc." or such other name as approved by the Santoy Board to reflect the significance of the transaction to Santoy.

According to Virginia Uranium CEO Norman Reynolds, who will become CEO of Santoy upon the transaction's closing, "What this gives Santoy is a very substantial interest in one of the largest undeveloped uranium projects in the world. Its in an area that is very nuclear friendly, Virginia has four reactors generating more than a third of the state's electricity needs. Forty miles from the project there are two nuclear facilities, one owned by Areva that manufactures fuel rods for the commercial reactors and the other one manufactures the fuel rods for the navy. When the Atlantic fleet is in its home port of Norfolk Virgina, there are in the neighborhood of 50 reactors in the various aircraft carriers and submarines, so it's a state that is very comfortable and supportive of nuclear energy."

Reynolds was the president of Marline Corp. when the deposit was discovered in the '80s.

Dominion Virginia Power has four nuclear plants in Virginia that provide about a third of the state's energy, but the uranium used at the facilities is imported. The situation in neighboring states is similar, including in Maryland, which gets 31 percent of its electricity from nuclear power, according to the federal government.

Marline Corp. began searching for uranium deposits in the Eastern US in the late 1970s and in 1982 said it discovered 30 million pounds of uranium oxide in Pittsylvania County, potentially worth $1 billion or more.

Since then, the estimate of available ore has climbed to 119 million pounds, worth perhaps $10 billion. However, Virginia placed a moratorium on uranium mining in 1982, until such time as uranium mining regulations are enacted into law. Marline was working with the state legislature in the 1980's to develop the appropriate laws and regulatory framework for uranium mining in Virginia when the price of uranium declined to the point that the project was abandoned. Santoy's will support Virginia Uranium's efforts to pick up today where Marline left off 25 years ago. In the meanwhile, the state continues to import all of its nuclear fuel requirements.

In 1982, Virginia did pass laws covering uranium exploration. Per those regulations Virginia Uranium Inc. applied for and received a permit from the Virginia Department of Mines, Minerals and Energy in November 2007 to conduct uranium exploration drilling on 194 acres in and around the Coles Hill deposit in Pittsylvania County.

Baseline water quality has been established for water wells, surface water ponds, and streams in the area. An archeological, cultural, and historic resources review of the area has been completed. There are no threatened or endangered species within or near the permit area.

The Virginia governor's energy plan issued in the Fall 2007 mentioned this project about 50 times, saying that studies needed to be done to assess the potential for developing it, and generally supporting the idea of a developed uranium mining industry in the state," said Reynolds "That was largely the catalyst that motivated the Coles and Bowen Families to begin developing Coles Hill more aggressively."

Family patriarch Walter Coles said in January 2008, "There's too much uranium here. Somebody's going to mine it. I felt like while I was alive, it was my duty to make sure it was done right."

Virginia Uranium is focused on and committed to best practices in terms of environmental protection and community relations. To that end, the company is:

• Supporting an independent study authorized by the Commonwealth of Virginia to analyze the effect of mining on the community with emphasis on agriculture;
• Actively working with the Virginia Farm Bureau to assist the county's efforts to preserve the agricultural traditions of the region, and;
• Supporting local and regional colleges and universities with research, scholarships, grants and job opportunities related to agriculture, mining and geology.

Gov. Timothy M. Kaine (D) supports a study, and a state energy report released this fall recommends one. Virginia currently gets more of its energy from nuclear power than almost any other state -- about 35 percent, almost twice the national average.

In addition to the Virginia acquisition, Santoy has actively been exploring its strategically located uranium properties within three main geographic locations in Canada; the Athabasca Basin of Saskatchewan, the Central Mineral Belt of Labrador and in the Otish Mountains of Quebec. These projects are located on favourable geological trends and are in close proximity to known deposits.

The company currently holds interests in 12 uranium properties within or on the margins of the prolific Athabasca Basin of northern Saskatchewan.

Santoy and its 50-50 joint venture partner Denison Mines Corp. (TSX:DML, AMEX:DNN) have approved a $300,000 budget for fieldwork on the Hatchet Lake and Murphy Lake properties for 2009. Ground electromagnetic surveys are currently underway on the Tuning Fork and Tuning Fork West grid on the Hatchet Lake property.

Santoy will also spend $1 million on nine claim blocks within and on the margins of the Proterozoic Otish basin it controls in the province of Quebec.

The company has an experienced management team which is supported by a veteran board of directors who have been directly involved with the discovery and development of three major gold discoveries in Canada that have subsequently been put into production (Eskay Creek, Snip and Brewery Creek mines); of coal and coalbed methane projects in Western Canada; of producing "green power" projects throughout Canada; of conventional oil & gas discoveries throughout North and South America; and of taking uranium discoveries through to feasibility study.

Visit the company's web site at www.Santoy.ca and also at www.VirginiaUranium.com to learn more.

http://www.midasletter.com/news/09052506_Santoy-resources-jump-starts-growth-with-Virginia-Uranium-stake.php

Virginia Energy Closes Final Tranche of Private Placement Financing

Tuesday, August 11, 2009 Virginia Energy Closes Final Tranche of Private Placement Financing News Release: 09-16 Virginia Energy Resources Inc. (TSX.V: VAE) is pleased to announce completion of the final tranche of it's previously announced non-brokered private placement financing announced May 14, 2009. Each Unit will comprise one common share at a price of 50 cents per share, and one-half of one share purchase warrant. Each whole warrant is exercisable at 60 cents per share for a five-year period. The warrants will have an acceleration clause whereby if the Company's shares trade at or greater than $2.00 for 10 consecutive days, the remaining exercise period may be reduced, at the election of the Company and upon notice to the warrant holders, to 25 days. A total of 4,155,600 common shares and 2,077,800 warrants were issued under this placement, for a gross consideration of $2,077,800 and will be subject to a hold period of 4 months and 1 day. Finder's fee and commissions will be payable to qualified third party agents. A portion of this proposed financing will be applied to increasing the Company's equity position in VA Uranium Holdings Inc., which initial transaction was announced in a Company new release dated Dec. 22, 2008 wherein Santoy and a private corporation, Virginia Uranium Ltd. agreed to a business combination by way of a Plan of Arrangement, which closed July 21, 2009. The amalgamated corporation is Virginia Energy Resources Inc. Virginia Uranium Ltd. owns an interest 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 and has now been investigated by 220 drill holes. 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 Instru-ment 43-101 technical report on the Coles Hill property prepared for Santoy Resources by Behre Dolbear and Company Ltd., Marshall Miller and Associates Inc., and PAC Geological Consultant Inc. (Dr. Peter Christopher, P.Eng.) dated Feb. 2, 2009, and revised April 29, 2009. This report is available on SEDAR and on Virginia Energy Resources' website. On Behalf of the Board of Directors Virginia Energy Resources Inc. "Norm Reynolds" Norm Reynolds, President & CEO ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Santoy Resources Ltd. is pleased to announce the closure of their merger with Virginia Uranium Limited. Our new company will be called Virginia Energy Resources Inc. and will trade under the ticker symbol VAE effective Friday July 24. We are currently in the process of transitioning Santoy's website to the newly formed Virginia Energy Resources Inc. website. The company is focused on discovering and developing high-grade uranium deposits and on exploration for coal throughout North America. The company has an experienced management team which is supported by a veteran Board of Directors who have been directly involved with the discovery and development of three major gold discoveries in Canada that have subsequently been put into production (Eskay Creek, Snip and Brewery Creek mines); of coal and coalbed methane projects in Western Canada; of producing "green power" projects throughout Canada; of conventional oil & gas discoveries throughout North and South America; and of taking uranium discoveries through to feasibility study. The Company files its continuous disclosure documents on www.sedar.com and provides a link to SEDAR under the "INVESTORS" tab.

Hold on a Minute, Mr. Secretary...Some Questions for You

This letter to Secretary Chu, and local news outlets, is in response to "Thank you Mister Secretary" written by Norm Reynolds, Virginia Energy (VUI) posted below (scroll down2 posts). As usual, Ms. Maute asks pertinent questions. We're hoping she gets full, honest responses...but we're not counting on it.

Honorable Secretary Chu,

Thank you for visiting Virginia.

Most of us in Virginia as are welcoming to federal dignitaries. However, we do not generally take kindly to their attempting to set state policy. We're even less excited to have to have an industry do it for us.

The letter from which I cite (printed in its entirty below) leads one to believe that perhaps that may be occurring.

Mr. Norm W. Reynolds has written a letter to local papers (Danville and Pittsylvania County) which appears to take liberties the purpose of your visit and President Obama's energy agenda. I am hoping you can set the record straight. I, and many others, await answers to the questions posed below.

Sincerely,

Karen B. Maute,

Danville, VA

Mr. Reynolds states, "U.S. Energy Secretary Steven Chu could not have picked a better spot than Pittsylvania County to sound his ringing call for “restarting” our nation’s nuclear energy program, as well as endorsing Virginia’s state-sanctioned study to assess the safety and feasibility of mining and milling uranium in the commonwealth.

Question: Was the purpose of your visit to Pittsylvania County, VA to"sound his ringing call for "restarting" our America's nuclear program?

Mr. Reynolds writes, Speaking to concerns that have been raised about mining in Virginia, Chu — a Nobel laureate in physics — explained that in “any kind of mining, whether it’s uranium, coal or nickel, or you name it, it has to be done in a way that protects the environment and protects the people. … there’s a study going on as to whether uranium mining in Virginia is going to do that. … we will wait for the results of that study.”

Question: Do you consider the coal industry as an example of mining in a way that protects the environment and people?

Question: To your knowledge where has uranium been mined and milled safely with a climate, watersheds and density of population similar to Virginia?

Question: Thousands of new uranium claims exist in historically mined areas in the US. Density of population appears less and the areas more arid.

Question: Why encourage mining in Virginia where millions stand to suffer water contamination if mining and milling of uranium occurs?

Mr. Reynolds states, "The Virginia Coal and Energy Commission is working with the National Academy of Sciences to conduct an independent study to address concerns of Virginians about safety to people, livestock, crops and the environment."

Question: Has the National Academy of Sciences entered into contract to conduct the proposed study?

Question: If so, with whom did they contract and how is the study being funded?

Mr. Reynolds writes,The secretary’s position on the uranium potential at Coles Hill seemed to reflect that of his boss, President Barack Obama. When the president was campaigning in Virginia last year, The Roanoke Times carried the following report:

“According to an e-mail from his Virginia communications director, Obama supports a proposed study of the (Coles Hill) site to evaluate the potential environmental effects of mining. But, he adds, ‘Virginia has the potential to be a national leader in uranium mining, and development of uranium resources in Pittsylvania County could create hundreds of jobs in that part of the state.’”

Question: Who was the communications director who sent the e-mail stating that Obama supports a proposed study of the (Coles Hill) site to evaluate the potential environmental effects of mining?

Question: Is this President Obama's quote or from the un-named communications director, "‘Virginia has the potential to be a national leader in uranium mining, and development of uranium resources in Pittsylvania County could create hundreds of jobs in that part of the state.’”

Mr. Reynolds writes, "On the larger subject of using nuclear energy to power America, Chu told the local audience of about 275 people that the Obama administration and the U.S. Department of Energy are “very supportive of restarting the nuclear power industry,” adding that he believes it can be done safely."

Question: Does this mean that you, Secretary Chu, believe mining and milling of uranium can be done safely? If so, please elaborate reasons for that belief.

Mr. Reynolds writes, "For those of us who have worked long and hard on the Coles Hill project, it is gratifying that the nation’s highest energy official saw fit to come to Pittsylvania County and to endorse the scientific study and to state so unequivocally the Obama administration’s high commitment to getting nuclear back on track in the United States. We look forward to moving ahead hand in hand with such enlightened thinking."

Question: To what extent is the Obama administration involved with the uranium industry ?

Mr. Reynolds writes, "What Dr. Chu is talking about goes straight to the heart of energy independence for our nation. Yes, we need to move ahead on all fronts that make sense. But let us keep in mind that of the 55 million pounds of uranium needed to operate nuclear facilities for one year in this country, over 50 million pounds are imported. That is a frightening statistic in a world as unpredictable as the one in which we are living."

Question: Will the Obama administration and subsequent administrations require uranium mined at Coles Hill or in the United States to remain in the states for the sole purpose of American energy use?

Question: Can sale to foreign countries be prohibited?

Question: Why is the Virginia Coal and Energy Commission studying market trends for the uranium industry as part of its invironmental study?

Thank you, Mister Secretary

BY NORMAN W. REYNOLDS

Published: July 26, 2009

U.S. Energy Secretary Steven Chu could not have picked a better spot than Pittsylvania County to sound his ringing call for “restarting” our nation’s nuclear energy program, as well as endorsing Virginia’s state-sanctioned study to assess the safety and feasibility of mining and milling uranium in the commonwealth.

The setting for Chu’s speech at a local farm last Saturday was just 10 miles south of the Coles Hill uranium site and 50 miles south of the City of Lynchburg, one of the most dynamic hubs of advanced nuclear technology in Virginia. Coles Hill is where Virginia Uranium proposes to mine and mill the largest known undeveloped uranium deposit in the United States.

Speaking to concerns that have been raised about mining in Virginia, Chu — a Nobel laureate in physics — explained that in “any kind of mining, whether it’s uranium, coal or nickel, or you name it, it has to be done in a way that protects the environment and protects the people. … there’s a study going on as to whether uranium mining in Virginia is going to do that. … we will wait for the results of that study.”

The Virginia Coal and Energy Commission is working with the National Academy of Sciences to conduct an independent study to address concerns of Virginians about safety to people, livestock, crops and the environment.

The secretary’s position on the uranium potential at Coles Hill seemed to reflect that of his boss, President Barack Obama. When the president was campaigning in Virginia last year, The Roanoke Times carried the following report:

“According to an e-mail from his Virginia communications director, Obama supports a proposed study of the (Coles Hill) site to evaluate the potential environmental effects of mining. But, he adds, ‘Virginia has the potential to be a national leader in uranium mining, and development of uranium resources in Pittsylvania County could create hundreds of jobs in that part of the state.’”

On the larger subject of using nuclear energy to power America, Chu told the local audience of about 275 people that the Obama administration and the U.S. Department of Energy are “very supportive of restarting the nuclear power industry,” adding that he believes it can be done safely.

Secretary Chu’s comments echo those heard from various Virginia officials over the past two years, starting with the Virginia Energy Plan released in the fall of 2007. In addition to numerous references to the massive uranium deposit in Southside Virginia, the energy plan states:

“There are sufficient resources to support a uranium mining industry in Pittsylvania County with enough to meet the fuel needs of Virginia’s current generation. Significant work to assess the risk from mining and need for regulatory controls must be completed before any decision can be made whether such mining should take place.”

For those of us who have worked long and hard on the Coles Hill project, it is gratifying that the nation’s highest energy official saw fit to come to Pittsylvania County and to endorse the scientific study and to state so unequivocally the Obama administration’s high commitment to getting nuclear back on track in the United States. We look forward to moving ahead hand in hand with such enlightened thinking.

We haven’t the slightest doubt that all aspects of the nuclear cycle — from mining to operating reactors — can be done as safely as any other industrial undertaking. When the same safety issues were studied by the state 25 years ago, scientists found that under well-defined guidelines our project could go forward safely. I am confident that similar findings will be reached this go-around.

What Dr. Chu is talking about goes straight to the heart of energy independence for our nation. Yes, we need to move ahead on all fronts that make sense. But let us keep in mind that of the 55 million pounds of uranium needed to operate nuclear facilities for one year in this country, over 50 million pounds are imported. That is a frightening statistic in a world as unpredictable as the one in which we are living.

We should be grateful for the enlightened approach expressed by Secretary Chu. And we should support sensible efforts to achieve greater energy independence, including the full development of our nuclear resources.

* Reynolds is president and chief executive officer of Virginia Uranium Inc., as well as Virginia Energy Resources.

http://www.godanriver.com/gdr/news/opinion/community_voices/article/thank_you_mister_secretary/12811/

Santoy Becomes Virginia Energy Resources Inc., Revises Board & Management

Thu Jul 23, 2009

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 Resource Estimates -- June 4, 2008 (Millions of Tons and Pounds In-Place)
Cutoff %U3O8		Measured1					Indicated1			Total1
		Tons2		% U3O83	Pounds U3O8		Tons2	% U3O83	Pounds U3O8	Tons2	% U3O83	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 2Short tons based on a rock density of 2.56 g/cc 3Weight %

1. The "Qualified Persons" (as defined in NI 43-101) who prepared the resource estimate were Betty L. Gibbs for Behre Dolbear and K. Scott Keim for Marshall Miller and Associates, Inc.
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

Santoy Resources and Virginia Uranium Complete Business Combination

VANCOUVER, BRITISH COLUMBIA - (Marketwire - July 21, 2009) -

Santoy Resources Ltd. (TSX VENTURE:SAN) (the "Company" or "Santoy") is pleased to announce that the Plan of Arrangement (the "Arrangement") pursuant to which Santoy will complete a business combination with Virginia Uranium Ltd. ("Virginia") is expected to close today, July 21, 2009 (the "Effective Date"). Post closing, the Company will have approximately 54,377,279 common shares outstanding, will have changed its name to Virginia Energy Resources Inc. and will hold a 20.8% interest in VA Uranium Holdings, Inc. The outstanding common shares include the closing of the first tranche of the subscription receipts from the private placement financing dated July 17, 2009. The new company will trade on the TSX-V under the symbol VAE.

Procedural Information Respecting the Plan of Arrangement

The following information is a summary of certain features of the Plan of Arrangement. Immediately following the closing of the Arrangement, the Company will consolidate its shares on a one new for each five old basis. All share figures and exercise and other share prices given below are on a pre-consolidated basis.

Distribution of Santoy Incentive Warrants to Santoy Shareholders

Holders of Santoy common shares (excluding certain Small Lot Holders described below) will be entitled pursuant to the Arrangement to receive one (1) Santoy Incentive Warrant for every four (4) Santoy common shares held. Each one (1) Santoy Incentive Warrant will be exercisable to acquire one (1) Santoy common share at a price of CDN$0.12 for a period of 12 months following the closing of Arrangement. The Santoy Incentive Warrants are expected to be listed for trading on the TSX Venture Exchange.

For settlement reasons in connection with any trades of Santoy common shares during this period, the Company understands that the last day to purchase Santoy common shares that will be entitled to participate in the distribution of Santoy Incentive Warrants is July 23, 2009. Santoy common shares purchased on or after July 24, 2009 will not participate in the distribution of Santoy Incentive Warrants. The most recent private placement is not included and will not participate in the distribution of the Incentive warrants. These dates are subject to change and in such event, the Company will issue a news release announcing any such change.

Computershare Investor Services Inc. (the "Depositary") will forward to each Santoy shareholder who is entitled to receive Santoy Incentive Warrants, certificates representing their allotted number of such Warrants in accordance with the Arrangement.

Santoy Small Lot Holders (a "Small Lot" being less than 500 Santoy shares)

Registered Small Lot Holders will have their Santoy common shares cancelled as of the Effective Date and will not be entitled to receive any Santoy Incentive Warrants unless they have elected, by duly completing and returning to the Depositary an Election Form prior to the Effective Date, to retain their Santoy common shares and to receive a certificate representing Santoy Incentive Warrants.

If the election was not made, the registered Small Lot Holder will be entitled to receive only $0.10 per Santoy common share owned. To receive this cash payment in exchange for a Small Lot, the registered Small Lot Holder must complete the Election Form and deliver the Election Form together with the certificate(s) representing the Small Lot within six years of the Effective Date to the Depositary at the address provided in the Election Form. Santoy will deposit funds with the Depositary sufficient to pay the cash payments to registered Small Lot Holders, which funds will be held in a trust account to be used to pay the cash payments. Upon expiry of six (6) years from the Effective Date, all unused funds will be returned to Santoy. Due to the administrative costs of effecting exchanges, if a cash payment payable to a Small Lot Holder would be less than $10, such payment will not be made.

Registered Small Lot Shareholders should refer to the Election Form and the plan of arrangement attached to the joint information circular mailed to shareholders in connection with the Santoy meeting and available on SEDAR under Santoy's profile for additional information.

Exchange of Common Shares for shares in Virginia Energy Resources Inc. Pursuant to the Arrangement, each of the issued Virginia Uranium Ltd. common shares will be exchanged for 1.2 shares in Virginia Energy Resources Inc. and each of the Santoy common shares will be exchanged at the ratio of five for one common share of Virginia Energy Resources Inc. As a result of this exchange, the new company will have post closing, approximately 54,377,279 common shares outstanding.

In order to receive the Virginia Energy Resources Inc. common shares for their Virginia Uranium Ltd. common shares, a registered Virginia Uranium Ltd. shareholder must complete and sign the Letter of Transmittal and deliver it, together with certificates representing their Virginia Uranium Ltd. common shares (in the case of registered Virginia Uranium Ltd. shareholders) and the other required documents, to the Depositary in accordance with the instructions contained in the Letter of Transmittal. The Letter of Transmittal was mailed to Virginia Uranium Ltd. shareholders in connection with special meeting of Virginia Uranium Ltd. shareholders held on May 21, 2009 and is available from the Depositary upon request. Virginia Uranium Ltd. shareholders who are not registered shareholders because they hold their Virginia Uranium Ltd. common shares through their broker or other intermediary should contact their broker or other intermediary. Any Virginia Uranium Ltd. common share certificate which has not been duly surrendered, with all other documents required by the Depositary, on or before the sixth anniversary of the Effective Date, will cease to represent any claim against or interest of any kind or nature in Virginia Uranium Ltd., Santoy or the Depositary and shall be deemed to have been surrendered to Santoy and cancelled.

On Behalf of the Board of Directors

SANTOY RESOURCES LTD.

R. K. Netolitzky, President & CEO

This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. All statements other than statements of historical fact included in this 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 results, events and objectives could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include exploration and other risks detailed from time to time in the filings made by the Company with securities regulators.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. www.santoy.ca

http://newsblaze.com/story/2009072107140200002.cc/topstory.html

Northrop Grumman Administrator: VA has nothing to fear from uranium

From our friends at "Virginia Energy Independence Alliance", the cleverly named group that's actually a play on the new name of the Santoy/VUI merger whose website, http://www.virginiaenergy.org/home/ is the best spin and manipulation money can buy and a good PR firm can dream up, comes this little ditty.

I guess that when you're preparing for the day when you can perpetrate wreck and ruin upon everything within scores of miles, you don't want anyone to realize that while you're waiting. Sooo...what's an agent of death and destruction to do?

Spread lies, of course! On everything and everyone! You make yourself sound like the Messiah and those who oppose you like raving lunatics. You go far and wide to find folks who'll do your lying for you...making stuff up as they go along...as long as the bad guys look like the good guys and the good guys look like the evil-doers. This letter below is a fine example...one of the more outrageous we've seen in its degree of fantasy.

We all need to face the facts...uranium mining and milling are not safe and not advantageous to anyone save a few investors and perhaps a handful of peripheral players like PR agents, lobbyists, and those who will sign modern-day fairy tales to make them appear as sincere letters. It's only going to get more and more ridiculous in the days and months ahead...the "facts" will become the fantasies and the fantasies the facts.

Prepare yourself! It's going to be a bit like Alice as she stepped through the Looking Glass...nothing will be as it appears. It's important to remember, though, who's telling the truth...and can verify their stories through myriad respected sources: those anti-uranium advocates who Virginia Energy will continue to portray as "opponents spreading fear" (aka telling the hard, cold truth) and those pro-uranium advocates who will sing you to sleep with lullabyes of the goodness and wonder of radioactivity, illness, contamination and devastation.

You can continue to get your daily dose of "true truth" (honest facts backed up by science and history) here...I promise.

And now on with the show!

In a letter to the editor of the Virginian-Pilot, Mike Cohen - Virginia Beach resident and contract administrator with Northrop Grumman Shipbuilding - reassures Hampton Roads and Southside residents that they have nothing to fear from uranium mining in Pittsylvania County. Pittsylvania County is home to Coles Hill, the largest untapped uranium deposit in the U.S. Mr. Cohen tells residents that so much of the fear spread by opponents of mining the Coles Hill deposit is based on erroneous myths and complete fallacies that are easily invalidated by science.

Indeed, the premise that our water supply is in danger reflects an ignorance of the water chemistry and material characteristics of uranium and its related products, which make such long-distance transport virtually impossible…

Uranium is a naturally occurring component of soils, building materials and coal. It is already present in every source of our water supply, as well as our homes, office buildings and yards.

Radon, the decay product of uranium most frequently cited as a danger, is steadily emitted from the earth below us and accumulates in our buildings. The simple fact that we construct airtight buildings accounts for more human radon exposure than all of the mines in this country combined…

Finally, we are exposed to far more hazardous contaminants than uranium every day in [Hampton Roads]. Ships, trucks and trains carrying deadly chemicals come in and out of the port every day, many of which have the potential to contaminate our air and water supply in a severe accident. Yet we tolerate that risk because of the benefit to our economy.”

Mr. Cohen believes the development of the Coles Hill deposit will provide enormous economic benefits by creating as many as 1,000 new jobs and breaking our dependence on foreign energy.

So when you read in the coming months about Coles Hill, remember to keep the big picture. While there are potential risks with any large project, we stand to lose much more by leaving our natural resources in the ground.”

http://www.virginiaenergy.org/2009/06/23/northrop-grumman-administrator-va-has-nothing-to-fear-from-uranium/

Southside Virginia Targeted as 'Sacrifice Zone'; Wake Up, Southside

The video mentioned here is pure propaganda, masterfully made. Ominous music, scary faces of "unstable" foreign leaders...soothing music and lovely shots of beautiful Pittsylvania Co. and the lane to Coles Hill, the answer to all looming energy woes. "Virginia Energy" should be ashamed of itself for its blatant attempt to deceive the video's viewers.

From the Chatham Star-Tribune
May 20, 2009

From the Danville Register & Bee
May 24, 2009

Southside Virginia is being targeted as a sacrifice zone.

Don't believe it? Take a look at this seemingly all-American video produced by the Virginia Energy Independence Alliance: http://www.youtube.com/watch?v=PFScxZ8VozU.

It touts bringing in jobs and securing our energy independence from other countries like Russia, Venezuela and Saudi Arabia.

Sounds all good, doesn't it?

The video shows pristine views of Southside Virginia. But where, oh where, are the mountains of radioactive tailings piles and chemical-laden holding ponds that will also come with uranium mining and milling?

No panoramic views of them!

And there's no mention of air and groundwater pollution, sickness and cancer death that also follows the industry.

All U.S. states where the mining and milling of uranium has occurred seek federal funding to cleanup the radioactive toxic waste left behind by the industry.

It also touts, "Support the Study" by the National Academy of Sciences, which is to determine whether uranium mining and milling can be done safely in the state of Virginia.

Seems the pro-mining groups already know what the study's findings will be, doesn't it?

Wake up, Southside!

This may be a future that is a few years down the road in coming to fruition, but it's just like the holidays each year - they finally arrive.

I don't want to move away from Southside to protect my family's health. Do you?

Scarier still, once the state of Virginia lifts the moratorium on the mining and milling of uranium, other uranium-rich areas beyond Southside will be subject to becoming sacrifice zones.

Where will we move where the air and drinking water will be safe?

Anne Cockrell

Danville

http://www.wpcva.com/articles/2009/05/20/chatham/opinion/opinion04.txt

http://www.godanriver.com/gdr/news/opinion/letters_to_the_editor/danville_letters/article/wake_up_southside/11229/

Virginia Energy's Tremendous Push for Uranium Mining Sells Out Southside

Oh, my God!! Virginia Energy, an energy coalition, has jumped on the "mine, baby, mine" bandwagon with both feet! Whew! Scare tactics, misinformation, half-truths, major-league spin...all timed to coincide with the Study Commission's meeting next week This video specifically talks about the uranium deposit in Pittsylvania County and how mining it will save Virginia! It even shows the lane into Coles Hill, Register & Bee headlines`and local unemployment statistics,. It calls on folks to support the mining study!! Virginia Energy is selling out Southside!

Southside, we have one week to get the rest of the Commonwealth on board the anti-uranium mining train...the mining study is going to focus on, and eventually open, the entire state to mining and at this point, most of Virginia is being portrayed as either disinterested or mining-friendly. That message really has to change...FAST.

Take a look...it's simply incredible!

http://www.youtube.com/watch?v=PFScxZ8VozU

From the video's tag on YouTube...

"America is too dependent for its energy on unstable, even adversarial countries like Russia, Venezuela, Saudi Arabia and Nigeria. This puts America's national security and energy future at risk. Virginia's abundant, untapped supplies of vital energy resources can be part of the solution and will create thousands of new jobs. Find out more at www.VirginiaEnergy.org."