Virginia Energy Resources Inc.

Published : May 26th, 2009

Announces Updated Resource Estimate on Saskatchewan Gold Project

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Tuesday, May 26, 2009
Santoy Announces Updated Resource Estimate on Saskatchewan Gold Project


News Release: 09-10

Santoy Resources Ltd.
(TSX.V: SAN) is pleased to announce that an updated NI-43-101 Resource Estimate has been released by Golden Band Resources Inc. for the Bingo Gold Deposit, located in the La Ronge Greenstone Belt, Saskatchewan (please refer to GBN new release of May 26, 2009 or GBN's website at www.goldenbandresources.com for details). Bingo is the most advanced and one of the first three deposits scheduled for production in Golden Band's development proposal.

Santoy owns an 8% equity interest in certain properties of Golden Band's La Ronge Gold Project (please see news releases dated Aug. 6, 2008 and Feb. 3, 2009). Golden Band has the exclusive right to buy-back all of Santoy's equity interest over a sliding scale: prior to June 30, 2009, for $3.5 million; July 1 to December 31, 2009, for $3.75 million; and up to the announcement of commercial production, for $4.0 million. The initial $3 million may be repaid, at Golden Band's election, in shares.

This news release has been reviewed and approved for dissemination by Michael S. Cathro, P.Geo, Santoy's Vice President of Exploration and a qualified person as defined by NI 43-101.

On Behalf of the Board of Directors
SANTOY RESOURCES LTD.

"Ron Netolitzky"

R. K. Netolitzky, President & CEO

Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.

For further information contact:
Ron Netolitzky, President or Tony Perri -- Investor Relations, Manager
Suite 611, 675 W. Hastings Street Vancouver, British Columbia, Canada V6B 1N2
Tel: (604) 669-4799 Fax: (604) 669-2543 Website: www.santoy.ca



You can also view this News Release on our website at:
http://www.santoy.ca/s/NewsReleases.asp?ReportID=350157


 


 

 

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Virginia Energy Resources Inc.

DEVELOPMENT STAGE
CODE : VAE.V
ISIN : CA9278051011
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Virginia Energy is a gold and cobalt exploration company based in Canada.

Virginia Energy develops gold, cobalt and uranium in USA, and holds various exploration projects in Canada.

Its main asset in development is COLES HILL PROPERTY in USA and its main exploration properties are ALIMAK/DECADE, RKN/GOLDEN HEART AREA, KASMERE LAKE, HAZEMPA LAKE, FIR ISLAND, PATTYSON LAKE, DOWLER LAKE, KARPINKA LAKE, THE BOW RIVER, ATHABASCA WESCAN SANTOY JV, OTISH, HAWK RIDGE, BLIZZARD, HATCHET LAKE, MUSTANG LAKE and BINGO in Canada.

Virginia Energy is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 8.0 millions as of today (US$ 7.2 millions, € 5.2 millions).

Its stock quote reached its highest recent level on February 23, 2007 at CA$ 8.00, and its lowest recent point on April 17, 2009 at CA$ 0.07.

Virginia Energy has 57 230 614 shares outstanding.

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5/14/2007Reports Drilling completed at Fish Hawk Lake, CMB, Labrador
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