News Release: 08-17

Santoy Resources Ltd. (TSX.V: SAN) is pleased to provide an update on the Company's gold exploration activities on Golden Band Resources Inc. (TSX.V: GBN) Bingo, Jolu, Alimak/Decade and Golden Heart deposits and the RKN prospect, all located in the La Ronge Greenstone Belt, Saskatchewan.

Santoy has now earned an 8% equity interest in these advanced projects by completing an agreed program of Diamond drilling budgeted at $3 million, prior to December 31, 2008. The earn-in obligation is subject to year end accounting reconciliation wherein any expenditure shortfall by the December 31st deadline will be satisfied by a ten percent discounted cash payment by Santoy to Golden Band. Golden Band has the exclusive right to buy-back all of Santoy's interest over a sliding scale: after March 31 and 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.

Golden Band has recently announced positive results from their Pre-Feasibility Study (PFS; see Golden Band News Release of January 20, 2009) and in a financial outlook for the La Ronge Gold Project (see Golden Band News Release of January 26, 2009). The financial outlook is based on two development scenarios described in the PFS and in the Updated and Expanded Preliminary Economic Assessment (PEA). The PFS shows a four-year project life using Proven and Probable Mineral Reserves from three of Golden Band's 12 deposits, but does not include any Inferred Resources for those three properties as per the requirements of NI 43-101. The PEA was able to include NI 43-101 Measured and Indicated and Inferred Mineral Resources from five of Golden Band's 12 deposits, indicating the case where an eight-year mine life can be sustained.

All results have now been received from the Santoy-funded drilling and the surface sampling and prospecting completed in late 2008. Partial results were previously provided in Santoy News Releases dated September 10, October 21 and November 26, 2008. Comprehensive reviews of the work on the three properties, including complete tables of results, plan maps and cross sections, are included in three News Releases issued by Golden Band on February 2 and 3, 2009 and are available on the Golden Band website at www.goldenbandresources.com.

Highlights of the exploration work include:

BINGO AREA:

• 25 drill holes (5,419 m) were completed.
  
  
• Deep drilling results at the Bingo Deposit are very positive and indicate that the high-grade gold mineralization continues to depth along a steep plunge to the north for an additional 200 metres (e.g. hole WD-172 intersected 1.5 m grading 15.62 g/t Au and hole WD-173 intersected 2.3 m grading 81.91 g/t Au).
  
  
• At the Cockrum Prospect near the Bingo portal, drilling returned shallow intersections of 5.39 g/t Au over 7.19 m (WDB-003), 5.83 g/t Au over 2.66 m (WDB-004) and 13.0 g/t Au over 0.5 m (WD-175), and confirms that it is a separate structure of at least 200 m length to that hosting the main Bingo deposit.
  
  
• At the Bingo East Showing outcrop, channel sampling yielded up to 46.8 g/t Au over 0.8 m, and two Bazooka holes returned moderate results. WDB-009 had significant intersections at 13.72 m (29.5 g/t Au over 0.48 m) and 20.52 m (16.40 g/t Au over 0.21 m) that align with the structures that were channel sampled.

JOLU-ALIMAK-DECADE GOLD DEPOSITS AND AREA:

• Results from 39 holes (4,317 metres) at the Jolu Deposit's Alimak Zone indicate that this zone, as it is named in the former Jolu mine's plans, remains un-mined and that gold mineralization extends from the existing underground workings to the southwest as multiple gold mineralized veins correlative with near surface occurrences.
  
  
• Drill hole AK-15-08 intersected a significant interval further to the southeast than either the Alimak or Alimak Raise Zone, consisting of a 7 mm wide zone with approximately 1% visible gold grains that are hosted within sheared volcanic rocks. This may represent an additional zone sub-parallel to the Alimak. A metallic screen assay value of 682 g/t Au/0.30 m (74.82-75.12 m) was obtained from this sample by metallic screen assay; a comparable fire assay done on this same sample returned a value of 1,210 g/t Au/0.30 m for an average value of 946 g/t Au/0.30 m.

RKN / GOLDEN HEART DEPOSIT AREA

• Three step-out holes were drilled to test the strike extension of the RKN zone. Two of the holes intersected RKN Zone-type mineralization with anomalous gold values over down-hole widths of approximately 30 m. These intercepts suggest that the RKN Zone continues to the northeast, has a minimum strike length of 100 m, is potentially of significant width, and is open to the northeast and to depth. The existence of coarse gold and the extreme nuggety nature of this style of materialization as seen in previous drill holes could help explain the large grade variability's between drill holes.
  
  
• Four infill holes were drilled on the Golden Heart Deposit to increase the level of confidence in the continuity of the near surface higher-grade gold mineralization in the northeast portion of this deposit. This information will be used for future development planning of the deposit. All four drill holes intersected mineralization with grades and widths that are consistent with the current geological model.

Quality Control

The quality assurance/quality control of assay results is monitored by a series of standards and blanks which are routinely inserted into the sample sequences consigned to ALS Chemex Laboratory in Vancouver, British Columbia. ALS Chemex is an ISO/IEC guideline 17025 accredited facility. Verification assays will be performed by TSL Laboratories located in Saskatoon, Saskatchewan which is also an ISO/IEC guideline 17025 accredited facility. The exploration program was conducted under the supervision of Mr. Frank Hrdy, P.Geo., Golden Band's vice president of exploration. This news release has been reviewed and approved for dissemination by Rupert Allan, P. Geol., a qualified person on behalf of Santoy.

On Behalf of the Board of Directors

SANTOY RESOURCES LTD.

"Ron Netolitzky"

R. K. Netolitzky, President & CEO

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

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http://www.santoy.ca/s/NewsReleases.asp?ReportID=336727