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| | Thu Jul 27, 2006
Santoy Announces Sale of Blizzard Uranium Deposit
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| | Santoy Resources Ltd. ("Santoy") (TSX Venture Exchange -- SAN) is pleased to report that further to its news releases dated June 13, 2005, August 9, 2005, September 28, 2005 and January 27, 2006, it has entered into an agreement (the "Agreement") dated July 27, 2006 with each of Mr. Anthony Beruschi, representing his companies and trustees, ("Beruschi"), Adam Travis and his private company ("Travis") and Boss International Gold Corp. ("Boss") that upon completion, Mr. Beruschi and Santoy will sell all of their actual, or purported interest, in and to the Blizzard uranium claim (the "Blizzard Claim"), located in the Greenwood Mining Division in south-central British Columbia, and certain surrounding mineral claims (collectively, the "Properties") to Boss. The purchase price will be payable by the issuance of a total of 52,500,000 common shares by Boss at a deemed price of $2.00 per share. 26,250,000 common shares will be issued by Boss to Santoy and 26,250,000 common shares will be issued by Boss to Mr. Beruschi and / or other parties that hold interests in the Properties. Pursuant to the Agreement, Santoy has agreed to spend $1,000,000 in exploration expenditures on the Properties and will receive in return a 5% working interest in the Properties. Boss will have the right to purchase Santoy's 5% working interest in exchange for a $1.00 per lb uranium royalty. In addition, Santoy has obligations to make certain payments, issue shares and transfer warrants to Travis as previously disclosed. Travis is also entitled to receive a $0.50 per lb royalty on the Blizzard Claim of which Santoy may purchase one-half for $500,000.
Completion of the transaction is subject to a number of conditions, including TSX Venture Exchange acceptance and Boss shareholder approval. The transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all.
Santoy is advised that Boss will be disseminating a news release with respect to the Agreement.
About Santoy Resources Ltd.
Santoy Resources Ltd. is a Canadian mining exploration company focused primarily on the energy sector. Emphasis is being placed on uranium projects in British Columbia, Saskatchewan, Manitoba, Central Mineral Belt of Labrador, the United States and Central America; and on coal and coal bed methane in Western Canada. A description of our properties, including maps and photographs, can be viewed on the Company's website at www.santoy.ca.
On Behalf of the Board of Directors
SANTOY RESOURCES LTD.
"Ron Netolitzky"
Ron Netolitzky, President
Cautionary Statement on Forward-Looking Information
The statements made in this News Release may contain certain forward-looking statements. Actual events or results may differ from the Company's expectations. Certain risk factors may also affect the actual results achieved by the Company. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release. |
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