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| | Tue Apr 29, 2008
Santoy Responds to BC Government Halt on Uranium Exploration and Development
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| | News Release: 08-05
Santoy Resources Ltd. (TSX.V: SAN) wishes to inform its shareholders that the news release by British Columbia Minister for State for Mining, Kevin Krueger, dated April 24, 2008 has negatively impacted the value of Santoy's equity investment in Boss Power Corp. also a TSE Venture Exchange listed Company. Boss Power was in the process of developing the Blizzard uranium deposit in the Greenwood Mining Division of south-central BC. Santoy is investigating its options with regard to our investment in Boss Power to ensure that we protect the rights of our shareholders. Santoy remains well financed and will continue to actively explore projects in other jurisdictions in Canada that remain open for business.
The BC Government news release confirms that the Boss Power claims included the rights to uranium, but more importantly the release does not address the expropriation procedure the Government intends to use, nor any discussion regarding compensation for damage caused. The effect of the BC Government's moratorium on uranium exploration and development is an expropriation of the Blizzard deposit. The actions of the BC Government were completed without due process or any consultation. Santoy remains committed to the exploration for uranium as a necessary activity to promote the reduction of greenhouse gases. Furthermore, we remain confident that such exploration and development can be managed in a safe and prudent manner, as has clearly been demonstrated elsewhere in Canada over the past fifty years.
About Santoy Resources
Santoy Resources Ltd. is a mining exploration company focused primarily on the energy sector. Emphasis is being placed on uranium projects in the Athabasca Basin of Saskatchewan, in Wollaston Domain rocks in northern Manitoba, in the Otish Mountains of Quebec, and in the Central Mineral Belt of Labrador. 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"
R. K. Netolitzky, President & CEO
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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