Santoy Announces Virginia Uranium Plan of Arrangement Approved
Tuesday, May 26, 2009
Santoy Resources Ltd. (TSX.V: SAN): is pleased to announce that shareholders have voted overwhelmingly in favour of a business combination by way of a statutory plan of arrangement involving the Company and Virginia Uranium Ltd. at the Company's Annual & Special Meeting on May 21st in Vancouver ((initial transaction announced in a news release dated Dec. 22, 2008). Virginia Uranium Ltd. owns an interest in the Coles Hill Uranium Deposit, located in southern Virginia. Coles Hill is considered to be one of the largest undeveloped uranium deposits in the United States. It has an estimated measured and indicated resource of 119 million pounds of U308 at a cut-off grade of 0.025 per cent U308 based on a National Instrument 43-101 technical report on the Coles Hill property prepared for Santoy by Behre Dolbear and Company Ltd., Marshall Miller and Associates Inc., and PAC Geological Consulting Inc., dated Feb. 2, 2009 and revised April 29, 2009. This report is available on SEDAR and on Santoy's website at www.santoy.ca
Virginia Uranium Ltd. shareholders have also simultaneously voted overwhelmingly in favour of the business combination with Santoy. The final closing of this transaction is expected mid-June, 2009.
At this same meeting, Santoy shareholders also voted in favour of management's proposed slate of directors, being Ron Hochstein, P. Eng. (chairman); Ron Netolitzky, M.Sc. (CEO); Pat Barry, CFP; Robert Ingram, CA; William James, B.Sc.; and Robert Matthews, CA. The ratification of the Company's "rolling" stock option plan, re-appointment of Smythe Radcliffe as auditors, a potential consolidation of the outstanding shares at the discretion of the Board of Directors and a continuance of the corporation from the Province of Alberta to the Province of British Columbia were also approved.