Virginia Energy Resources Inc. Provides Saskatchewan Gold Exploration Update by 24hgold

Wednesday, November 26, 2008
Santoy Provides Saskatchewan Gold Exploration Update

News Release: 08-13

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Santoy Resources Ltd. (TSX.V: SAN) is pleased to provide an update to the Company's gold exploration activities on the Golden Band Resources Inc. (TSX.V: GBN) Bingo, Jolu, Decade, Golden Heart deposits and the RKN prospect, all located in the La Ronge Greenstone Belt, Saskatchewan. Santoy is earning an equity interest in these advanced projects by committing to expenditures of $3 million prior to December 31, 2008 (Santoy news release Aug. 6, 2008). Two surface drill rigs and three exploration crews have been working here since early September. A drill plan map and a longitudinal section are available, for the Bingo Deposit, on Golden Band's website at www.goldenbandresources.com/mobile.cfm

BINGO GOLD DEPOSIT:

Twenty-two diamond drill holes totalling 5,435 metres were completed by late October 2008 on or in the immediate vicinity of the Bingo deposit. Eleven of those holes (WD-164 to 174) targeted the down-plunge extension of previously defined high-grade gold mineralization (news releases dated Oct. 21 and Sept. 10, 2008). The objective of the current work was to test for the continuation of the Bingo Zone and to upgrade the existing inferred resources. All of the drill holes intersected their targets at approximately the planned depth and the results received to date are considered encouraging (see Table 1 below).

Frank Hrdy, Golden Band's Vice President of Exploration stated "We are very pleased with the results from this surface drill program at the Bingo deposit as they prove that the high-grade gold mineralization continues to depths of at least 120 metres beneath and 100-125 metres along strike of the previously-tested levels. These initial results will increase the Inferred Resource and, with further definition, will extend the life of the deposit beyond that which is currently considered for a production start in 2009. Based on this encouragement, a follow-up campaign designed to extend the Bingo deposit further yet to the north, south, and to depth is warranted. We also need to plan an underground drill program to upgrade the Inferred Resource to the Indicated category once the underground operations at Bingo have commenced."

Analytical data reported in the following table are based on submittal of a 1 kg sample derived from approximately 3 kg of split NQ drill core and utilization of a 50g standard fire assay charge. Previous experience with high grade Bingo mineralization indicates that there is some propensity for unacceptable statistical variation due to limited "nugget effect". Hence, the data reported here are considered preliminary. 10 percent of the samples will be verified at a second laboratory, and all significant mineralized intervals will be re-analyzed with a "screened metallic" technique.

Table 1: Bingo Summer/Fall Surface Drill Program Preliminary Significant Results.
Drillhole	Planned Azimuth / Inclination	Drillhole Depth (m)	Sample From (m)	Sample To (m)	Sample Interval (m)	Fire Assay (g/t Au)	Down-Hole Length (m)	Weighted Average Grade g/t Au	Comment
WD-164	235� / -48�	352.7	312.70	313.70	1.00	7.38	2.00	10.94	Intersects the Bingo Zone at approximately 210 metres below surface.
			313.70	314.70	1.00	14.50
			314.70	315.70	1.00	4.24	1.00	4.24

WD-165	240� / -51�	420.0	333.00	334.00	1.00	0.66	2.00	0.66	Bingo-style of mineralization at approximately 300 metres below surface..
			334.00	335.00	1.00	0.66

WD-166	240� / -45�	346.6	332.50	333.50	1.00	49.40	3.90	16.39	Bingo-style of mineralization at approximately 210 metres below surface and approximately 25 metres north of hole WD-164.
			333.50	334.50	1.00	2.15
			334.50	335.50	1.00	1.62
			335.40	336.30	0.90	11.95

WD-167	242� / -50�	380.1	357.90	358.90	1.00	15.70	1.00	15.70	Bingo-style of mineralization approximately 240 metres below surface.

WD-168	232� / -53�	389.2	352.10	353.00	0.90	5.91	1.60	5.51	Bingo-style of mineralization approximately 250 metres below surface.
			353.00	353.70	0.70	5.00

WD-169	232� / -58�	450.2	434.10	439.10	5.00	pending	5.00	pending	* Strong Bingo-style mineralization in core. Original samples sent for re-assay and mineralized core "quartered" and sent for re-assay as original assay results indicate an unexpected grade of <1 g/t Au. At approximately 350 metres below surface and approximately 40 metres north of hole WD-164.

WD-170	232� / -46�	340.5	304.50	305.50	1.00	49.40	3.00	20.99	Bingo-style of mineralization approximately 190 metres below surface (BS).
			305.50	306.50	1.00	1.62
			306.50	307.50	1.00	11.95

WD-171	245� / -58�	506.6	385.10	385.60	0.50	5.76	0.50	5.76	Bingo-style of mineralization was intersected approximately 100 metres shallower than expected.
			385.60	386.60	1.00	0.51

WD-172	245� / -54�	372.0	359.75	360.75	1.00	12.40	1.50	13.32	Bingo-style of mineralization approximately 270 metres below surface.
			360.75	361.25	0.50	15.15
			361.25	362.10	0.85	0.57	0.85	0.57

WD-173	048� / -55�	486.8	477.45	477.90	0.45	268.00	2.30	57.08	Bingo-style of mineralization approximately 370 metres below surface.
			477.90	478.90	1.00	8.93
			478.90	479.25	0.35	2.44
			479.25	479.75	0.50	1.82

WD-174	050� / -47�	492.9	460.33	460.61	0.28	1.47	0.74	1.21
			460.61	461.07	0.46	1.06

Other Bingo Targets:

Four drill holes (WD-179, WD-180, WDB-007, WDB-009) totalling 360 metres tested the newly discovered Quarry gold showing and for the existence of its projected northward extension, which could represent a north extension of the Bingo deposit. Assay results are pending.

Seven drillholes (WD-175 to WD-177 and WDB-002 to WDB-005) totalling 468 metres were drilled to test the Cockrum Zone (a sub-parallel zone to the Bingo deposit that outcrops approximately 50 metres to the southeast of the portal entrance). Assay results are pending.

Two holes (WDB-008 and WDB-009) totalling 69 metres were drilled to investigate the Bingo East Zone (a sub-parallel zone to the Bingo deposit located approximately 250 metres east of the northern portion of the Bingo zone). Assay results are pending.

Soil Gas Hydrocarbon (SGH) Soil Sampling

Historic information on gold showings and soil and bulk till sampling indicate the existence of numerous gold anomalies over a large area around the Bingo deposit. SGH geochemical samples were collected over an area of 4 km by 3 km to see if this new analytical method could better define new drill targets. The samples will be considered for analysis in 2009.

Prospecting

Several historic gold showings were re-located, sampled and evaluated. Several were sufficiently delineated to be drill-tested at a later date. Showings that exhibit the most promise include:

1. Cockrum Zone: located approximately 50 metres from the existing underground portal entrance; historic high-grade gold values from surface grab samples and 2 drill holes. Cockrun was drilled this fall to determine its orientation and lateral extent (see above).

2. Bingo East Zone: located approximately 250-300m northeast of the underground portal; historic high-grade gold values from surface grab samples. Drilled this fall with 2 short holes to test for significant gold mineralization (see above).

3. 88 Showing: located approximately 4 km northeast of Bingo; exposed on surface for 160 metres and characterized by intense shearing and quartz veining; historic gold grades of up to 5 oz/t Au (172 g/t Au) in surface grab samples. Six locations have been detailed for drilling at a later date.

4. Arseno Showing: located approximately 700 metres east of Bingo; known strike length of approximately 250 metres; historic anomalous gold values (>1 g/t Au).

Other showings that require further work include the Pond Lake Showing, BMS Showing, Northeast Prospect, and the Thunder Hills Prospect.

JOLU-ALIMAK-DECADE GOLD DEPOSITS AND AREA:

Surface Diamond Drilling

Thirty-nine NQ diamond drill holes totalling 4,316 metres were completed here by late November. Assay results are pending.

Alimak Zone

Twenty-nine drill holes (2,903 m) were completed in the vicinity of the historic Jolu gold mine. These were designed to test for the existence of high-grade gold mineralization to the southwest of the former mine (here called the Alimak Zone due to it's proximity to the mine's "Alimak vent raise"). Nineteen holes were designed to intersect near-surface mineralization which could be developed by open pit, and ten holes tested for possible mineralization at depth. Assay results are pending.

Decade Zone

Ten diamond drill holes (1,414 m) were completed in the vicinity of the historic Decade gold mine. Seven holes were designed to test for the western down-plunge extension of the Decade, Roberts, and North zones which were previously explored by Golden Band (see GBN news releases dated February 7 and March 11, 2008). Three holes were undertaken to test for the continuation of mineralization related to the Hangingwall (HW) Zone intersected by holes DC-04-07, DC-06-08 and DC-07-07 in November of 2007. Assay results are pending.

Surface Exploration

An extensive SGH sampling program was conducted over the Jolu-Decade area (approximately 2.5 km by 4.3 km). The samples will be considered for analysis in 2009.

A prospecting program was also conducted over an area south of the Jolu mill between the historic Rush Lake and Star Lake gold mines. Assay results from surface grab and channel samples are pending.

RKN / GOLDEN HEART DEPOSIT AREA

Surface Diamond Drilling

Two NQ diamond drill holes (404 m) have been completed on the RKN Zone and a third hole is proposed as follow-up. The intent of this program is to confirm the orientation of the RKN Zone by stepping out from the existing drill intercepts. Four holes in the Golden Heart Zone are also proposed in order to increase the level of confidence of the near surface, potentially open pittable resource.

An additional 201 SGH samples have been acquired from east of the RKN Zone's 6/6 Anomaly (GBN news releases June 26, April 16 and January 21, 2008) to cover the area between the anomaly and the western shore of Weedy Lake. The samples will be considered for analysis in 2009.

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 that are consigned for assaying to an 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 drill program is being 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.

Santoy also announces, pursuant to its Option Plan, that it has granted 1,075,000 incentive stock options to directors, officers, employees and consultants of the Company, subject to regulatory approval. The options are exercisable at a price of $0.15 per share on or before Nov. 21, 2013. The shares to be issued upon exercise of the options will be subject to a hold period of four months and one day from date of grant and 75,000 of the options are subject to a vesting formula in accordance with Exchange regulations.

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 does not accept responsibility for the accuracy of this news release.

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http://www.santoy.ca/s/NewsReleases.asp?ReportID=329829

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