NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES


Santoy Resources Ltd. (TSX VENTURE:SAN) ("Santoy") is pleased to announce the
signing of the formal business combination agreement (the "Business Combination
Agreement") dated February 26, 2009 among Santoy, its wholly-owned subsidiary
BC0846143 B.C. Ltd. ("Subco"), Virginia Uranium Ltd. ("Virginia Ltd."), VA
Uranium Holdings, Inc. ("Holdco") and certain shareholders of Holdco to replace
the letter of intent dated December 22, 2008, pursuant to which Santoy has
agreed to acquire all of the shares of Virginia Ltd. in exchange for shares in
Santoy, at the ratio of six shares of Santoy for each one share of Virginia Ltd.
and certain shares of Holdco at the ratio of six shares of Santoy for each one
share of Holdco as disclosed in Santoy's previous news releases dated December
22, 2008 and February 5, 2009. Holdco's 100% owned subsidiary, Virginia Uranium,
Inc., a Virginia corporation, controls the leasehold development and operating
rights of the Coles Hill uranium property in southside Virginia.


Pursuant to the Business Combination Agreement, Santoy has agreed to acquire all
of the issued shares of Virginia Ltd. pursuant to a plan of arrangement (the
"Plan of Arrangement") under the Business Corporations Act (British Columbia).
Both of Santoy and Virginia Ltd. will continue their jurisdictions of
incorporation to British Columbia to facilitate the transaction. Under the Plan
of Arrangement, Subco will be merged into Virginia Ltd. with the merged company
becoming a wholly-owned subsidiary of Santoy and the shareholders of Virginia
Ltd. receiving shares of Santoy. Virginia Ltd. currently holds approximately 12%
of the issued shares of Holdco and on closing, Santoy will, directly or
indirectly, pursuant to the Plan of Arrangement, acquire additional Holdco
shares. In addition, shareholders of Santoy immediately prior to closing will
receive 1/4 of one incentive warrant for each Santoy share held, with each whole
incentive warrant being exercisable for one Santoy share at a price of $0.12 per
share for a period of 12 months following the closing of transaction.


Upon closing of the transaction, it is expected that Santoy will have
approximately 245,189,430 issued shares and, directly or indirectly through the
wholly-owned subsidiary merged company, will hold a minimum of 20% of the issued
shares of Holdco. Santoy will on closing become a party to a unanimous Holdco
shareholders agreement pursuant to which Santoy will have a preferential right
to arrange financing for Holdco as well as other rights to maintain or increase
its Holdco shareholdings, including certain rights of first refusal, tag-along
rights and drag-along rights in respect of a sale by any of the Holdco
shareholders of their Holdco shares to a third party. Santoy plans to increase
its interest in Holdco to approximately 30% through acquiring additional Holdco
shares in connection with financings and additional potential exchanges by
certain private shareholders of Holdco of their Holdco shares for shares of
Santoy.


The Coles Hill uranium deposit is located in southern Virginia, USA and 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 (1)(2) at a cut-off grade of 0.025% U308 based on a National
Instrument 43-101 technical report on the Coles Hill property prepared for
Santoy Resources Ltd. and Virginia Uranium, Inc. by Behre Dolbear and Company,
Ltd., Marshall Miller and Associates, Inc., and PAC Geological Consulting Inc.
dated February 2, 2009. A copy of the findings of this report is available under
Santoy's profile on SEDAR at www.sedar.com and Virginia Uranium Inc.'s website
at www.virginiauranium.com. The resource estimate can be summarized as follows:




--------------------------------------------------------------------------
--------------------------------------------------------------------------
                         Excerpt from Table 1.1
                  Resource Estimates - June 4, 2008
                (MILLIONS OF TONS AND POUNDS IN-PLACE)
--------------------------------------------------------------------------
--------------------------------------------------------------------------
             Measured(1)           Indicated(1)             Total(1)
       -------------------------------------------------------------------
Cutoff              % Pounds               % Pounds               % Pounds
%U3O8  Tons(2) U3O8(3)  U3O8  Tons(2) U3O8(3)  U3O8  Tons(2) U3O8(3)  U3O8
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Project Total (South and North Coles Hill Deposits)
--------------------------------------------------------------------------
0.100   0.755   0.228   3.45    6.27   0.215   26.9    7.03   0.216   30.4
--------------------------------------------------------------------------
0.075    1.35   0.164   4.44    24.0   0.116   55.9    25.4   0.119   60.4
--------------------------------------------------------------------------
0.050    2.28   0.124   5.65    35.4   0.101   71.7    37.7   0.103   77.4
--------------------------------------------------------------------------
0.025    6.62   0.064   8.42    92.1   0.060    111    98.7   0.060    119
--------------------------------------------------------------------------
(1) Total tonnage above cutoff grade and average weight % U3O8 of that
    tonnage
(2) Short tons based on a rock density of 2.56 g/cc
(3) Weight %
--------------------------------------------------------------------------
--------------------------------------------------------------------------
1. The "Qualified Persons" (as defined in NI 43-101) who prepared the
   resource estimate were Betty L. Gibbs for Behre Dolbear and K. Scott
   Keim for Marshall Miller and Associates, Inc.
2. Mineral resources which are not mineral reserves do not have
   demonstrated economic viability. The estimate of mineral resources
   may be materially affected by environmental, permitting, legal,
   marketing, or other relevant issues.



The board of directors of Santoy following completion of the transaction will
consist of nominees of Santoy and Virginia Ltd. Santoy expects to have up to
seven directors with a minimum of three being independent. Norm Reynolds,
currently Chief Executive Officer of Virginia Ltd., is expected to be appointed
as Chief Executive Officer of Santoy. Walter Coles Jr., currently Executive Vice
President of Virginia Ltd., is expected to be appointed Executive Vice President
of Santoy. Ron Netolitzky, currently Chief Executive Officer of Santoy, will
continue his active involvement in the company as a director of Santoy. Mike
Cathro will remain as VP of Exploration of Santoy.


Mr. Ron Netolitzky, Chief Executive Officer of Santoy, is also a director and a
shareholder of Holdco. To increase the number of Holdco shares available to
Santoy, Mr. Netolitzky and Santoy have agreed under the Business Combination
Agreement that Santoy will acquire his 2,000,0000 Holdco shares in exchange for
Santoy shares at the same ratio of six shares of Santoy for each one share of
Holdco. The transaction has been negotiated by an independent committee of the
Board of Santoy and has received full Board approval with Mr. Netolitzky
abstaining.


It is contemplated that Santoy will, subject to regulatory approval, change its
name to "Virginia Energy Resources Inc." or such other name as approved by the
Santoy Board to reflect the significance of the transaction to Santoy.


At the meeting to approve the transactions, Santoy will seek shareholder
approval for the continuance of its jurisdiction to British Columbia, approval
of the Plan of Arrangement and approval for a consolidation of the Santoy shares
on a one for five basis, such consolidation, if approved, to be effected in the
future at the discretion of the Board of Santoy subject to regulatory
acceptance. Full details of the transaction, including the terms of the Business
Combination Agreement, will be included in a joint management information
circular which is expected to be mailed to shareholders of Santoy and Virginia
Ltd. by the end of March, 2009. Each of the companies plan to hold a special
meeting of shareholders to approve the transaction and related matters by the
end of April, 2009.


In connection with the proposed business combination, Toll Cross Securities Inc.
has provided an oral fairness opinion to the special committee of the board of
directors of Santoy and Evans & Evans Inc. provided an oral fairness opinion to
the board of directors of Virginia Ltd. Legal advice to Santoy is being provided
by DuMoulin Black LLP. Legal advice to Virginia Ltd. is being provided by
Cassels Brock & Blackwell LLP.


The completion of the Plan of Arrangement is subject to various conditions,
including applicable regulatory and stock exchange approvals, receipt of written
fairness opinions by Santoy and Virginia Ltd., requisite approvals by the
shareholders of Santoy and Virginia Ltd., the approval by the Supreme Court of
British Columbia of the fairness to Santoy and Virginia shareholders of the
terms and conditions of the Plan of Arrangement and usual conditions for a
transaction of this nature. Santoy and Virginia Ltd. will use their commercially
reasonable efforts to complete the transaction by mid May, 2009.


Details of the uranium property holdings of Holdco and further particulars of
the transaction are set out in the previous news releases of Santoy dated
December 22, 2008 and February 5, 2009.


On Behalf of the Board of Directors SANTOY RESOURCES LTD.

R. K. Netolitzky, President & CEO

The technical information in this news release has been reviewed and approved by
Michael S. Cathro, P,Geo., Santoy's Vice President of Exploration, a Qualified
Person.


This news release includes certain "forward-looking statements". All statements
other than statements of historical fact included in this release, including,
without limitation, statements regarding potential mineralization, exploration
results and future plans and objectives of the Company are forward-looking
statements that involve various risks and uncertainties. There can be no
assurance that such statements will prove to be accurate and actual results and
future events could differ materially from those anticipated in such statements.
Important factors that could cause actual results to differ materially from the
Company's expectations include market prices, exploitation and exploration
results, availability of capital and financing, general economic, market or
business conditions, uninsured risks, regulatory decisions, regulatory changes,
defects in title, availability of personnel, materials and equipment, timeliness
of government approvals, unanticipated environmental impacts on operations and
other exploration risks detailed herein and from time to time in the filings
made by the Company with securities regulators. The Company expressly disclaims
any intention or obligation to update or revise any forward-looking statements
whether as a result of new information, future events or otherwise except as
otherwise required by applicable securities legislation.
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