SAN

Santoy Resources Ltd. (TSX VENTURE:SAN) (the "Company" or "Santoy") is pleased
to announce that the Plan of Arrangement (the "Arrangement") pursuant to which
Santoy will complete a business combination with Virginia Uranium Ltd.
("Virginia") is expected to close today, July 21, 2009 (the "Effective Date").
Post closing, the Company will have approximately 54,377,279 common shares
outstanding, will have changed its name to Virginia Energy Resources Inc. and
will hold a 20.8% interest in VA Uranium Holdings, Inc. The outstanding common
shares include the closing of the first tranche of the subscription receipts
from the private placement financing dated July 17, 2009. The new company will
trade on the TSX-V under the symbol VAE.


Procedural Information Respecting the Plan of Arrangement

The following information is a summary of certain features of the Plan of
Arrangement. Immediately following the closing of the Arrangement, the Company
will consolidate its shares on a one new for each five old basis. All share
figures and exercise and other share prices given below are on a
pre-consolidated basis.


Distribution of Santoy Incentive Warrants to Santoy Shareholders

Holders of Santoy common shares (excluding certain Small Lot Holders described
below) will be entitled pursuant to the Arrangement to receive one (1) Santoy
Incentive Warrant for every four (4) Santoy common shares held. Each one (1)
Santoy Incentive Warrant will be exercisable to acquire one (1) Santoy common
share at a price of CDN$0.12 for a period of 12 months following the closing of
Arrangement. The Santoy Incentive Warrants are expected to be listed for trading
on the TSX Venture Exchange.


For settlement reasons in connection with any trades of Santoy common shares
during this period, the Company understands that the last day to purchase Santoy
common shares that will be entitled to participate in the distribution of Santoy
Incentive Warrants is July 23, 2009. Santoy common shares purchased on or after
July 24, 2009 will not participate in the distribution of Santoy Incentive
Warrants. The most recent private placement is not included and will not
participate in the distribution of the Incentive warrants. These dates are
subject to change and in such event, the Company will issue a news release
announcing any such change.


Computershare Investor Services Inc. (the "Depositary") will forward to each
Santoy shareholder who is entitled to receive Santoy Incentive Warrants,
certificates representing their allotted number of such Warrants in accordance
with the Arrangement.


Santoy Small Lot Holders (a "Small Lot" being less than 500 Santoy shares)

Registered Small Lot Holders will have their Santoy common shares cancelled as
of the Effective Date and will not be entitled to receive any Santoy Incentive
Warrants unless they have elected, by duly completing and returning to the
Depositary an Election Form prior to the Effective Date, to retain their Santoy
common shares and to receive a certificate representing Santoy Incentive
Warrants.


If the election was not made, the registered Small Lot Holder will be entitled
to receive only $0.10 per Santoy common share owned. To receive this cash
payment in exchange for a Small Lot, the registered Small Lot Holder must
complete the Election Form and deliver the Election Form together with the
certificate(s) representing the Small Lot within six years of the Effective Date
to the Depositary at the address provided in the Election Form. Santoy will
deposit funds with the Depositary sufficient to pay the cash payments to
registered Small Lot Holders, which funds will be held in a trust account to be
used to pay the cash payments. Upon expiry of six (6) years from the Effective
Date, all unused funds will be returned to Santoy. Due to the administrative
costs of effecting exchanges, if a cash payment payable to a Small Lot Holder
would be less than $10, such payment will not be made.


Registered Small Lot Shareholders should refer to the Election Form and the plan
of arrangement attached to the joint information circular mailed to shareholders
in connection with the Santoy meeting and available on SEDAR under Santoy's
profile for additional information.


Exchange of Common Shares for shares in Virginia Energy Resources Inc.
Pursuant to the Arrangement, each of the issued Virginia Uranium Ltd. common
shares will be exchanged for 1.2 shares in Virginia Energy Resources Inc. and
each of the Santoy common shares will be exchanged at the ratio of five for one
common share of Virginia Energy Resources Inc. As a result of this exchange, the
new company will have post closing, approximately 54,377,279 common shares
outstanding.


In order to receive the Virginia Energy Resources Inc. common shares for their
Virginia Uranium Ltd. common shares, a registered Virginia Uranium Ltd.
shareholder must complete and sign the Letter of Transmittal and deliver it,
together with certificates representing their Virginia Uranium Ltd. common
shares (in the case of registered Virginia Uranium Ltd. shareholders) and the
other required documents, to the Depositary in accordance with the instructions
contained in the Letter of Transmittal. The Letter of Transmittal was mailed to
Virginia Uranium Ltd. shareholders in connection with special meeting of
Virginia Uranium Ltd. shareholders held on May 21, 2009 and is available from
the Depositary upon request. Virginia Uranium Ltd. shareholders who are not
registered shareholders because they hold their Virginia Uranium Ltd. common
shares through their broker or other intermediary should contact their broker or
other intermediary. Any Virginia Uranium Ltd. common share certificate which has
not been duly surrendered, with all other documents required by the Depositary,
on or before the sixth anniversary of the Effective Date, will cease to
represent any claim against or interest of any kind or nature in Virginia
Uranium Ltd., Santoy or the Depositary and shall be deemed to have been
surrendered to Santoy and cancelled.


On Behalf of the Board of Directors

SANTOY RESOURCES LTD.

R. K. Netolitzky, President & CEO

This news release includes certain "forward-looking statements" under applicable
Canadian securities legislation. All statements other than statements of
historical fact included in this release, including, without limitation,
statements regarding 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 results, events and objectives 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 exploration
and other risks detailed from time to time in the filings made by the Company
with securities regulators.

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