ITL Capital Corporation ("ITL") and Skyharbour Resources Ltd. ("Skyharbour") report today that they have amended the terms of their Option Agreement dated May 14, 2002 (the "Option Agreement"). Skyharbour had been granted an option by ITL to acquire a 51% interest in a total of fifteen mineral claim units located in Heyson and Byshe Townships, Red Lake District, Ontario (the "HB Claims").
Pursuant to the terms of the Option Agreement Skyharbour was to have completed a $150,000 work program on the HB Claims by April 30, 2003. As at the date of this news release, Skyharbour has completed approximately $73,000 of the required $150,000 work commitment. The parties have agreed to amend the Option Agreement by extending the term of the work commitment to December 31, 2003. In consideration for granting the extension, Skyharbour has agreed to issue ITL a total of 200,000 shares at a deemed price of $0.14 per share. The amending agreement is subject to the approval of the TSX Venture Exchange.
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responsibility for the adequacy or accuracy of the content of this news release.