Skyharbour Resources Ltd. (the "Company") recently amended its joint venture agreement dated February 4, 2003 with Consolidated Abaddon Resources Inc. ("Abaddon"). Pursuant to the terms of the joint venture, Abaddon and Skyharbour assigned and contributed to the Joint Venture their respective 100% interests in the Sidace Lake and Black Bear II properties. The Company previously announced that due to results of previous exploration on the Black Bear II property, the companies agreed that the Black Bear II option be dropped. Under the terms of the amendment, the parties agree that in order to equalize their contributions to the remaining Sidace property, Skyharbour will assume and pay its proportionate interest (70%) of the remaining cash payment obligations pursuant to the underlying Sidace Option Agreement.
The Company also announces that it will not continue with its option on the Slate Bay Property consisting of 5 mineral claims located in the Red Lake Area, Kenora Mining Division, Ontario. The Company feels that results of previous exploration are not encouraging enough to warrant further property and option expenditures.
About Skyharbour Resources Ltd.:
Skyharbour Resources is a mineral exploration company that focuses on the acquisitions of and exploration of gold projects in Northwestern, Ontario. It has options or interests in 6 mineral properties located in the Red Lake greenstone belt.
ON BEHALF OF THE BOARD OF DIRECTORS
DONALD C. HUSTON
For further information contact myself or:
Skyharbour Resources Ltd.
VP Corporate Communications
Toll Free: 800-567-8181
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
This news release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein 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 are disclosed in the Company's documents filed from time to time with the British Columbia Securities Commission and the United States Securities & Exchange Commission.