Vancouver, BC -- Skyharbour Resources Ltd. (TSX.V: SYH) (the "Company") announces that it has closed the first tranche of its non-brokered flow-through private placement announced by news release dated April 25, 2006. The Company issued 1,650,000 units at a price of $0.10 per unit. Each unit consists of one flow-through share and one share purchase warrant which entitles the holder to purchase an additional non flow-through share of the Company at a price of $0.13 until June 2, 2007. In addition, the Company issued 52,500 units as a finder's fee in this transaction to the following: Canaccord Capital Corporation (15,000) and Bolder Investment Partners Ltd. (37,500). The finder's units are on the same terms as the placee units but are non flow-through. The shares and any shares to be issued upon exercise of the warrants will be subject to a hold period and shall not trade before October 3, 2006.
The Company intends to use the proceeds of the flow-through private placement for an exploration and Phase 2 drill program on its Broulan Reef property located in Red Lake, Northwestern Ontario.
The following insiders (I) and pros (P) participated in the private placement: David J. Busch (I), William Trimble (I), Al Morishita (P), Andrew Muir (P), and Shayne Nyquvest (P).
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.