Vancouver, BC --Skyharbour Resources Ltd. (TSX.V: SYH) (the "Company") announces that it has signed an agreement concerning the granting of an option by Precambrian Ventures Ltd. (the "Optionor") to Skyharbour Resources Ltd. (the "Optionee") for the right to earn a 100% interest in ten (10) claims blocks consisting of twenty (20) units (approximately 800 acres) located in the Dent and Mitchell Townships, Red Lake District, Kenora Mining Division of Ontario. The newly acquired claims are contiguous to, and will form part of the Company's recently acquired 2,400 acre (now approx. 3,200 acres) South Bay properties.
Click Here for New South Bay Claims Map
The South Bay properties cover the South Bay copper / zinc deposit and adjoining ground. The South Bay deposit was mined by Selco between 1970 and 1982 and produced approximately 1.6 million tons of 1.5% copper and 10% zinc. The mine produced to a vertical depth of 410 metres and was developed and explored to a vertical depth of 600 metres. The South Bay deposit is a classic Archean Volcanic associated Massive Sulfide (VMS) deposit.
Skyharbour Resources believes there is significant potential to identify new, highly prospective base metal settings on these properties. In addition, current geophysical methods allow exploration to depths in excess of 1,000 metres, opening up a very large prospective area for further exploration.
The Company announced on December 8th that it will proceed with the establishment of a linecut grid (approx. 30 km) to begin 15th of January 2007, followed by a detailed Titan 24 DCIP & MT geophysical program now contracted to Quantec Geoscience Ltd. to further enhance the known conductors on the South Bay claims in preparation for a diamond drill program. The Titan 24 survey will commence at the end of January 2007. The Titan 24 geophysical survey is designed to locate potential sulphide rich zones and / or associated alteration at depth and allow for mapping the resistivity and chargeability of the subsurface to significant depths, assisting geologic interpretations.
In order to earn its interest in the new property, Skyharbour must issue an aggregate of 300,000 shares and pay $50,000 to the Optionors, in stages, over a three year period. The Property Option Agreement is subject to the acceptance of the TSX Venture Exchange.
The Optionor has granted to Skyharbour the right to purchase, at anytime, one-half of the 2% NSR reserved by the Optionors for a purchase price of $1,000,000.
About Skyharbour Resources Ltd.:
Skyharbour Resources is a mineral exploration company that focuses on the acquisition and exploration of projects in Northwestern, Ontario. The Company has options or interests in 10 gold or base metal properties located in the Red Lake and Rainy River greenstone belts.
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.