Vancouver, BC -- Skyharbour Resources Ltd. (TSX-V: SYH) (the "Company") is pleased to announce that it has raised $440,000 and closed its non flow-through unit private placement announced by news release dated June 29, 2007. Each non flow-through unit consists of one non flow-through common share at a price of $0.11 and one share purchase warrant entitling the holder to purchase one additional non flow-through common share at a price of $0.15 per share if exercised prior to 5:00 p.m. (Vancouver Time) July 24, 2008.
As a finder's fee in connection with the transaction, the Company has issued a further 75,000 units, each consisting of one common share and one share purchase warrant, having the same terms and conditions as the warrants referred to in the foregoing.
The common shares and warrants issued under the placement and any shares issued pursuant to the exercise of the share purchase warrants, are subject to a four month hold period under applicable securities laws, and imposed by the TSX Venture Exchange, expiring November 26, 2007.
The Company intends to utilize the proceeds from the private placement on its Rainy River, Southbay, and Broulan Reef properties in Ontario and for general working capital purposes.
About Skyharbour Resources Ltd.:
Skyharbour Resources Ltd. is a gold and base metal exploration company developing projects in the RED LAKE and RAINY RIVER districts of northwestern Ontario, Canada.
ON BEHALF OF THE BOARD OF DIRECTORS
JAMES G. PETTIT
For further information contact myself or:
Skyharbour Resources Ltd.
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.