The Company announces that it has entered into an agreement with its joint venture partners, Hunter Exploration Group and Northern Empire Minerals Ltd. with respect to the Coronation Gulf Diamond District Properties located in Nunavut. The parties have agree to amend their existing option agreements as follows:
Option Agreement with The Hunter Group
The Company previously entered into a formal option agreement dated February 29, 2002 with the Hunter Group to acquire an 80% interest in a total of 1,100,000 acres (approximately) consisting of five separate areas comprising 23 Prospecting Permits located in the Coronation Gulf Diamond District, Nunavut. Pursuant to an amendment agreement (the "Amendment Agreement"), the parties have agreed to carry out a revised work schedule as follows:
(i) $75,000 on or before December 31, 2002;
(ii) $200,000 on or before December 31, 2003, of which $100,000 must be committed by July 31, 2003;
(iii) $425,000 on or before December 31, 2004;
(iv) $1,000,000 on or before December 31, 2005; and
(v) $2,300,000 on or before December 31, 2006.
In addition, the advanced royalty payment will be payable as to $12,500 by February 28, 2003 and the balance of $12,500 will be payable by October 31, 2003.
Option Agreement with Northern Empire Minerals Ltd.
The Company previously entered into a formal option agreement dated March 15, 2002 with Northern Empire Minerals Ltd. ("Northern Empire") wherein the Company granted an option to Northern Empire to acquire a 40% interest (50% of the Company's 80% interest) in a total of twelve prospecting permits aggregating 658,739 acres known as the Coronation Peninsula North and Coronation Peninsula South Permits. Pursuant to an Amendment Agreement, the parties have agreed to carry out a revised work schedule as follows:
(i) $75,000 on or before December 31, 2002;
(ii) $275,000 on or before December 31, 2003, of which $100,000 must be committed by July 31, 2003;
(iii) $500,000 on or before December 31, 2004; and
(iv) $1,150,000 on or before December 31, 2005.
The Amendment Agreement is subject to acceptance by the TSX Venture Exchange.
About Skyharbour Resources Ltd.:
Skyharbour Resources Ltd. is a Canadian mineral exploration company focused on gold exploration in the Red Lake and Birch-Uchi gold belts, Ontario, and diamond exploration in the Coronation Gulf and Victoria Island kimberlite fields, Nunavut.
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