Skyharbour Resources Ltd. ("Skyharbour") and Cypress Development Corp. ("Cypress") announce that they have entered into an amending agreement (the "Amending Agreement") wherein they have amended the terms of their Option Agreement dated May 16, 2002 (the "Option Agreement") to which Cypress granted SKYHARBOUR the right to earn a 51% interest in and to one hundred and thirty (130) mineral claim units located in Dome, Heyson and Fairlie Townships, Red Lake District, Kenora Mining Division, Ontario (the "McKenzie Island Property").
Pursuant to the terms of the Amending Agreement Cypress and Skyharbour agreed that, in consideration of Skyharbour having completed the Phase I work program on the Property and in consideration of Skyharbour having agreed to relinquish certain of its option rights under the Option Agreement, Skyharbour has earned and is vested with a 20% percent interest in the McKenzie Island Property and that Cypress retains an 80% percent interest in the McKenzie Island Property.
Skyharbour and Cypress announce that subsequent to the Amending Agreement a Joint Venture Option Agreement has been entered into with Orko Gold Corporation ("Orko").
Under the terms of the Joint Venture Option Agreement, Orko will have the right to earn a 60% interest in and to the McKenzie Island Property. The resulting interest will be Orko 60%, Cypress 20% and Skyharbour 20%.
In order for Orko to earn the 60% interest in the Property, Orko will pay Cypress $35,000, incur $500,000 of exploration expenditures on the Property by December 31, 2003, $250,000 of which must be expended by April 30, 2003 and issue 200,000 shares to Cypress and 100,000 shares to Skyharbour.
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