Skyharbour Resources (TSX.V: SYH), Bayfield Ventures Corp. (TSX.V: BYV), and Placer Dome Inc. (TSE: PDG) ('The Companies') are pleased to announce that an exploration program and budget have been approved for the upcoming Phase II drill program on Bayfield and Skyharbour's jointly owned Baird property, in Red Lake, Ontario, 10 km SW of the Goldcorp Red Lake mine and Placer Dome Campbell mine, and due north of the Madsen mine.
Placer Dome signed an agreement with Skyharbour and Bayfield earlier this month allowing them to earn 51% of the 240 acre Baird property by spending $800,000 CAD over the next two years, including $400,000 CAD in the first year of the agreement. Placer Dome has also recently announced new or expanded joint venture agreements on the properties surrounding the Baird property -- including $2 million CAD over four years on the 680 acre Redaurum property which borders the Baird property to the southeast. In addition, Placer Dome is expecting to spend a total of $3 million CAD in 2003 on the Madsen property due south of the Baird.
After completing a data amalgamation and consultation with the companies' respective exploration managers, an initial drill program has been budgeted for $350,000 CAD. The primary focus of the Phase III drill program will be infill drilling and expansion of the North and South gold bearing deformation zones, which were defined by Phase I drilling in 2002. The North and South deformation zones transect the property E-W, and extend onto the Goldcorp Parvus property to the east and the Placer Dome Humlin property to the west.
Previous drilling on the Baird property has intersected significant gold grades of 171g (5.53 Oz) /T across 4 feet, 19g (0.61 Oz) /T across 6 feet, and numerous additional intersections of between 2 and 6 feet of over 10g (0.30 Oz) /T gold. A total of 9,000 feet of drilling is planned, including a number of holes planned to extend below the depths of previous drilling to test the deeper portions of the gold bearing deformation zones on the property. Drilling is expected to commence in early April 2003.
About Skyharbour Resources Ltd.
Skyharbour Resources Ltd. is a Canadian junior mining company focused on gold exploration in the heart of the Red Lake greenstone belt, Ontario, near the prolific Campbell and Red Lake gold mines. Together with their joint venture partners, Skyharbour is actively exploring over 23,000 acres of highly prospective properties, including their advanced, drill-ready Baird, McKenzie Island and Heyson gold projects.
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