Vancouver, BC -- Skyharbour Resources Ltd. (TSX-V: SYH) (the "Company") announces that, further to its news release dated February 1, 2008 announcing an amending agreement, the Company has concluded the purchase of a 100% interest in the Carl D. Huston South Bay property by paying the sum of $25,000 and issuing Carl Huston, a Director of the Company, 200,000 common shares of the Company. The common shares issued are subject to a four month hold period under applicable securities laws, and imposed by the TSX Venture Exchange, expiring July 14, 2008.
Pursuant to the terms of an amending agreement, the Company agreed to accelerate the remaining option payments in the aggregate of $25,000 and 150,000 common shares due over the remaining two-year term of the Agreement. Mr. Huston also agreed to cancel the remaining work commitments on the South Bay property in the aggregate of $800,000 and in consideration of such cancellation, the Company issued Mr. Huston an additional 50,000 common shares. In place of a 2% NSR, the amending agreement provides for an access fee $0.25 for each tonne of ore brought to surface through a pre-existing mine shaft and decline ramp located on the property.
These 7 claim blocks, consisting of 54 units (approximately 2,160 acres), are contiguous to, and form a portion of the Company's now 3,200 acres South Bay copper-zinc-silver project located in the Dent, Agnew and Mitchell Townships, Red Lake District northwestern Ontario.
Click Here for South Bay Claims Map, NW Ontario
The 3,200 acres property covers the former South Bay copper-zinc-silver mine which produced 1.6 million tons of ore grading 2.3% Cu, 14.5% Zn, and 3.5 oz/t Ag (Selco 1978). As announced on February 25, 2008, Skyharbour Resources recently commenced a planned 10-hole drilling program totaling 5,000 metres to test the high priority Titan 24 anomalies.
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
Donald G. Myers
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.
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.