Vancouver, BC -- Skyharbour Resources Ltd. (TSX-V: SYH) announces that it has amended its original South Bay Option Agreement with Carl D. Huston, a Director of the Company.
The Company has agreed to accelerate its remaining option payments in the aggregate of $25,000 and 150,000 common shares due to Mr. Huston over the remaining two year term of the Agreement to within five days of receipt of TSX Venture Exchange acceptance of the amended agreement. Mr. Huston has 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 will issue Mr. Huston an additional 50,000 common shares.
The parties have also agreed to cancel the net smelter return royalty (NSR) in favour of Mr. Huston. In place of the NSR, the Company will pay Mr. Huston the sum of $0.25 for each tonne of ore brought to surface through the pre-existing mine shaft and decline ramp located on the South Bay property. The foregoing Amending Agreement is subject to the acceptance of the TSX Venture Exchange. These 7 claim blocks, 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 project located in the Dent, Agnew and Mitchell townships, Red Lake District, northwestern Ontario.
Click Here for South Bay Claims Map, NW Ontario
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 C. HUSTON
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.