Company announces a non-brokered private placement

October 11, 2002

The Company announces a non-brokered private placement of up to 2,000,000 units at a price of $0.10 per unit. Each unit will consist of one share and one share purchase warrant which will entitle the holder to purchase an additional share of the Company at a price of $0.11 per share for a period of two years. The proceeds of the private placement will be utilized for general working capital purposes.

A finder's fee in the maximum amount allowable will be paid in connection with the private placement offering.

The above transaction is subject to TSX Venture Exchange acceptance.

Skyharbour Developments 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.

The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the content of this news release.

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