Company closes the first tranche of its non-brokered private placement

November 19, 2002

The Company announces that it has closed the first tranche of its non-brokered private placement as announced on October 11, 2002. The Company has issued 1,745,000 Units. Each Unit consists of one share and one share purchase warrant which entitles the holder to purchase an additional share of the Company at a price of $0.11 per share until November 8, 2004. The Company also issued 25,000 shares to Canaccord Capital Corporation in this matter and paid a cash commission of $1,000 to Yorkton Securities Inc.

The common shares issued and the shares to be issued upon exercise of the share purchase warrants will be subject to a hold period until March 9, 2003.

About Skyharbour Resources Ltd.:

Skyharbour Resources Ltd. 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.

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