Vancouver, BC - Skyharbour Resources Ltd. (TSX-V: SYH) (the "Company") announces that pursuant to the terms of a Property Option Agreement announced by news release dated October 10, 2006 the Company has now earned a 100% interest in the Dent/Mitchell Township property. This property forms part of the Company's 3,200 acres South Bay project and consists of four claim blocks comprised of five units (approximately 200 acres) located in the Dent and Mitchell Townships, Red Lake District, Northwestern Ontario.
Click Here for South Bay Property Claims Map
Skyharbour has made its final option payment to Mr. Martin Bobinski and Mr. Antony Maciejewski (together the "Optionors") consisting of $15,000 (as to $7500 each), issued 100,000 common shares (as to 50,000 each) and incurred the required exploration expenditures of $60,000 on the property. The property is subject to a 2% net smelter return royalty ("NSR") in favour of the Optionors. The Company has been granted the right to purchase at anytime one-half of the NSR for the purchase price of $1,000,000.
The common shares issued are subject to a four month hold period under applicable securities laws, and imposed by the TSX Venture Exchange, expiring February 14, 2010.
About Skyharbour Resources Ltd.:
Skyharbour Resources Ltd. is a gold and base metal exploration company developing projects in the RED LAKE district 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
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