Flow-Through and Non Flow-Through Private Placement Announced


October 20, 2006

Vancouver, BC., Skyharbour Resources Ltd. (TSX.V: SYH) (the "Company") announces a private placement of up to 4,000,000 flow-through units at an offering price of $0.10 per flow-through unit. Each flow-through unit will consist of one flow-through share and one share purchase warrant entitling the holder to purchase a non flow-through share at a price of $0.15 for a period of one (1) year.

The Company also announces a non-brokered private placement of up to 2,000,000 non flow-through units at an offering price of $0.08 per unit. Each non flow-through unit will consist of one non flow-through share and one share purchase warrant entitling the holder to purchase an additional non flow-through common share at a price of $0.10 for a period of two (2) years. 

The private placement shares and any shares to be issued upon exercise of the warrants will be subject to a 4 month hold period. The Company will pay a finder's fee in non flow-through units equal to 7.5% of the private placement on the same terms.

The Company intends to utilize the proceeds from the private placement for general working capital purposes to be expended on work programs to be carried out on the Company's Broulan Reef and South Bay properties located in Red Lake, Ontario.

About Skyharbour Resources Ltd.:

Skyharbour Resources is a mineral exploration company that focuses on the acquisition and exploration of projects in Northwestern, Ontario. The Company has options or interests in 7 gold or base metal properties located in the Red Lake greenstone belt.

ON BEHALF OF THE BOARD OF DIRECTORS

"Don Huston"

Donald C. Huston
President

For further information contact myself or:
Don Myers
Skyharbour Resources Ltd.
VP Corporate Communications
Telephone: 604-687-3376
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@skyharbourltd.com 

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.

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