Non-Brokered Private Placement of up to 1,000,000 Flow-Through Units

July 8, 2003

The Company announces a non-brokered private placement of up to 1,000,000 Flow-Through Units at a price of $0.13 per unit. Each Flow-Through Unit consists of one Flow-Through Share and one share purchase warrant which entitles the holder thereof to purchase an additional Flow-Through Share at a price of $0.15 per share for a period of two years. The Company may pay a finder's fee in accordance with applicable TSX Venture Exchange policies.

The proceeds of the private placement will be utilized for further exploration on the Company's Heyson and Byshe Township Property located in the Red Lake area, Kenora Mining Division, Ontario. ITL Capital Corporation granted the Company an option to earn a 51% interest in the Heyson and Byshe Property.

The above transaction is subject to the acceptance of the TSX Venture Exchange.

About Skyharbour Resources Ltd.:

Skyharbour Resources is a mineral exploration company that focuses on the acquisitions of and exploration of gold projects in Northwestern, Ontario. It has options or interests in 9 mineral properties located in the Red Lake greenstone belt.

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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