Non-Brokered Private Placement of up to 2,000,000 Units

October 16, 2003

The Company announces a non-brokered private placement of up to 2,000,000 units at a price of $0.10 per unit to raise up to $200,000. A unit consists of one share and one share purchase warrant. One warrant will entitle the holder thereof to purchase one additional common share of the Company for a period of two years at a price of $0.13 per share. The Company may pay a finder's fee in respect of the placement in accordance with TSX policies. The proceeds of the private placement will be utilized for general working capital purposes.

The private placement is subject to the approval 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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