Non-Brokered Private Placement of up to 2,500,000 & Grant of Stock Options

July 4, 2003

The Board of Directors of the Company announces a non-brokered private placement of 2,500,000 Units at an offering price of $0.10 per Unit. Each Unit will consist of one share and one share purchase warrant entitling the holder to purchase an additional common share at a price of $0.10 for a period of two years. A finder's fee in the maximum amount allowable will be paid in connection with this private placement offering.

The Company intends to utilize the proceeds from the private placement for its work programs being carried out on the Company's Red Lake, Ontario properties and for general working capital purposes.

The Company also announces that, subject to TSX Venture Exchange acceptance, it has granted incentive stock options to certain of its directors and employees which entitle them to purchase up to an aggregate of 110,500 shares of the Company at a purchase price of $0.10 per share for a period of two years. The Company has also amended the exercise price of 198,384 incentive stock options to $0.10 per share.

These transactions are subject to TSX Venture Exchange acceptance.

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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