Results of Fall 2003 Drilling Program on Baird Property

December 16, 2003
Skyharbour Resources Ltd. announces it has now completed its fall 2003 diamond drilling program on the Baird property that had commenced October 26, 2003. A total of 4 holes consisting of 2121 meters (6957 feet) were drilled in this Phase II Program. This property is jointly held by Skyharbour Resources Ltd. (50%) and Bayfield Ventures Corp. (50%) and is currently under option to Placer Dome, whereby, Placer will provide $800,000 for exploration by December 31/2004 to earn a 51% interest in the Baird Property. As stated, two phases of diamond drilling have now been carried out on the Baird property in 2003. The total footage drilled to date is 17,019 feet (5189 meters) and is contained in 13 drill hole locations. To date, all diamond drill exploration carried out on the Baird Project in 2003 has been financed by Placer Dome, as per the terms of the option agreement, with Skyharbour acting as the operator.

A larger drilling rig was moved on to the property in October to allow the company to drill deeper holes to depths of 2500 + feet. The fall 2003 drill program was planned to test an interpreted structural hinge (fold) area that was previously identified from the spring 2003 drill program. The target area is known to be intersected by structures containing associated alteration and gold values in the mafic/ultramafic rock types and is situated in a broad, known deformation zone that has been interpreted from previous geophysical data and diamond drilling.

Skyharbour, Bayfield, and Placer Dome are very encouraged with the results received to date from the latest round of drilling. The assaying has confirmed the presence of gold mineralization within a broad zone of quartz carbonate alteration. This quartz carbonate alteration system has been significantly expanded upon with this latest drill phase. The gold values encountered in the latest round of drilling (holes B03-10 -- B03-13) are interpreted to be in a new geological setting which includes veins and veining in mafic/ultramafic flows. This new setting is approximately 400 meters west of any previously known gold values encountered on the Baird property and this newly encountered geological sequence indicates the potential for lateral continuity with previously reported gold results.

This geological setting is interpreted as displaying many of the same features known to the major gold deposits that have been brought into production in the Red Lake gold belt (Placer Dome's Campbell Mine and Goldcorp's Red Lake mine). The property is located adjacent (on the north boundary) to Placer Dome's major diamond drill exploration program in progress on Claude Resources' Madsen property.

The Baird property is situated one kilometer north of a broad corridor of quartz carbonate veining located to the north side of Russet Lake that Placer Dome has named the Treasure Chest zone.

A table including material sections from the fall 2003 drill program follows:

Click Here for Table

In addition to the above assays, holes 10 to 13 contained a number of wider anomalous gold intercepts where values of up to 500 parts per billion (.5grams) were also encountered. These gold intercepts may form or be part of a larger mineralized system. There are still some additional samples of drill core in for assay that have not been processed at this time.

A phase 3-diamond drill program is now being planned for winter/spring 2004.

Gold assays were by total metallic fire assay as carried out by TSL Laboratories Inc. of Saskatoon. Industry standards were incorporated into each sample batch to ensure quality control of the assaying. All results have been prepared under the direct supervision of David Busch, PGeo., who is designated a qualified person with the ability and authority to attest to the authenticity and validity of the data.

The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the content of this news release.
Sign up for the latest news and updates