Second-Phase drill program complete on HB Property

September 16, 2003

Skyharbour Resources Ltd. ("Skyharbour") and ITL Capital Corporation ("ITL") announce that the second-phase drill program on the jointly held Skyharbour (51%) / ITL (49%) "HB Property" has been completed. A total of 8 drill holes were completed totaling 885.8 meters (2905 ft). A 44 line-kilometer grid was cut with a total field and vertical gradient magnetic survey carried out prior to drilling.

The alteration associated with mineralization encountered in the first round of drilling (59.4 grams per ton over 0.4 meters in hole B03-3) was a 'hematite-epidote-silica'. The hematization (destruction of magnetite) resulted in a distinct magnetic low over the altered zone. This was used in identifying new targets.

Targets included:
-strike and dip extensions of the alteration and mineralization encountered in hole B03-3 earlier in the year. Step-outs of 25 meters along strike and down dip were drilled.
-targets demonstrating magnetic signatures within a broad corridor in the head of a gold-in-till anomaly.

Drilling has extended the alteration associated with B03-3 over a strike length of 285 meters. Logging of the core is being completed with samples sent to TSL Laboratories for analysis and assay.

All work is carried out under the supervision of David Busch, a qualified person, under national policy 43-101.

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