Vancouver, BC -- Skyharbour Resources Ltd. (TSX-V: SYH) ("Skyharbour") and MPH Ventures Corp. (TSX-V: MPS) (FWB: IJA1) ("MPH") announce that further to their respective news releases of December 12, 2008, they will not be proceeding with the form of agreement as announced. Skyharbour and MPH will instead proceed with a Debt Settlement Agreement wherein they have agreed that MPH will settle its historical debt with Skyharbour relating to the Heyson Project and shall have its previously diluted interest in the Heyson and Byshe Property restored to a 50% interest. Pursuant to the terms of the agreement, MPH has agreed to issue Skyharbour 500,000 common shares to settle the outstanding debt and accrued interest, relating to non-contribution to work programs on the project in the amount of $85,000.
The 7,000 acres Heyson property lies to the south of the former Howey and Hasaga gold mines in the southern portion of the central Red Lake gold belt, 5 km southwest of the operating Goldcorp Red Lake and Campbell gold mines.
Click Here for Red Lake Ontario Heyson Project Map
The above transaction is subject to the acceptance of the TSX Venture Exchange.
About Skyharbour Resources Ltd.:
Skyharbour Resources Ltd. is a gold and base metal exploration company developing projects in the RED LAKE district of northwestern Ontario, Canada.
ON BEHALF OF THE BOARD OF DIRECTORS
DONALD C. HUSTON
For further information contact myself or:
Skyharbour Resources Ltd.
Toll Free: 800-567-8181
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.