Skyharbour Resources expands gold search in the heart of Red Lake Gold camp

January 15, 2003

Don Huston, president of Skyharbour Resources (TSX.V:SYH), has announced that Skyharbour is about to commence drilling on its advanced gold projects in Red Lake, Ontario. Three separate drill programs on Skyharbour's McKenzie Island, Heyson, and Baird projects totaling approximately 5,000 meters (16,000 feet), are scheduled to begin mid-February.

McKenzie Island project:

Approximately 12 holes consisting of 2,000 meters of drilling are planned to test the 1-kilometer long stretch of the MacAndrew (gold/ alteration) trend that extends across Skyharbour's McKenzie Island property. The target area selected for drilling lies immediately up-ice of strong gold in till and bedrock gold anomalies identified from the summer and fall 2002 till and rock sampling program. Drilling is scheduled to begin mid-February, 2003.

The McKenzie Island property is situated in the heart of the Red Lake greenstone belt within the mafic-ultramafic rocks of the Balmer Assemblage. The property contains a contact alteration unconformity along the north margins of the Dome Stock. Associated with this unconformity are numerous east-west trending mafic dykes that appear to follow structural trends.

The property is bordered to the north by the Rubicon Minerals/ AngloGold joint venture property, and is on strike with Placer Dome's Campbell Mine and Goldcorp's Red Lake Mine 7 kilometers east. Orko Gold (TSX.V:OK) has an option to earn 60% of the McKenzie Island property from Skyharbour Resources (20%) and Cypress Development (20%) (TSX.V:CYP). Skyharbour is the operator of the McKenzie Island property.

Heyson project:

Skyharbour is also preparing to commence a diamond drill program on its Heyson property, which is located approximately 6 kilometers south of Goldcorp's Red Lake Mine. Detailed till sampling and MMI (Mobile Metal Ion) surveys completed on the property in 2002 have effectively identified and delineated a large gold anomaly (Sully Creek Till Anomaly) in the eastern portion of the property that indicates significant potential for bedrock gold mineralization.

Gold values of up to 0.62 oz/t Au have been reported at the head of the Sully Creek Till Anomaly, and the extent of the anomaly highlights the scale and trend of possible bedrock mineralization. The head of the anomaly has a strike length of 1.5 kilometers in a north/ northwest direction and width of 300-350m, with the pattern of anomalies indicating multiple gold sources along this trend. The untested Sully Creek Till Anomaly will be the main focus of Skyharbour's winter drill program on the Heyson property.

A diamond drill program consisting of approximately 1,500 meters will commence in the first quarter of 2003. Skyharbour Resources has an option to earn 51% of the Heyson property from ITL Capital (TSX.V:ICL).

Baird Property:

Skyharbour will also continue exploration on its Baird property, located 6 kilometers southwest of the town of Red lake, and bordered to the south by the Claude Resources/ Placer Dome Madsen project, and to the east by the Wolfden/ Kinross joint venture property -- both currently undergoing intensive exploratory drill programs.

Skyharbour completed a 1,600 meter drill program on the Baird property in the summer of 2002 with gold intersections of up to 0.34 oz/t Au over 1 meter (true width) encountered in what is known as the North Shear Zone. Previous drilling on the North Shear Zone in 1988 by United Reef (Barrick Gold) encountered intersections of up to 5.53 oz/t Au over 1.3 meters. The Baird property lies within the highly prospective Balmer Assemblage and exhibits structural and alteration systems typical of the Campbell Mine (Placer Dome) and of the Red Lake Mine (Goldcorp) to the northeast.

Of major significance from the summer 2002 drill program is the nature and style of gold mineralization encountered in exploratory drill hole B02-6. This drill hole intersected a 30-meter wide section of quartz-carbonate breccia with continuously elevated to highly anomalous gold values throughout (averaging >1g/t Au). The zone has significant quartz veining and vein breccias associated with gold mineralization across its entire width. The shearing associated with this mineralization is now referred to as the South Shear Zone. The South Shear Zone is interpreted to cut across the entire property based on a ground magnetic survey conducted by Placer Dome in the mid 1990's. To date only hole B02-6 has tested this structure.

The company is extremely pleased with the results of the summer 2002 drill program on the Baird property, and will initiate a 1,500 meter drill program on the South Shear Zone commencing in the first quarter of 2003. Skyharbour has an option to earn 51% of the Baird property from Bayfield Ventures (TSX.V:BYV).

Other projects:

Skyharbour has over 10,000 acres of other land holdings in the Red Lake and Birch-Uchi greenstone belts, which are 100% owned by Skyharbour and will be the focus of intensive surface exploration programs in the spring and summer of 2003.

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