Skyharbour enters into a Joint Agreement with Consolidated Abaddon Resources Inc.
May 23, 2003
Skyharbour Resources Ltd. ("Skyharbour") and Consolidated Abaddon Resources Inc. ("Abaddon") (the "Joint Venture") announce that they have entered into an agreement.
Skyharbour, on behalf of the Joint Venture, staked two additional claims which are adjoining to, and now form part of, the Joint Venture's Sidace Lake property (the "Sidace Lake Property"). The two additional claims are subject to a 2% net smelter return royalty in favour of Perry English. The Joint Venture also wishes to undertake an exploration program on the Sidace Lake Property in the amount of $40,000. Pursuant to the terms of the agreement, Abaddon and Skyharbour have agreed that Abaddon's share of the exploration expenditures ($20,000) and staking costs ($775) shall be satisfied by Abaddon issuing to Skyharbour a total of 200,000 common shares at a deemed price of $0.12 per share and that upon such share issuance, Abaddon shall maintain an undivided 50% interest in the Joint Venture.
A mineral exploration program has commenced on the Sidace Lake Property consisting of a detailed till sampling program which is to be followed by a geochemical and geophysical program, with Skyharbour being the operator.
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