Skye Resources Inc.

Skye Resources Inc.

November 14, 2006 02:11 ET

Skye Announces 3rd Quarter Results

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 14, 2006) - Skye Resources Inc. ("Skye") (TSX:SKR) today released its unaudited consolidated interim financial statements for the nine months ended September 30, 2006, reporting a loss of $24,374,000 (basic and diluted loss per share of $0.86) compared to a loss of $17,905,000 (basic and diluted loss per share of $0.86) for the nine months ended September 30, 2005. The loss for the period is principally related to exploration and development costs for Skye's Fenix nickel laterite project in Guatemala and general and administrative costs and non-cash stock-based compensation expense.

Skye's unaudited consolidated interim financial statements and Management's Discussion and Analysis (MD&A) for the period ended September 30, 2006 will be filed on SEDAR and available for download at

About Skye

Skye is an international mining company focused on becoming a new mid-tier nickel producer. The Company acquired the rights to its Guatemalan lateritic nickel project (the Fenix project) in December 2004 and in September 2006 received the results of a feasibility study for ferro-nickel operation project at Fenix using proven conventional smelting technology.

This news release contains certain forward-looking statements that involve risks and uncertainties, such as statements of Skye's plans, objectives, strategies, expectations and intentions. The words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions, as they relate to Skye, or its management, are intended to identify such forward-looking statements. Many factors could cause Skye's actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements. The forward-looking statements included in this news release represent Skye's views as of the date of the news release. While Skye anticipates that subsequent events and developments may cause its views to change, it specifically disclaims any obligation to update these forward-looking statements. These forward-looking statements should not be relied upon as representing its views as of any date subsequent to the date of the study. All subsequent written and oral forward-looking statements attributable to Skye or persons acting on its behalf are expressly qualified in their entirety by this notice.

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