Skye Resources Inc.
TSX : SKR

Skye Resources Inc.

September 18, 2007 18:30 ET

Skye Files Fenix Project Technical Report

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 18) - Skye Resources Inc. ("Skye") (TSX:SKR) today announced that it has filed on SEDAR, www.SEDAR.com, a technical report (the "Technical Report") required under National Instrument 43-101 in respect of the update for the ferro-nickel smelting project at its Fenix nickel property in Guatemala. The Technical Report, the results of which were announced in Skye's August 29, 2007 news release, incorporates a revised power supply strategy, all-road transportation and updated capital and operating costs compared to the original feasibility study results announced on September 25, 2006. The Technical Report, together with a summary of the cash flow model used to generate the updated economic results for the ferro-nickel project, is also available at Skye's website, www.skyeresources.com.

About Skye

Skye is an international mining company focused on becoming a new mid-tier nickel producer. Skye acquired the rights to its Guatemalan lateritic nickel project (the Fenix project) in December 2004 and in October 2006 completed a feasibility study for a ferro-nickel project at Fenix using proven conventional smelting technology. In June 2007 Skye received its environmental permits for the project and basic engineering is complete. Detailed engineering has been initiated, long-lead orders are being placed and Skye expects to initiate construction during the first quarter of 2008 with initial production in late 2009. www.skyeresources.com

Cautionary Notices:

The Technical Report referred to in this 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 the Technical Report represent Skye's views as of the date of the Technical Report. While Skye anticipates that subsequent events and developments may cause its views to change, it specifically disclaims any obligation to update such forward-looking statements.

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