Skye Resources Inc.

Skye Resources Inc.

February 21, 2006 13:47 ET

Skye Resources Inc.-Appoints Project Finance Advisor

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Feb. 21, 2006) - Skye Resources Inc. (TSX VENTURE:SKR) ("Skye") today announced that it has engaged Cutfield Freeman & Co ("CF&Co") to advise on and arrange project financing for Skye's nickel laterite project in Guatemala (the "Fenix Project"). CF&Co is an independent corporate finance advisory firm based in London specializing in the mining and metal processing sector.

CF&Co will immediately begin familiarizing itself with the Fenix Project and advising Skye on the size, structure and availability of project financing so that by the time the feasibility study is available in the third quarter of 2006, Skye will be in a position to initiate negotiations with lenders. CF&Co will then provide advising and arranging services for conventional project loans from commercial banks and other project loans from the capital markets, export credit agencies, suppliers and customers. Skye will pay CF&Co a fee which will vary depending on the success achieved.

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 is currently undertaking a feasibility study for a 50 million pound per year ferro-nickel operation using proven conventional smelting technology.

This News Release contains certain forward-looking statements that involve risks and uncertainties, such as statements of the Company'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 the Company, or its management, are intended to identify such forward-looking statements. Many factors could cause the Company'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. All subsequent written and oral forward looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by this notice.

Contact Information

  • Skye Resources Inc.
    Ian G. Austin
    President & Chief Executive Officer
    (604) 602-9500