SOURCE: Skybridge Development Corp.

August 18, 2008 09:00 ET

Skybridge Fills-In Blue Caribou Copper Along Strike; Grades up to 10.4% Copper Over 1.6m

THUNDER BAY, ON--(Marketwire - August 18, 2008) - SKYBRIDGE DEVELOPMENT CORP. (TSX-V: SBD) is pleased to report that it continues to intersect the Blue Caribou Copper Zone on the western extension of the current series of sections previously announced (July 16, 2008).

Drilling has also intersected altered, mineralized rock with assays pending on the 8km long Blue Caribou Gold Zone trend on its 100% owned Blue Caribou Project in Nunavut.

The Blue Caribou Copper Zone represents mineralized intervals with assays over a total 800m strike length defined thus far with previously reported assays grading up to 4.28% copper over 5.0m (16.4ft) in hole BC08-06 and 3.62% copper over 8.9m (29.3ft) in BC08-03 at a 1.0% copper assay cutoff within a broader quartz breccia target horizon. Drilling continues on the Blue Caribou Copper Zone which remains open down dip. New assays from the apparent western edge Trench Zone area of the drill-indicated structure grade up to 10.4% copper over 1.6m (Figure 1).

Figure 1 New Drilling Assays Utilizing a 1.0% Copper Assay Cutoff,

                   Blue Caribou Project, Nunavut


Hole no./     Interval (m / ft)     Copper    Moly     Silver     Gold

Sect/Dip                             (%)      (%)      (g/t)      (g/t)

                 Elbow Zone

BC08-01    Previously Reported on

to BC08-        July 16, 2008

                 Trench Zone

BC08-13/  50.3 -- 55.5 (5.2 / 17.1)  2.30    0.035      28.59     0.115


BC08-14/  50.0 -- 54.5 (4.5 / 14.8)  2.48    0.129      37.72     0.103


BC08-15/  37.8 -- 38.8 (1.0 / 3.3)   3.97    0.041      50.16     0.176


BC08-16/  35.6 -- 39.6 (4.0 / 13.1)  1.27    0.043      17.87      0.10


BC08-17/  32.9 -- 33.4 (0.5 / 1.6)  10.47    0.045     184.14     0.114


BC08-17/  43.4 -- 49.0 (5.6 / 18.4)  2.76    0.012      34.17     0.133


BC08-18/  47.4 -- 48.4 (1.0 / 3.3)   2.00    0.059      28.92      0.09


BC08-19/  52.2 -- 53.2 (1.0 / 3.3)   1.20    0.005      16.56     1.004


                            Faulted Zone

                   (Between Trench & Elbow Zone)
BC08-20/  74.1 - 78.8(4.7 / 15.4)    1.55    0.016      11.40      0.13
BC08-21       Results pending

In addition, the Company has conducted three stratigraphic test holes thus far on its "Blue Caribou Gold Zone," a series of historical gold values located 5km and 9km southeast of the Blue Caribou Copper Zone, grading up to 7.3 g/t gold (grab) in the "North Zone" and 67.71 g/t gold (grab) in the "South Zone." The gold occurrences were identified from a review of historical data assessment files on the Company's 50,000 acre property and reported in the Company's independent NI 43-101 technical report filed on SEDAR (May 8, 2008). There is no record of any previous drilling. The gold occurrences have also been examined and sampled in the field by Skybridge personnel and appear to be associated with highly altered host rocks containing swarms of quartz veins. They appear to line up with an 8km long magnetic high and several electromagnetic conductors identified by the Company in its proprietary airborne magnetic and electromagnetic MEGATEM survey flown by Fugro Airborne Surveys. The preliminary stratigraphic drill test of the Blue Caribou Gold Zone is also part of the Company's current Phase 1 minimum 3000m drill program.

Split core samples from the Blue Caribou project are being processed at ISO-certified Accurassay Laboratories, Thunder Bay, Ontario. Core logging, splitting, sampling, sample transportation and assay procedures are all subject to rigorous Quality Assurance/Quality Control protocols to ensure the accuracy and reproducibility of the analytical results, under the supervision of Gord Yule, P.Geo., a Qualified Person under NI 43-101 who has also examined the reported gold occurrences and approved the content of this news release.

The Company has recently announced drill discovery of the high grade Blue Caribou Copper Zone at its Blue Caribou Project in western Nunavut (announced July 16, 2008). The deposit is open down dip and drilling continues. Skybridge management and Board of Directors are experienced and successful Arctic explorers and developers and believe that a stable source of supply from tidewater-accessible world-class mineral deposits and a favourable political climate around Canada's sovereignty in the Arctic, will ultimately establish Nunavut and the Northwest Territories as Canada's next great mining and oil and gas district. The company is well financed and actively considering additional acquisitions in the Arctic and elsewhere as a catalyst for growth.

For further information and presentation material, please review the Skybridge website at

On Behalf Of The Board Of Directors,

This news release includes certain forward-looking statements concerning the future performance of our business, its operations and its financial performance and condition, as well as management's objectives, strategies, beliefs and intentions. Forward-looking statements are frequently identified by such words as "may," "plan," "expect," "anticipate," "estimate," "intend" and similar words referring to future events and results including the statements herein that: i) the Company anticipates that the size and grade potential will be confirmed by a diamond drilling program and ii) suggesting a structure potentially amenable to shallow bulk mining pending a full determination of lateral extent by additional drilling. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, competitive risks and the availability of financing and as described in more detail in our recent securities filings available at Actual events or results may differ materially from those projected in the forward looking-statements and we caution against placing undue reliance thereon.

The TSX Venture Exchange does not accept responsibility for the accuracy or the adequacy of this release.

Shares Issued: 15,545,000

Contact Information

  • Abraham Drost, P.Geo.
    Email Contact

    401-1113 Jade Court Thunder Bay, ON
    Canada P7B-6M7
    Ph: 807-345-3306 or 807-252-7800