Skye Resources Inc.
TSX VENTURE : SKR

Skye Resources Inc.

May 25, 2005 19:55 ET

Skye Announces 1st Quarter Financial Results

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 25, 2005) - Skye Resources Inc. ("Skye") (TSX VENTURE:SKR) released its unaudited consolidated interim financial statements for the first quarter ended March 31, 2005, reporting a loss of C$3,851,000 (basic and diluted loss per share of C$0.24) compared to a loss of C$1,385,000 (basic and diluted loss per share of C$0.13) for the three months ended February 29, 2004. The loss for the period is principally related to preliminary assessment costs, development costs of Skye's atmospheric leach process to treat nickel laterite material, exploration and development costs for Skye's Fenix nickel laterite property in Guatemala, salaries and employee benefits and non-cash stock-based compensation expense.

As at March 31, 2005, Skye had working capital of C$32,642,000 of which C$29,916,000 was attributable to net proceeds from a private placement that raised aggregate proceeds of over C$32 million before payment of commissions, fees and expenses and closed on March 24, 2005. As at May 24, 2005 Skye had a cash balance of C$31,100,000.

Skye's unaudited consolidated interim financial statements and Management's Discussion and Analysis (MD&A) for the first quarter 2005 will be filed with SEDAR and available for download at http://www.sedar.com.

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

Contact Information

  • Skye Resources Inc.
    Mark Monaghan
    (416) 367-8383
    or
    Skye Resources Inc.
    Ian G. Austin
    (604) 602-9500
    (604) 602-9510 (FAX)
    http://www.skyeresources.com