Skye Resources Inc.
TSX VENTURE : SKR

Skye Resources Inc.

November 14, 2005 19:36 ET

Skye Announces 3rd Quarter Results

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 14, 2005) - Skye Resources Inc. ("Skye") (TSX VENTURE:SKR) released its unaudited consolidated interim financial statements for the third quarter ending September 30, 2005, reporting a loss of $6,853,000 (basic and diluted loss per share of $0.29) compared to a loss of $1,657,000 (basic and diluted loss per share of $0.15) for the three months ended August 31, 2004. The loss for the period is principally related to exploration and development costs for Skye's Fenix nickel laterite project in Guatemala, development costs of our proprietary atmospheric leaching process to treat nickel laterite material, and general and administrative costs and non-cash stock-based compensation expense.

As at September 30, 2005, Skye had working capital of $19,132,000 derived mainly from the proceeds of a private placement that raised aggregate proceeds of over $32 million before payment of commissions, fees and expenses that closed on March 24, 2005.

Skye's unaudited consolidated interim financial statements and Management's Discussion and Analysis (MD&A) for the period ended September 30, 2005 will be filed on SEDAR and available for download at www.sedar.com.


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

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