Skye Resources Inc.

Skye Resources Inc.

February 29, 2008 13:09 ET

Skye Appoints C. K. Benner as Chief Executive Officer and Vice Chair

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 29, 2008) - Skye Resources Inc. (the "Corporation" or "Skye") (TSX:SKR) is pleased to announce the appointment of Colin K. Benner as its new Chief Executive Officer and Vice Chair effective March 1, 2008. Mr. Benner will be replacing Ian Austin who leaves his position as President and Chief Executive Officer of the Corporation. Mr. Benner is an experienced mining executive and professional mining engineer who has more than 40 years experience in the mining industry. Most recently Mr. Benner held the position of CEO and Vice Chairman of Lundin Mining Corp. Previously he held positions of President and CEO of Breakwater Resources Ltd. and CEO and Vice Chairman of EuroZinc Mining Corp. Mr. Benner is very pleased to be joining Skye, and has said:

"A great deal has been accomplished in building Skye over the past few years and I am looking forward to working with its management team in carrying on where Ian has left off. Having a world class brownfield nickel project under development in a robust base metal market is a unique opportunity and provides an excellent platform for Skye, as well as its shareholders, for success. While constructing and putting the Fenix Project into production will continue to be the primary focus of Skye, we are cognizant of other opportunities that may well avail themselves to the Corporation and provide additional avenues for Skye's growth and possible diversification. We are in a truly amazing period, in the mining and metals business, that has all the indications of lasting for several decades and Skye has all the ingredients in the recipe for success in this market."

Mr. Austin will assist Mr. Benner with his transition to the Corporation and stated:

"I will be stepping aside from my position of President and CEO at Skye but will remain on the Board of Directors of the Corporation. I am delighted with the appointment of Colin Benner to lead the management team at Skye."

Mr. Gordon Bacon, the Chairman of the Board of the Corporation stated:

"Ian Austin has provided excellent leadership in moving Skye to its current stage of development, and the Board of Directors recognizes and appreciates the significant progress he has made in advancing the Fenix Project to this stage."

In connection with his appointment, Mr. Benner will be entering into an employment contract agreement with the Corporation that is subject to the customary regulatory approvals.

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 2007 Skye received its environmental permits for the project, completed basic engineering and filed a Technical Report. Skye is preparing to initiate construction once financing is in place.

Cautionary Notices:

This news 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. Forward-looking statements may include mineral reserve and resource estimates and estimates of future potential and production, and are based on current expectations and beliefs concerning future developments and their potential effects on Skye. Factors that could cause actual results to differ materially from any forward-looking statement include, but are not limited to variations in the grade and recovery of ore from estimated amounts; fluctuations in global demand, supply of and price for nickel; inability to obtain financing, on commercially suitable terms; delays in obtaining or failures to obtain required governmental, environmental or other project permits, licenses or approvals; failure to build and maintain good relationships with the local community; illegal land occupations; changes in the regulatory environment; unforeseen geological, physical or meteorological conditions; natural disasters; labor shortages or stoppages; industrial disputes; political factors; and other factors including those described under the heading "Risk Factors" in Skye's most recent Annual Information Form filed on Sedar. The forward-looking statements included in this news release represent Skye's views as of the date of this news release. While Skye anticipates that subsequent events and developments may cause its views to change, it specifically disclaims any obligation to update these forward-looking statements. These forward-looking statements should not be relied upon as representing its views as of any date subsequent to the date of this news release. All subsequent written and oral forward-looking statements attributable to Skye or persons acting on its behalf are expressly qualified in their entirety by this notice.

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