Skyharbour Resources Ltd.
TSX VENTURE : SYH

Skyharbour Resources Ltd.

April 17, 2008 16:00 ET

Skyharbour Discovers VMS in 100 Metre Step-Out Hole at Former South Bay Mine Project, NW Ontario

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 17, 2008) - Skyharbour Resources Ltd. (TSX VENTURE:SYH) (the "Company") is pleased to announce that step-out hole SB08-5 has encountered Volcanogenic Massive Sulfides (VMS) mineralization approx. 100 metres north of a previously announced discovery hole located 500 metres to the southwest of the former South Bay Mine shaft, 80 km east-northeast of Red Lake, Northwestern Ontario.

South Bay Claims Map, NW Ontario:
http://www.skyharbourltd.com/s/Image.asp?i=maps/SYH_South_Bay_Map_new.jpg

Hole SB08-5 zone of mineralization appears to be the stratigraphic equivalent of the lower zone of zinc bearing exhalite encountered in discovery hole SB08-4, announced by News Release April 3rd, 100 metres to the south. The mineralization consists of fine grained and finely banded sphalerite and pyrite between 456.9 and 459.9 metres in the hole. Hole SB08-5 was drilled with an azimuth of 270 degrees and a dip of 60 degrees.

Drill hole SB08-6 is now in progress from the same collar as SB08-5 at a shallower angle to test for the continuation of the upper zone encountered in discovery hole SB 08-4. SB08- 6 is being drilled at an azimuth of 250 degrees and a dip of 50 degrees.

These newly identified massive sulphide zones are in an area that has never been drilled tested in the past. Assays are pending.

Skyharbour Resources previously announced by News Release April 3rd and April 8th, 2008 that the Company intersected 2 zones of Volcanogenic Massive Sulphide (VMS) mineralization in drill hole SB08-4. SB08-5 seems to indicate that the VMS mineralization continues to the north northeast towards the shaft of the past producer South Bay Cu-Zn-Ag Mine. (Selco 1970 - 1982) and the zone of mineralization appears to be the stratigraphic equivalent of the lower zone of the sphalerite bearing exhalite encountered in SB 08-4. This may suggest multiple or stacked mineralized horizons which is a common feature of VMS deposits.

Additional drilling is planned for this phase 1 drill program on the South Bay property. Skyharbour Resources it will add an additional 4000 metres of drilling to the program at this time.

The Company also announces it will immediately conduct a detailed Magnetometer survey over the new discovery area on claims KRL 1234298, KRL 1144258, KRL 1184143, and KRL 1144261. This will enable Skyharbour to further identify and delineate geological structure interpreted from the "Titan 24" Magnetotelluric and DC Resistivity and Induced Polarization Surveys completed over the South Bay Mine Project in 2007. The detailed magnetometer data will enable the Company to take full advantage of the footage it is to drill.

Skyharbour Resources holds a 100% interest in the South Bay copper-zinc-silver project, located in Dent and Mitchell Townships about 80 km east-northeast of Red Lake, Northwestern Ontario. The 3,200 acres property covers the former South Bay copper-zinc-silver mine which produced 1.6 million tons of ore grading 2.3% Cu, 14.5% Zn, and 3.5 oz/t Ag (Selco 1978).

Skyharbour Resources currently has $2.8 million in working capital and no debt.

David J. Busch, B.A., B.Sc., PGeo., Vice President of Explorations, is the qualified person under the meaning of National Instrument 43-101 and has reviewed the data in this News Release.

About Skyharbour Resources Ltd.:

Skyharbour Resources Ltd. is a gold and base metal exploration company developing projects in the RED LAKE and RAINY RIVER districts of northwestern Ontario, Canada.

To find out more about Skyharbour Resources Ltd. (TSX VENTURE:SYH), visit the Company's website at www.skyharbourltd.com.

ON BEHALF OF THE BOARD OF DIRECTORS

DONALD C. HUSTON, President

This news release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the British Columbia Securities Commission and the United States Securities & Exchange Commission.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.

Contact Information

  • Skyharbour Resources Ltd.
    Donald C. Huston
    President
    (604) 687-3376 or Toll Free: 1-800-567-8181
    (604) 687-3119 (FAX)
    or
    Skyharbour Resources Ltd.
    Don Myers
    Director
    (604) 687-3376 or Toll Free: 1-800-567-8181
    (604) 687-3119 (FAX)
    Email: info@skyharbourltd.com
    Website: www.skyharbourltd.com