Skyharbour Resources Ltd.
TSX VENTURE : SYH

Skyharbour Resources Ltd.

November 07, 2005 10:08 ET

Skyharbour Resources Ltd.: Exploration Program Begins on McKenzie Island Gold Project, Red Lake, Ontario

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 7, 2005) - Skyharbour Resources Ltd. (TSX VENTURE:SYH) announces that it now mobilizing an exploration crew on to its 20% owned, Cypress Development Corp. (TSX.V: CYP) 80% owned, McKenzie Island property located in the heart of the Red Lake gold camp, Northwestern Ontario. The property is adjoined on its east boundary by the Southern Star / Exall Resources Gold Eagle property, who are currently proceeding with a successful major drill program. Skyharbour & Cypress Development will establish a permanent grid (50-metre line spacing) and then follow up immediately with an Induced Polarization (IP) geophysical survey and a ground magnetic survey.

The Companies have completed detailed programs of till sampling with follow up prospecting and soil sampling (MMI) in areas of elevated gold-in-tills with the objective to identify settings on the property that could potentially host significant gold deposits. Several of the till sites along the south shore of Skyharbour's McKenzie Island property are shown to contain elevated gold counts from the assaying (site MO18 - 2460 ppb/Au, MO22 - 3023ppb/au, and MO3 - 6575 ppb/au).

Map: http://www.skyharbourltd.com/i/maps/CYP-McKenzie-Island.gif

Exploration to date by Skyharbour & Cypress Development has identified 4 main target settings that warrant detailed additional work. The establishment of a grid and detailed geophysics at this time is being done on the McAndrew East Zone and is intended to further define prioritized diamond drill targets. The Companies intend to commence their winter 2005 / 2006 drill program on their McKenzie Island property as soon as freeze up is complete.

A total of 19.2 million ounces of gold have been produced from 13 mines in the Red Lake area. Gold production has been continuous since 1930 when the Howey Gold Mine entered production. Current gold production is around 700,000 ounces per year from the Campbell mine of Placer Dome and the Red Lake mine of Goldcorp.

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

The Company announces a correction to its news release dated October 14, 2005; the number of options granted is 840,000 at $0.10.

Skyharbour Resources announces that it has cancelled its option agreement to acquire three mineral claims located in the Shabu Lake Area, Red Lake District, Kenora Mining Division, Ontario. The Company feels that further property and option expenditures are not warranted at this time. The Company will not be proceeding at this time with its 6,000,000 units private placement announced by news release dated September 21, 2005.

About Skyharbour Resources Ltd.:

Skyharbour Resources Ltd. is a gold exploration company that focuses on the acquisition and exploration of projects in Northwestern, Ontario. The Company has options or interests in 6 mineral properties located in the Red Lake greenstone belt.

To find out more about Skyharbour Resources Ltd. (TSX.V: SYH), visit their website at www.skyharbourltd.com.

ON BEHALF OF THE BOARD OF DIRECTORS

"Jim Pettit"

JAMES G. PETTIT

Director

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.
    Don Myers
    VP Corporate Communications
    (604) 687-3376 or Toll Free: (800) 567-8181
    or
    Skyharbour Resources Ltd.
    James G. Pettit
    Director
    (604) 687-3376 or Toll Free: (800) 567-8181
    (604) 687-3119 (FAX)
    Email: info@skyharbourltd.com
    Website: www.skyharbourltd.com