Skye Resources Inc.

Skye Resources Inc.

June 24, 2008 12:39 ET

Vale Inco Notifies Skye it Will Not Exercise Pre-Emptive Financing Right

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 24, 2008) - Skye Resources Inc. ("Skye") (TSX:SKR) has received notice from Vale Inco Limited ("Vale Inco"), that Vale Inco will not be exercising its pre-emptive financing right to participate in Skye's $95 million private placement financing with HudBay Minerals Inc. announced yesterday, which would have maintained Vale Inco's current approximate 11.0% equity interest in Skye (see news release dated June 23, 2008 titled HudBay Minerals and Skye Resources Announce Proposed Business Combination).

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 including those risk factors discussed in Skye's Annual Information Form for the year ended December 31, 2007 and other recent regulatory filings on 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. 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 except as required by law. 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.

This news release and the information contained herein does not constitute an offer of securities for sale in the United States and securities may not be offered or sold in the United States absent registration or exemption from registration.

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