Skyharbour Resources Ltd has entered into an agreement to acquire approximately 1560 acres (39 mineral claim units) of a prospective gold property to the immediate north-northwest of Sabina Resources Ltd.'s Golden Sidewalk property in the Red Lake area, Northwestern Ontario.
The Skyharbour SHABU LAKE property is located in Balmer Assemblage volcanic rocks situated on the western flank of the known Birch - Uchi / Confederation Lake greenstone belt. The Balmer Assemblage rock types are the known host rocks of the major producing gold mines of Placer Dome and Goldcorp in the Red Lake gold camp. Limited previous exploration has identified at least 2 (gold, pyrite, calcopyrite) zones on the property. The Company is of the opinion that the known balmer assemblage of rocks covering the property has the potential to host other significant gold occurrences.
Option Agreement --SHABU LAKE property
Skyharbour will earn a 100% interest, subject to a 2% net smelter return royalty (NSR), in the SYH SHABU LAKE claim group by:
1. Paying $5000 and issuing 25,000 Skyharbour Resources Ltd. shares upon TSX Venture Exchange approval of filing.
2. $69,500 in stages over a four-year period and issuing 105,000 Skyharbour shares.
3. Skyharbour may purchase 1/2 of the 2% NSR for a one time payment of $1 -million dollars.
About Skyharbour Resources Ltd.:
Skyharbour Resources is a mineral exploration company that focuses on the acquisitions of and exploration of gold projects in Northwestern, Ontario. It has options or interests in 8 mineral properties totaling approx. 26,500 acres located in the Red Lake greenstone belt.
ON BEHALF OF THE BOARD OF DIRECTORS
DONALD C. HUSTON
President
For further information contact myself or:
Don Myers
Skyharbour Resources Ltd..
Corporate Communications
Telephone: 604-687-3376
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@skyharbourltd.com
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responsibility for the adequacy or accuracy of the content of this news release.