Skye files Fenix project Technical Report

    TSX Symbol: SKR

    VANCOUVER, Sept. 18 - Skye Resources Inc. ("Skye") (TSX:SKR) today
announced that it has filed on SEDAR, www.SEDAR.com, a technical report (the
"Technical Report") required under National Instrument 43-101 in respect of
the update for the ferro-nickel smelting project at its Fenix nickel property
in Guatemala. The Technical Report, the results of which were announced in
Skye's August 29, 2007 news release, incorporates a revised power supply
strategy, all-road transportation and updated capital and operating costs
compared to the original feasibility study results announced on September 25,
2006. The Technical Report, together with a summary of the cash flow model
used to generate the updated economic results for the ferro-nickel project, is
also available at Skye's website, www.skyeresources.com.

    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 June 2007 Skye received its environmental
permits for the project and basic engineering is complete. Detailed
engineering has been initiated, long-lead orders are being placed and Skye
expects to initiate construction during the first quarter of 2008 with initial
production in late 2009. www.skyeresources.com

    Cautionary Notices:

    The Technical Report referred to in this 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. The forward-looking statements included in the
Technical Report represent Skye's views as of the date of the Technical
Report. While Skye anticipates that subsequent events and developments may
cause its views to change, it specifically disclaims any obligation to update
such forward-looking statements.

For further information: Andrew Grant, Vice President, Public Relations,
Tel: (604) 602-9500, agrant@skyeresources.com; Martti Kangas, Investor
Relations, The Equicom Group, Tel: (416) 815-0700 x 243,
mkangas@equicomgroup.com; David Feick, Investor Relations, The Equicom Group,
Tel: (403) 538-4787, dfeick@equicomgroup.com