VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 1, 2011) - Skyharbour Resources Ltd. (News - Market indicators) (the "Company") announces that following its 10 old for 1 new share consolidation, the Company it has cancelled 918,987 post consolidated stock options previously granted to its directors, officers, consultants and management company employees.
The Company also announces it has agreed with its joint venture partner, Cypress Development Corp. (TSX VENTURE:CYP) ("Cypress"), to a dilution of its interest in the Broulan Reef gold property located in the Red Lake District, Ontario, from a 17.5% interest to a 15.67% in lieu of outstanding property expenditures of $218,562. Following the dilution, Cypress will hold a 84.33% in Broulan Reef property.
About Skyharbour Resources Ltd.:
Skyharbour Resources Ltd. is a gold and base metal exploration company developing projects in the Red Lake district of northwestern Ontario, Canada.
To find out more about Skyharbour Resources Ltd. (News - Market indicators), visit the Company's website at www.skyharbourltd.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Donald C. Huston, President
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
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Skyharbour Res. is a uranium exploration company based in Canada.
Skyharbour Res. holds various exploration projects in Canada.
Its main exploration properties are SOUTH BAY, MCKENZIE ISLAND, SIDACE LAKE, HEYSON, BROULAN REEF and BAIRD in Canada.