Skye Resources Inc.

Published : June 24th, 2008

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

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VANCOUVER, BC, 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 www.sedar.com 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.

 

FOR FURTHER INFORMATION PLEASE CONTACT:

 

Cindy Burnett

Vice President

Investor Relations

Tel: (604) 648-4133

cburnett@skyeresources.com

www.skyeresources.com

 

Skye Resources Inc.

EXPLORATION STAGE
CODE : SKR.TO
ISIN : CA83081N1078
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Skye Res. is a nickel exploration company based in Canada.

Skye Res. holds various exploration projects in Guatemala.

Its main exploration properties are FENIX and FENIX (EXMIBAL) in Guatemala.

Skye Res. is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 339.2 millions as of today (US$ 280.8 millions, € 190.0 millions).

Its stock quote reached its highest recent level on May 12, 2006 at CA$ 9.94, and its lowest recent point on August 27, 2008 at CA$ 6.66.

Skye Res. has 50 931 000 shares outstanding.

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Annual reports of Skye Resources Inc.
Annual Report 2007
Nominations of Skye Resources Inc.
6/19/2008Appoints David Bryson CFO
2/29/2008Appoints C. K. Benner as Chief Executive Officer and Vice Ch...
12/12/2007APPOINTS MORGAN STANLEY TO FINANCE FENIX PROJECT
Financials of Skye Resources Inc.
8/14/2008Announces Second Quarter Results
11/14/2007(Fenix (exmibal)) Announces Third Quarter Results and Updates Fenix Project
5/14/2007Announces first quarter results
Project news of Skye Resources Inc.
5/13/2008(Fenix) Updates Fenix Project and Announces Q1 Results
3/20/2008(Fenix)Fenix Project Update and 2007 Results
2/13/2008(Fenix) Reports Increased Resource Estimates for Fenix
9/19/2007files Fenix project Technical Report
Corporate news of Skye Resources Inc.
8/26/2008HudBay Minerals Completes Business Combination with Skye Res...
8/19/2008Securityholders Approve Business Combination with HudBay Min...
6/24/2008Vale Inco Notifies Skye it Will Not Exercise Pre-Emptive Fin...
6/23/2008HudBay and Skye Announce Proposed Business Combination
5/20/2008 COO Retires
5/6/2008Announces Director Change
3/27/2008John Bracale Joins Skye Resources
2/19/2008Successfully Completes Pilot Leaching Tests
1/30/2008Defers Fenix Project Financing in View of Credit Market Cond...
12/3/2007Announces New Director
10/30/2007announces power purchase agreement with Duke Energy Internat...
10/26/2007announces closing of previously announced unit offering and ...
8/29/2007provides Fenix project update
7/31/2007announces agreement with Guatemalan government
7/3/2007announces receipt of construction permit for Fenix project
6/8/2007receives environmental permits for Fenix Project
4/23/2007nominates three new directors
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TORONTO (SKR.TO)FRANKFURT (S7R.F)
6.66+0.30%4.30-0.23%
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