Skyharbour Divests Non-Core Assets to Focus on Uranium Projects in the Athabasca Basin, Saskatchewan
February 18 2014 - 6:00AM
Marketwired
Skyharbour Divests Non-Core Assets to Focus on Uranium Projects in
the Athabasca Basin, Saskatchewan
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb 18, 2014) -
Skyharbour Resources Ltd. (TSX-VENTURE:SYH)(PINKSHEETS:SYHBF) (the
"Company") announces that it has signed a definitive agreement to
sell its 100% interest in the South Bay Project and its 20%
interest in the McKenzie Island Project to Cypress Development
Corp. (TSX-VENTURE:CYP). In consideration for the property
interests, Cypress will pay $40,000 in cash and issue 1 million
common shares to Skyharbour.
Jordan Trimble, President and CEO of Skyharbour, stated: "This
divestiture of non-core assets is consistent with Skyharbour's goal
of building a preeminent uranium exploration and development
company. We have successfully monetized our interest in these
legacy properties while still benefiting from any exploration
upside potential on them with our shareholdings in Cypress. We are
rapidly advancing our portfolio of uranium projects in the Basin,
and this deal allows us to keep focused on the task at hand."
Skyharbour and Cypress boards have common directors. The closing
of the acquisition by Cypress is subject to standard conditions,
including regulatory and TSX Venture Exchange approval.
The Company also announces that pursuant to its stock option
plan, Skyharbour has granted incentive stock options to its various
directors, officers, employees and consultants to purchase up to an
aggregate of 2,900,000 common shares in the capital stock of the
Company, exercisable for a period of five years, at a price of
$0.115 per share. The Company's 10% rolling stock option plan was
approved by shareholders at the Annual General Meeting of the
Company held on August 22, 2013. These options are subject to a
four-month hold period.
About Skyharbour Resources Ltd.:
Skyharbour Resources Ltd. is a uranium exploration company and a
member of the Western Athabasca Syndicate which controls a large,
geologically prospective land package consisting of five properties
(287,130 hectares or 709,513 acres) in the Athabasca Basin of
Saskatchewan. $6,000,000 in combined exploration expenditures over
the next two years is planned on these properties, $5,000,000 of
which is being funded by the three partner companies. Skyharbour
also maintains a diverse portfolio of precious and base metal
projects in the Red Lake district of Ontario. The Company has 44.6
million shares outstanding with insiders owning over 25% of the
outstanding shares. Skyharbour's goal is to maximize shareholder
value through new mineral discoveries, committed long-term
partnerships, and the advancement of exploration projects in
geopolitically favourable jurisdictions.
To find out more about Skyharbour Resources Ltd.
(TSX-VENTURE:SYH) visit the Company's website at
www.skyharbourltd.com.
SKYHARBOUR RESOURCES LTD.
JORDAN P. TRIMBLE, President and CEO
NEITHER THE TSX-VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE
CONTENT OF THIS NEWS RELEASE.
This release includes certain statements that may be deemed to
be "forward-looking statements". All statements in this release,
other than statements of historical facts, that address events or
developments that management of the Company expects, are
forward-looking statements. Although management believes the
expectations expressed in such forward-looking statements are based
on reasonable assumptions, such statements are not guarantees of
future performance, and actual results or developments may differ
materially from those in the forward-looking statements. The
Company undertakes no obligation to update these forward-looking
statements if management's beliefs, estimates or opinions, or other
factors, should change. Factors that could cause actual results to
differ materially from those in forward-looking statements, include
market prices, exploration and development successes, continued
availability of capital and financing, and general economic, market
or business conditions. Please see the public filings of the
Company at www.sedar.com for further information.
Skyharbour Resources Ltd.Don MyersDirector604-687-3376 or Toll
Free:
800-567-8181604-687-3119info@skyharbourltd.comwww.skyharbourltd.com
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