Skyharbour Announces Non-Brokered Private Placement and Additional Land Acquisition on the East Side of the Athabasca Basin o...
29 January 2015 - 6:30PM
TSX-V Trading Symbol: SYH
Email: info@skyharbourltd.com
January 29, 2015
Vancouver, BC -
Skyharbour Resources Ltd. (TSX-V: SYH) (OTC Grey: SYHBF)
(Frankfurt: SC1N) (the "Company") is pleased to announce it has
recently staked an additional 6,425 hectares of prospective land in
three claims attached to its 100% owned Way Lake Uranium Project
via cost-effective online staking. The new, entire property package
will be renamed the Falcon Point Uranium Project ("the Property").
Located 60 km east of the Key Lake Mill, these new acquisitions are
part of the Company's objective to stake highly prospective ground
in the Athabasca Basin region close to the basin margin and thus
targeting mineralization that is shallow, basement-hosted and high
grade. These claims enhance Skyharbour's current portfolio of
uranium properties and further bolster the Company's presence on
the east side of the basin.
Skyharbour's
Uranium Project Portfolio in the Athabasca
Basin:
http://skyharbourltd.com/_resources/maps/SYH_Landpackage_2014_lrg.jpg
The Falcon Point Property
(formerly Way Lake property) now covers 79,003 hectares on the
east side of the Basin and is winter road accessible. A NI
43-101 mineral resource estimate was released in 2012 on the
Property for the JNR Fraser Lakes Zone B deposit consisting of 7.0
million pounds U3O8 inferred at an average grade of 0.03% U3O8 and
5.3 million pounds ThO2 inferred at an average grade of 0.023% ThO2
within 10.4 million tonnes using a cutoff grade of 0.01% U3O8. At
the north end of the Property at the Hook Lake target, high grade
mineralization had been discovered with up to 48% U3O8 in historic
grab samples from a massive pitchblende vein. The source of this
high grade uranium mineralization has yet to be determined.
Falcon Point
(Way Lake) Uranium Project Geophysics Map:
http://skyharbourltd.com/_resources/SYH_Way_Lake_Zones_Map.jpg
Skyharbour is planning a winter
drill program on the Falcon Point Uranium Project which will be the
Company's first work program on the Property since acquiring it
from Denison Mines in the summer of 2014. Skyharbour has received a
recommendations report for additional work and drilling on the
project from its geological team and a final program is being
formulated. This program will focus on diamond drilling
high-priority targets including areas in and around the current
uranium/thorium resource at the JNR Fraser Lakes target.
Exploratory drilling to vector in on the source of the 48% U3O8
grab sample at the Hook Lake target is also being considered.
Non-Brokered
Private Placement:
Skyharbour also announces that it
has arranged a non-brokered private placement of up to 10,000,000
units (the "Unit") at a price of $0.05 per unit to raise proceeds
of up to $500,000. Each Unit consists of one common share and
one non-transferable share purchase warrant (the "Warrant"). Each
Warrant will entitle the holder to purchase one common share for a
period of five years at a price of $0.075 per share. The Company
intends to utilize the proceeds from this private placement for
further property exploration and for general working capital
purposes.
A finder's fee of up to 7% cash
and 7% non-transferable warrants (the "Finder's Warrants") may be
paid in connection with part of this private placement. Each
Finder's Warrant will entitle the finder to purchase a common share
at a price of $0.075 per share for a period of five years from the
closing date of the private placement.
The private placement is subject
to TSX Venture Exchange acceptance.
Qualified
Person:
The technical information in this
news release has been prepared in accordance with the Canadian
regulatory requirements set out in National Instrument 43-101 and
reviewed and approved by Richard Kusmirski, P.Geo., M.Sc.,
Skyharbour's Head Technical Advisor and a Director, as well as a
Qualified Person.
About Skyharbour
Resources Ltd.:
Skyharbour Resources Ltd. is a
uranium exploration company and the operator 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.
Approx. $3,750,000 of the planned $6,000,000 in combined
exploration expenditures over a two year period has been invested
in the properties thus far, the bulk of which is being funded by
the three partner companies. Skyharbour also owns a 100% interest
in the Falcon Point (formerly Way Lake) Uranium Project on the east
side of the Basin which hosts an NI 43-101 compliant inferred
resource totaling 7.0 million pounds of U3O8 at 0.03% and 5.3
million pounds of ThO2 at 0.023%. Skyharbour owns a 60% interest in
the Mann Lake Uranium project on the east side of the Basin
strategically located 25 km southwest of Cameco's McArthur River
Mine. The Company has 57 million shares outstanding with insiders
owning over 20% 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-V: SYH) visit the Company's website at
www.skyharbourltd.com.
SKYHARBOUR RESOURCES LTD.
"Jordan Trimble"
Jordan Trimble
President and CEO
For further information contact myself or:
Don Myers
Director
Skyharbour Resources Ltd.
Telephone: 604-687-3376
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@skyharbourltd.com
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.
Suite 1610 - 777 Dunsmuir Street,
Vancouver, BC, Canada, V7Y 1K4
www.skyharbourltd.com
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Skyharbour Resources Ltd. via Globenewswire
HUG#1890278
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