Skyharbour Updates Drilling at South Bay Mine Project, NW Ontario: Financial News

Skyharbour Updates Drilling at South Bay Mine Project, NW Ontario
Thursday May 8, 12:06 pm ET

VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--May 8, 2008 -- Skyharbour Resources Ltd. (CDNX:SYH.V - News) (the "Company") announces that the drill program on its base metal discovery located approximately 500 metres to the southwest of the past producing South Bay mine, 80 km east-northeast of Red Lake, Northwestern Ontario is continuing through spring break up.

Map of South Bay Mine and New Discovery Area:

http://www.skyharbourltd.com/i/maps/SYH-NewDisc.gif

Drilling to date has tested a 180 metre strike length with 4 holes completed. Zinc-copper bearing intervals have been encountered in 3 of the 4 holes completed. The zinc bearing exhalite horizon has a near vertical dip and occurs near the stratigraphic top of an irregular zone of heavily altered dacite brecciation.

Skyharbour is of the opinion that the mineralization encountered in holes SB08-4 to SB08-6 are within an extension of the stratigraphy that is host to the past producer South Bay Mines. The Company is also of the belief that there remains a very large unexplored and drill untested area to the southwest of the past mine site.

South Bay Mine and New Discovery Chargeability Anomaly:

http://www.skyharbourltd.com/i/maps/SYH-ChargeAnom.gif

Skyharbour Resources provides below an update on the drilling to date:

SB08-4 drill hole was collared approx. 500 metres to the southwest of the South Bay mine shaft and encountered 2 volcanogenic massive sulphides (VMS) zones and was drilled at an azimuth of 270 degrees with a dip of 60 degrees. An intersection from 357.5 to 368.8 metres encountered massive suphides with assays previously reported. An intersection from 387.0 to 396.6 encountered zinc rich exhalite with assays pending.

SB08-5 drill hole was collared 80 metres north of hole SB08-4 and was drilled at an azimuth of 270 degrees with a dip of 60 degrees. An intersection from 456.9 to 459.6 metres encountered zinc rich exhalite with assays pending.

SB08-6 drill hole was collared at the same site as hole SB08-5 and was drilled at an azimuth of 250 degrees with a dip of 50 degrees. The intent was to encounter the VMS zone 50 metres vertically above the intercept in hole SB08-4. An intersection from 261.3 to 269.3 metres encountered VMS with assays pending.

SB08-7 drill hole was collared 100 metres south of hole SB08-4 and was drilled at an azimuth of 270 degrees with a dip of 60 degrees encountered similar stratigraphy as the previous holes including a altered dacite breccia zone with limited sulphides. Assays are pending.

SB08-8 drill hole is currently in progress and has been collared 100 metres west of hole SB08-4 at an azimuth of 270 degrees with a dip of 60 degrees. Plan is to test the western extension of the same Titan 24 anomaly.

The next two drill holes SB08-9 and SB08-10 are planned step-out holes to the north of the mineralized discovery zone and will be located approx. 350 metres southwest of the South Bay mine shaft in an attempt to show continuity between the two mineralized zones.

Assays are pending from core samples of a second zone of VMS mineralization identified in drill hole SB08-4 and VMS mineralization discovered in hole SB08-05 and SB08-06, which have been submitted to TSL Laboratory in Saskatoon.

The claims currently being drilled by Skyharbour were not owned by the previous mine operator during the full duration of their zinc-copper production stage (1970 - 1982). The previous producer and the landholder at the time could not come to terms on an exploration strategy on the acreage now held by Skyharbour Resources. The land that the Company currently holds is considered to have +800 metres of strike length extending to the southwest of the known past production. Skyharbour intends to follow and trace its new discovery zone of VMS as seen to date in holes SB08-4 to SB08-6 with a series of drill holes trending towards the mine shaft of the past producing South Bay mine.

Skyharbour Resources currently has approx. $3.0 million in working capital and no debt.

David J. Busch, B.A., B.Sc., PGeo., Vice President of Explorations, is the qualified person under the meaning of National Instrument 43-101 and has reviewed the data in this News Release.

About Skyharbour Resources Ltd.:

Skyharbour Resources Ltd. is a gold and base metal exploration company developing projects in the RED LAKE and RAINY RIVER districts of northwestern Ontario, Canada.

To find out more about Skyharbour Resources Ltd. (CDNX:SYH.V - News), visit the Company's website at www.skyharbourltd.com.

ON BEHALF OF THE BOARD OF DIRECTORS

Donald C. Huston, President

This news release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the British Columbia Securities Commission and the United States Securities & Exchange Commission.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.