Skyharbour Announces Share Issuance and Cash Payment to Azincourt Energy for the East Preston Joint Venture Project
Suite 1610 – 777 Dunsmuir Street, Vancouver, BC, Canada, V7Y 1K4
www.skyharbourltd.com
TSX-V Trading Symbol: SYH
Email: [email protected]
Telephone: (604) 687-3376
Facsimile: (604) 687-3119
August 22nd, 2023
NEWS RELEASE
Skyharbour Announces Share Issuance and Cash Payment to Azincourt Energy for the
East Preston Joint Venture Project
Vancouver, BC - Skyharbour Resources Ltd. (TSX-V: SYH) (OTCQX: SYHBF) (Frankfurt:
SC1P) (the “Company” or “Skyharbour”) announces that, pursuant to the joint venture agreement
(“the Agreement”) made between the Company and Azincourt Energy Corp. (“Azincourt”) with
relation to the East Preston Project (“the Property”) , the parties have agreed that , in lieu of
approximately CAD $543,000 exploration expenditures required to be made by the Company that
were incurred in the 2022 exploration program, the Company shall pay $150,000 and issue
1,000,000 common shares (the “Shares”) to Azincourt (see news release dated February 17th,
2021, for more information on the terms of the joint venture). Further, the Company elected not
to participate in the 2023 exploration program with flow through funds being allocated primarily to
its co-flagship Russell Lake Project, and thus the Company’s interest in the Property is reduced
from fifteen percent (15%) to nine and half percent (9.5%) pursuant to the Agreement.
The Shares shall be subject to a statutory hold period, as required under applicable securities
laws, and, in addition, 500,000 Shares shall be subject to voluntary hold period of eight (8) months
from issuance and shall bear a restricted legend with these restrictions.
About Skyharbour Resources Ltd.:
Skyharbour holds an extensive portfolio of uranium exploration projects in Canada's Athabasca
Basin and is well positioned to benefit from improving uranium market fundamentals with twenty-
four projects, ten of which are drill-ready, covering over 518,000 hectares (over 1.2 million acres)
of land. Skyharbour has acquired from Denison Mines, a large strategic shareholder of the
Company, a 100% interest in the Moore Uranium Project which is located 15 kilometres east of
Denison's Wheeler River project and 39 kilometres south of Cameco's McArthur River uranium
mine. Moore is an advanced -stage uranium exploration property with high -grade uranium
mineralization at the Maverick Zone that returned drill results of up to 6.0% U3O8 over 5.9 metres
including 20.8% U 3O8 over 1.5 metres at a vertical depth of 265 metres. Adjacent to the Moore
Uranium Project is Skyharbour’s recently optioned Russell Lake Uranium Project from Rio Tinto,
which hosts historical high -grade uranium drill inte rcepts over a large property area with robust
exploration upside potential. The Company is actively advancing these projects through
exploration and drill programs.
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Skyharbour has joint -ventures with industry - leader Orano Canada Inc. and Azincourt Energy
at the Preston and East Preston Projects, respectively, whereby Orano and Azincourt earned
majority interests in the projects through exploration expenditures, cash payments and share
issuances. Skyharbour also has several active earn-in option partners including: ASX-listed Valor
Resources at the Hook Lake Uranium Project; CSE-listed Basin Uranium Corp. at the Mann Lake
Uranium Project; CSE-listed Medaro Mining Corp. at the Yurchison Project; Yellow Rocks Energy,
a private Australian entity, at the Wallee and Usam Island projects; North Shore Energy Metals at
the South Falcon Project; and TSX-V listed Tisdale Clean Energy at the South Falcon East Project
which is host to the Fraser Lakes Zone B Uranium and Thorium Deposit.
Collectively, Skyharbour has now signed earn -in option agreements with partners that total to
over $37 million in partner -funded exploration expenditures, over $28 million worth of shares
being issued and over $19 million in cash payments coming into Skyharbour, assuming that these
partner companies complete their entire earn-ins at the respective projects.
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.
Skyharbour’s Uranium Project Map in the Athabasca Basin:
https://skyharbourltd.com/_resources/maps/SKY_SaskProject_Locator_V2A_20230727.jpg
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:
Nicholas Coltura
Corporate Development and Communications
Skyharbour Resources Ltd.
Telephone: 604-558-5847
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: [email protected]
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER
ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF
THIS NEWS RELEASE.
The securities offered have not been, and will not be, registered under the United States
Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws,
and may not be offered or sold in the United States or to, or for the ac count or benefit of, United
States persons absent registration or an applicable exemption from the registration requirements
of the U.S. Securities Act and applicable U.S. state securities laws. This press release does not
constitute an offer to sell or th e solicitation of an offer to buy securities in the United States, nor
in any other jurisdiction.
This release includes certain statements that may be deemed to be "forward-looking statements".
All statements in this release, other than statements of hist orical facts, that address events or
developments that management of the Company expects, are forward -looking statements,
including the Private Placement. Although management believes the expectations expressed in
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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 successe s, regulatory
approvals, 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.