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Skyharbour Resources Ltd: Skyharbour Announces Binding Term Sheet to Option up to 70% of a Portion of the Preston Uranium Project for up to $8 Million in Projec

VANCOUVER, British Columbia, Dec. 15, 2016 (GLOBE NEWSWIRE) -- Skyharbour
Resources Ltd.

(TSX-V:SYH) (OTCQB:SYHBF) (Frankfurt:SC1N) (the "Company"), in conjunction
with Preston Uranium Project partner Clean Commodities Corp. ("Clean
Commodities") (TSX-V:CLE), is pleased to announce the signing of a binding
term sheet (the "Term Sheet") with a uranium company (the "Partner") which
provides that the parties will work to negotiate a definitive option
agreement that, if entered into by March 15th, 2017, would provide the
Partner an option to acquire up to a 70% working interest in a portion of the
Preston Uranium Project (the "Preston Segment"). In consideration for the 70%
interest, the Partner would be required to spend up to CAD $8 million
consisting of cash payments to the Company and Clean Commodities and
accelerating exploration programs.

Preston Uranium Project Claims Map:

Skyharbour's President and CEO, Jordan Trimble commented: "We are very pleased
and excited to have the potential opportunity to work with a new partner to
further advance the central portion of the Preston Uranium Project. The
Preston Project is a strategic, district-scale property with robust
exploration upside potential throughout and is located near recent high grade
discoveries in the Patterson Lake area including NexGen's Arrow deposit,
Fission's Triple R deposit, and the Spitfire discovery. The signing of this
Term Sheet is a significant milestone for Skyharbour as the Company continues
to value-add its project base in the Athabasca Basin through focused mineral
exploration as well as the prospect generator model and associated strategic

Highlights of the Binding Term Sheet:

* Outlines the general terms of a potential Definitive Agreement whereby the
Partner may earn up to a 70% interest in the Preston Segment totaling
52,428 hectares of the total 121,148 hectare Preston Project through $8
million of total project consideration over six years, including up to
$7,300,000 of exploration work programs and $700,000 of cash payments.
* If carried to completion, a three-way joint venture would form allocated as
to 70% Partner and 30% to be jointly split between Skyharbour and Clean
* Skyharbour and Clean Commodities would continue to retain ownership (50% /
50%) of the balance of the Preston Uranium Project consisting of a further
68,720 hectares of minerals claims contiguous to the Preston Segment
optioned to the Partner.
* The Preston Uranium Project is one of the largest tenure positions in the
Patterson Lake region and currently consists of 121,148 hectares
strategically located near NexGen Energy Ltd.'s high-grade Arrow deposit
hosted on its Rook-1 property and Fission Uranium Corp.'s Triple R deposit
located within their PLS Project area.

Preston Uranium Property Map and Regional Exploration Corridors:

The significant potential of the Western Athabasca Basin has been highlighted
by recent discoveries in the area by NexGen Energy Ltd. (Arrow), Fission
Uranium Corp. (Triple R) and a joint-venture consisting of Cameco
Corporation, AREVA Resources Canada Inc. and Purepoint Uranium Group Inc.
(Spitfire). Through its involvement in the Western Athabasca Syndicate and
the Preston Uranium Project, the Company has been involved in a large
regional exploration program in the relatively under-explored southwestern
side of the Athabasca Basin since 2013. In excess of $4.7 million in
expenditures on the Preston Uranium Project have been incurred to-date
including ground gravity, airborne and ground EM and magnetics, radon, soil,
silt, biogeochem, lake sediment, and geological mapping surveys, as well as
two exploratory drill programs. Fifteen high-priority drill target areas
associated with six prospective exploration corridors have been successfully
delineated through this methodical, multi-phased exploration initiative which
has culminated in an extensive, proprietary geological database for the
project area.

The Term Sheet was signed by all parties on December 14th, 2016 and represents
an arm's length transaction with no finder's fees being paid.

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

About Skyharbour Resources Ltd.:

Skyharbour holds an extensive portfolio of uranium and thorium exploration
projects in Canada's Athabasca Basin and is well-positioned to benefit from
improving uranium market fundamentals with five drill-ready projects. In July
2016, Skyharbour acquired an option from Denison Mines to acquire 100% of the
Moore Lake Uranium Project which is located 20 kilometres east of Denison's
Wheeler River project and 39 kilometres south of Cameco's McArthur River
mine. Moore Lake is an advanced stage uranium exploration property with over
$30 million in historical exploration, 370 diamond drill holes, and a
high-grade uranium zone known as the Maverick Zone with drill results
including 4.03% eU3O8 over 10 metres at a vertical depth of 265 metres. The
Company owns a 100% interest in the Falcon Point (formerly Way Lake) Uranium
Project on the eastern perimeter of the Basin which hosts an NI 43-101
inferred resource totaling 7.0 million pounds of U3O8 at 0.03% and 5.3
million pounds of ThO2 at 0.023%. The project also hosts a high-grade surface
showing with up to 68% U3O8 in grab samples from a massive pitchblende vein,
the source of which has yet to be discovered. Skyharbour also has a 50%
interest in the large, geologically prospective Preston Uranium Project
proximal to Fission Uranium's Triple R deposit as well as NexGen Energy's
Arrow deposit. The Company's 100% owned Mann Lake Uranium project on the east
side of the Basin is strategically located adjacent to the Mann Lake Joint
Venture operated by Cameco, where high-grade uranium mineralization was
recently discovered. 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

Skyharbour's Uranium Project Map in the Athabasca Basin:

To find out more about Skyharbour Resources Ltd. (TSX-V:SYH) visit the
Company's website at


"Jordan Trimble"

Jordan Trimble
President and CEO

For further information contact myself or:
Nick Findler
Corporate Development and Communications
Skyharbour Resources Ltd.
Telephone: 604-687-3850
Toll Free: 800-567-8181
Facsimile: 604-687-3119


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 for further information.

This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq 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

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