Skye Resources Inc. (the "Corporation" or "Skye") (TSX:SKR) is pleased to announce the appointment of Colin K. Benner as its new Chief Executive Officer and Vice Chair effective March 1, 2008. Mr. Benner will be replacing Ian Austin who leaves his position as President and Chief Executive Officer of the Corporation. Mr. Benner is an experienced mining executive and professional mining engineer who has more than 40 years experience in the mining industry. Most recently Mr. Benner held the position of CEO and Vice Chairman of Lundin Mining Corp. Previously he held positions of President and CEO of Breakwater Resources Ltd. and CEO and Vice Chairman of EuroZinc Mining Corp. Mr. Benner is very pleased to be joining Skye, and has said:

"A great deal has been accomplished in building Skye over the past few years and I am looking forward to working with its management team in carrying on where Ian has left off. Having a world class brownfield nickel project under development in a robust base metal market is a unique opportunity and provides an excellent platform for Skye, as well as its shareholders, for success. While constructing and putting the Fenix Project into production will continue to be the primary focus of Skye, we are cognizant of other opportunities that may well avail themselves to the Corporation and provide additional avenues for Skye's growth and possible diversification. We are in a truly amazing period, in the mining and metals business, that has all the indications of lasting for several decades and Skye has all the ingredients in the recipe for success in this market."

Mr. Austin will assist Mr. Benner with his transition to the Corporation and stated:

"I will be stepping aside from my position of President and CEO at Skye but will remain on the Board of Directors of the Corporation. I am delighted with the appointment of Colin Benner to lead the management team at Skye."

Mr. Gordon Bacon, the Chairman of the Board of the Corporation stated:

"Ian Austin has provided excellent leadership in moving Skye to its current stage of development, and the Board of Directors recognizes and appreciates the significant progress he has made in advancing the Fenix Project to this stage."

In connection with his appointment, Mr. Benner will be entering into an employment contract agreement with the Corporation that is subject to the customary regulatory approvals.