Skye Resources Inc. TSX: SKR

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 18, 2008) - Skye Resources Inc. ("Skye") (TSX:SKR) has called a meeting of shareholders, optionholders and holders of Deferred Share Units to approve the proposed business combination between Skye Resources Inc. and HudBay Minerals Inc. ("HudBay") (TSX:HBM) (see news release dated June 23, 2008 titled HudBay Minerals and Skye Resources Announce Proposed Business Combination).

The meeting will be held on August 19, 2008 at 10 a.m. PDT at the Marriott Pinnacle Downtown Hotel, 1128 West Hastings Street, Vancouver, BC. A proxy circular containing details of the transaction is expected to be mailed on July 22, 2008. The record date for notice and voting at the meeting is the close of business on July 16, 2008.

The Supreme Court of British Columbia granted the Interim Order on July 18, 2008 providing for the calling and holding of the meeting and certain other procedural matters related to the meeting. Subject to the approval at the meeting, a final hearing on the arrangement will be held by the Court on or after August 22, 2008.

Cautionary Notice: This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation and United States securities laws. Forward-looking information includes, but is not limited to, information concerning the proposed business combination between HudBay and Skye and matters relating thereto. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "does not anticipate", or "believes" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur", or "be achieved". Forward-looking information is based on the opinions and estimates of management at the date the information is made, and is based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. Assumptions upon which such forward-looking information is based include, without limitation, that the shareholders of Skye will approve the transaction, that all required third party regulatory and governmental approvals to the transaction will be obtained and all other conditions to completion of the transaction will be satisfied or waived. Many of these assumptions are based on factors and events that are not within the control of HudBay or Skye and there is no assurance they will prove to be correct. Factors that could cause actual results to vary materially from results anticipated by such forward-looking information include risk factors discussed in the Annual Information Form for the year ended December 31, 2007 available at www.sedar.com. Although Skye has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Skye undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking information.

This news release and the information contained herein does not constitute an offer of securities for sale in the United States and securities may not be offered or sold in the United States absent registration or exemption from registration.