Sky Ridge Resources Ltd. Completes Debt Settlement

NOT FOR DISTRIBUTION TO A US NEWSWIRE SERVICE OR FOR THE DISSEMINATION IN THE
UNITED STATES.


Sky Ridge Resources Ltd. (NEX:SYR.H) announced today that it has settled $2.7
million in outstanding debt through the issuance of 54,000,000 common shares, at
a deemed price of $0.05 per share. The securities have a hold period expiring
April 28, 2008. Upon settlement of the debt, all outstanding subscription
receipts of the Company, which were issued on December 20, 2007 on completion of
the Company's $1.1 million private placement, were converted, resulting in the
issuance of 23,100,000 common shares and 23,100,000 share purchase warrants.
Each warrant entitles the holder to purchase an additional share at a price of
$0.10 per share on or before December 20, 2008.


The Radcliffe Foundation of 595 Burrard Street, Suite 3123, Vancouver, B.C. V7X
1J1, was issued an aggregate of 32,250,000 common shares in connection with the
debt settlement and conversion of subscription receipts, representing 40.6% of
the Company's current outstanding capital. It also owns an additional 7,450,000
share purchase warrants and 2,000,000 stock options. The Company is advised that
the securities were acquired by the Radcliffe Foundation for investment
purposes. While it does not currently have any intention to acquire further
securities of the Company, the Radcliffe Foundation may in the future acquire or
dispose of securities of the Company, through the market or otherwise, as
circumstances or market conditions warrant.


Statements included in this announcement, including statements concerning our
plans, intentions and expectations, which are not historical in nature are
intended to be, and are hereby identified as, "forward-looking statements" for
purposes of the safe harbor provided by Section 21E of the Securities Exchange
Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements may be identified by words including "anticipates",
"believes", "intends", "estimates", "expects" and similar expressions. The
company cautions readers that forward-looking statements, including without
limitation those relating to the company's future operations and business
prospects, are subject to certain risks and uncertainties that could cause
actual results to differ materially from those indicated in the forward-looking
statements.

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