Selkirk Metals Corp.
TSX VENTURE : SLK

Selkirk Metals Corp.

July 20, 2009 07:00 ET

Selkirk Metals Corp.: Ruddock Creek Project 43-101 Resource Estimate

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 20, 2009) - Selkirk Metals Corp. (TSX VENTURE:SLK) ("Selkirk" or the "Company") is pleased to provide this 43-101 compliant resource for the E Zone on the Ruddock Creek Property, British Columbia. The report, dated July 15, 2009, entitled "Mineral Resource Estimate Ruddock Creek Project - Kamloops Mining Division, British Columbia", was prepared by Ronald G. Simpson, P.Geo. of GeoSim Services Inc. and Jim Chapman, P. Geo., "qualified persons" for the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

The following table shows the indicated and inferred tonnages and grades at a range of cutoff grades. Metal prices used in the determination of the base case cut-off grade were $0.85/lb for zinc and $0.65/lb for lead. The E Zone remains open down plunge to the west and additional drilling is expected to significantly increase the tonnage of this resource.



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INDICATED INFERRED
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Cutoff
Grade % Tonnes % comb Tonnes % comb
Pb+Zn 000's % Zn % Pb Pb+Zn 000's % Zn % Pb Pb+Zn
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1.0 3,062 6.46 1.33 7.79 1,654 6.13 1.20 7.33
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2.0 2,847 6.85 1.41 8.26 1,648 6.14 1.20 7.34
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3.0 2,613 7.28 1.50 8.78 1,614 6.23 1.21 7.44
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4.0 2,338 7.79 1.61 9.40 (i) 1,492 6.50 1.26 7.76 (i)
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5.0 2,012 8.43 1.75 10.18 1,336 6.82 1.31 8.13
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6.0 1,731 9.06 1.89 10.95 1,038 7.44 1.45 8.89
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7.0 1,490 9.64 2.02 11.66 794 8.05 1.57 9.62
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8.0 1,257 10.29 2.15 12.44 589 8.68 1.69 10.37
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Note: (i) indicates Base Case Scenario.


Block grades were estimated using ordinary kriging constrained by zone domains. Three kriging passes with incremental search distances were implemented. Blocks estimated in the first two passes using a maximum anisotropic search distance of 31m were classified as indicated. Blocks estimated in the 3rd pass using a maximum anisotropic search distance of 100m were classified as inferred.

The E Zone has now been defined from surface outcrop down plunge for a length of approximately 1.2 kilometers. The E Zone is the only one of the 8 known mineralized zones on the property that has been drilled in sufficient detail to estimate a resource. It is located at the eastern end of the "Ruddock Creek Sulphide Horizon" (the "Horizon"), which has been defined in sufficient detail to confirm lateral continuity over a length of approximately 5 kilometers in an east-west direction. Along the Horizon, significant zones of mineralization include the Creek, T, U, V and Q Zones. In addition to historic exploration, which resulted in the discovery of these zones, Selkirk has conducted surface mapping, sampling, airborne, ground and bore hole geophysical surveys, and to date, limited diamond drilling on the Creek, U and Q Zones. Selkirk has completed 97 surface holes and 32 underground holes totaling 25,688 meters on the Property since 2004, in addition to the 7,244 meters of historical drilling carried out by Falconbridge and Cominco.

Every exploration program that has been conducted by Selkirk over the past 4 years has been successful in continuing to expand and define the high grade zinc, lead massive sulphide deposit within the Ruddock Creek Property. Company management will strive to continue this excellent record of success and to build upon the resource that has been currently defined within the Property.

The goal of future exploration programs will be to define additional tonnages of this mineralization both within the E Zone and in the other known zones along the trace of the Ruddock Creek Sulphide Horizon. Any additional resources will obviously add significant value to the Property, potentially increasing the mine life of any planned operation, and enhancing shareholder value. The 40 man camp with related shop, storage and core logging and processing facilities onsite is presently being reopened for the 2009 field program.

The contents of this news release has been reviewed by the Company's Qualified Person (as defined by NI 43-101), Jim Miller-Tait, P.Geo., Vice President of Exploration. A full text version of the Ruddock Creek Property resource estimate will be filed on SEDAR and will be available at www.sedar.com under the Company's profile and can also be found by visiting the Company's website at www.selkirkmetals.com.

The Company has also updated its Corporate Presentation and released a Summary of Operations - March 2009 which can be viewed at the Company's website links below:

Link to Corporate Presentation:

http://www.selkirkmetals.com/presentation/slide1.htm

Link to Summary of Operations:

http://www.selkirkmetals.com/i/pdf/Selkirk-Summary-of-Operations-April-09.pdf

On Behalf of the Board of Directors:

Gordon Keevil, President

This release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration and development activities and events or developments that 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. 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 our public filings at www.sedar.com for further information.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of content of this press release.

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