Skeena Resources Limited
TSX VENTURE : SKE

September 26, 2007 12:45 ET

Skeena Provides Exploration Update and Grants Options

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 26, 2007) - Skeena Resources Limited (TSX VENTURE:SKE) reports that on the Company's optioned Malpica project east of Mazatlan, Sinaloa State, Mexico, a detailed field program of grid emplacement, soil geochemical sampling and geological mapping is nearing completion. The 7,718 hectare property is well situated with respect to infrastructure being crossed by a paved highway, by a major hydro line, and within 1 kilometre of a rail line. In November, these investigations will be followed up with a trenching program to define drill targets. A minimum 5,000 metre diamond drill program has been contracted and is scheduled to commence at the beginning of January. This will be directed at verification and expansion of the non 43-101 resource at Cerro Pelon and Cerro Tunel copper-gold zones (refer to news release of May 7, 2007) and at exploration of new targets in the vicinity of the historic deposits. This program will constitute the first stage of a Scoping Study which should be completed by the end of the second quarter of 2008.

A prospecting and geochemical sampling program has recently been completed on the Company's 100% owned Blackhorn property, located 40 km south-southeast of Tatla Lake in the Coast Mountains of west-central British Columbia. Analytical results will be reported upon receipt.

The Company is well financed for the current programs, with working capital of $2.7 million.

In accordance with the Company's stock option plan, Skeena is granting 1,970,000 incentive stock options at an exercise price of $0.40 per share for a period of five years from the date of grant to directors, employees and consultants. Reflecting the Company's increasingly active role in Mexico, 850,000 of the options were granted to new employees and consultants. These options are subject to vesting over a period of one year. Any shares issued under the option plan will be subject to a four-month hold from the date of grant, pursuant to the policies of the TSX Venture Exchange.

ON BEHALF OF THE BOARD OF DIRECTORS OF SKEENA RESOURCES LIMITED

J. R. Allan, P.Geol., President

Cautionary Statement on Forward-Looking Information.

The statements made in this News Release may contain certain forward-looking statements. Actual events or results may differ from the Company's expectations. Certain risk factors may also affect the actual results achieved by the Company.

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

Contact Information

  • Skeena Resources Limited
    Rupert Allan
    (604) 684-8725
    or
    Skeena Resources Limited
    Tony Perri
    Investor Relations, Manager
    (604) 684-8725
    (604) 669-2543 (FAX)
    Email: tperri@skeenaresources.com