Skyline Gold Corporation
TSX VENTURE : SK

Skyline Gold Corporation

October 16, 2007 13:03 ET

Skyline Announces Private Placements

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 16, 2007) - Skyline Gold Corporation (the "Company") (TSX VENTURE:SK) today announces that it has arranged, subject to regulatory approval, a non-brokered private placement consisting of up to 3,400,000 flow-through common shares at a price of $0.24 per share to qualified investors. The MineralFields Group from Toronto, Ontario has agreed to place $250,000 of the flow-through common shares. Finders' fees may be paid in accordance with TSX Venture Exchange policies. The proceeds from the private placement will be used to complete this season's drilling program on the Company's Bronson Slope gold-copper-silver-molybdenum property in northwestern British Columbia, to revise the geologic model and to recalculate the mineral resource.

The Company has also arranged, subject to regulatory approval, a non-brokered private placement of up to 1,500,000 units at a price of $0.20 per unit to qualified investors. Each unit consists of one common share and one-half of a share purchase warrant. Each whole warrant will entitle the holder to purchase one additional share of the Company at a price of $0.24 per share for a period of two years from the date of issue. The proceeds from the private placement will be used for preparation of a pre-feasibility study, initiating the pre-application process for an environmental certificate, initiating meetings and discussions with First Nations, working capital and general corporate purposes.

ON BEHALF OF THE BOARD OF DIRECTORS

SKYLINE GOLD CORPORATION.

J.J. (Jeff) Smulders, President

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

Contact Information

  • Skyline Gold Corporation
    J.J. (Jeff) Smulders
    President
    (604) 270-3878
    (604) 270-3858 (FAX)
    Website: www.skylinegold.com