Skyline Gold Corporation
TSX VENTURE : SK

Skyline Gold Corporation

April 14, 2010 09:08 ET

Skyline Gold Announces Private Placement

RICHMOND, BRITISH COLUMBIA--(Marketwire - April 14, 2010) - Skyline Gold Corporation ("the Company") (TSX VENTURE:SK), a company engaged in the exploration and development of its Bronson Slope gold, copper, silver and magnetite project in north western British Columbia's 'Golden Triangle', is pleased to announce that it has arranged, subject to obtaining regulatory approval, financing in a private placement of 5,000,000 units at a price of $0.14 per unit for proceeds of $700,000.

The proceeds of the placement will be used for general corporate purposes and to advance the Bronson Slope Project in:

- Issuing a new Preliminary Economic Assessment technical report for the Bronson Slope project including magnetite powder production and updated metals prices; and

- Exploration drilling of the "Snip-1" tenure high-grade gold zone on the Bronson Slope property and also a geophysical survey of a portion of the Snip-1 and nearby "Chebry" tenures.

In its December 9, 2009 news release, the Company confirms Snip-1 exploration drill hole SK-09-02's high grade drill core includes a 27.0 m interval from 48.0 m to 75.0 m (approximately 24 m to 37 m vertical depth below surface, respectively) grading 4.70 grams/tonne ("g/t") gold and 75.9 g/t silver. Included in this interval are sub-intervals of 1.85 meters grading 17.35 g/t gold and 204 g/t silver; 1.33 meters grading 20.20 g/t gold and 571 g/t silver, and 3.00 meters grading 12.30 g/t gold and 98 g/t silver.

Each unit consists of 1 common share and 1 half of a common share purchase warrant. Each whole warrant will entitle the holder to purchase one additional share of the Company at a price of $0.17 per share for a period of one year from date of issue. The units have a hold period that expires 4 months from the date of issue. A finders' fee of 7% will be paid on part of the placement.

ON BEHALF OF THE BOARD OF DIRECTORS

SKYLINE GOLD CORPORATION.

David Jensen, P.Eng., President

Cautionary Statement

Statements in this release may be viewed as forward-looking statements. Such statements involve risks and uncertainties that could cause actual results to differ materially from those projected. There are no assurances the Company can fulfil such forward-statements and the Company undertakes no obligation to update statements. Such forward looking statements are only predictions; actual events or results may differ materially as a result of risks facing the Company, some of which are beyond the Company's control.

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Contact Information

  • Skyline Gold Corporation
    David Jensen, P.Eng.
    President
    604.270.3878
    604.270.3858 (FAX)
    www.skylinegold.com