Eskay Completes Private Placement

TORONTO, ONTARIO--(Marketwire - Oct. 7, 2011) - Eskay Mining Corp. ("Eskay" or the "Company") (TSX VENTURE:ESK) is pleased to announce that the Company has completed the final tranche of its private placement.

Eskay has issued 186,626 units (the "Units") priced at $0.11 per Unit for gross proceeds of $20,528.92. Each Unit consists of one (1) common share (the "Common Share") and one-half (1/2) of a share purchase warrant (a "Warrant"). Each full Warrant entitles the holder to acquire a further Common Share of the Company at a price of $0.20 per Common Share until the earlier of: (i) the date which is twelve (12) months following closing; and (ii) in the event that the closing price of the Common Shares on the TSX Venture Exchange is at least $0.30 for ten (10) consecutive trading days, and the 10th trading day (the "Final Trading Day") is at least four (4) months from the closing date, the date which is thirty (30) days from the Final Trading Day.

A total of 7,280 broker warrants to acquire Common Shares at a price of $0.20 per share for a period of twelve (12) months from closing were issued in relation to this closing. All of the securities referred herein are legended and restricted from trading until at least February 7, 2012. The issued and outstanding capital is 89,918,555 after the above mentioned issuance of shares.

About Eskay Mining Corp:

Eskay Mining Corp (TSX VENTURE:ESK) is a TSX Venture Exchange listed company, headquartered in Toronto, Ontario. Eskay is an exploration company focused on the exploration and development of precious and base metals in British Columbia in a highly prolific, poly metallic area known as the Eskay Rift Belt located in the "Golden Triangle", 70km northwest of Stewart, BC. The company currently holds mineral tenures in this area comprised of 177 claims (130,000 acres).

All material information on the Company may be found on its website at www.searchminerals.ca and on SEDAR at sedar.com.

Cautionary Statement:

The following presentation may include certain "forward-looking statements" within the meaning of the United States Private Litigation Reform Act of 1995 and applicable Canadian Securities Laws. All statements other than statements of historical fact, included in the presentation, including without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of Search Minerals, are forward-looking statements. Words such as "expect", "anticipate", "estimate", "may", "will", "should", "intend", "believe" and other similar expressions are forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather reflect our current views with respect to future events and are subject to risks, uncertainties, assumption and other factors, and actual results and future events could differ materially from those anticipated in such statements. There can be no assurance that such forward-looking statements will prove to be accurate. We base our forward-looking statements on information currently available to us and we do not assume any obligation to update them, except as required by law.

An additional Cautionary Note to Investors: In the event that we use certain terms in this presentation such as "resource", "measured resource", "indicated resource" and "inferred resource". US investors are cautioned that, while such terms are recognized and required by Canadian Securities Laws, the United States Securities and Exchange Commission does not recognize them. Under U.S. standards, mineralization may not be classified as a "reserve" unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination has been made. U.S. investors should not assume that all or any part of measured or indicated resources will ever be converted into reserves. In addition, "inferred resources" have a greater amount of uncertainly as to their existence and as to whether they can be mined legally or economically. Accordingly, information concerning descriptions of mineralization in the presentation may not be comparable to information made public by companies that are subject to the SEC's Industry Guide 7.

For further details of the Company's procedures and policies for data verification, the reader is referred to the Company's news releases and other material information available on the Company's website at www.eskaymining.com or on SEDAR at www.sedar.com.