Selkirk Metals Corp.
TSX VENTURE : SLK

Selkirk Metals Corp.

November 30, 2006 08:11 ET

Selkirk Metals Corp. Announces Up to $6.9 Million Financing

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 30, 2006) -

Not for distribution to United States newswire services or for dissemination in the United States

SELKIRK METALS CORP. (TSX VENTURE:SLK) announced today that it has entered into an agreement with Sprott Securities Inc. to sell up to 6,000,000 Common Shares in the capital of the Company at a price of $1.15 per Common Share for aggregate gross proceeds to the Company of up to $6,900,000 on a best efforts private placement basis (the "Offering"). The Offering will be conducted by a syndicate of agents (the "Agents") led by Sprott Securities Inc. and includes Pacific International Securities Inc. The Agents shall receive a cash commission equal to 6% of the gross proceeds of the offering and non-transferable compensation warrants entitling them to acquire such a number of common shares as is equal to 6% of the number of Common Shares sold, at $1.35 during the period ending eighteen months from the closing of the Offering.

The Company shall use the net proceeds from the sale of the Common Shares for further advancement of the Company's Ruddock Creek Property and general corporate purposes.

This Offering will be made available in all provinces and territories of Canada. Common Shares may also be sold to U.S. purchasers on a private placement basis pursuant to an exemption from the registration requirements pursuant to Rule 144A or Regulation D of the United States Securities Act of 1933, as amended.

The offering is scheduled to close on or about December 19, 2006 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange.

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.

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