Selkirk Metals Corp.
TSX VENTURE : SLK

Selkirk Metals Corp.

August 28, 2006 09:00 ET

Selkirk Metals Corp.: First Drill Results Expand Ruddock Creek Massive Sulphide Zone

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Aug. 28, 2006) - Selkirk Metals Corp. ("Selkirk" or the "Company") (TSX VENTURE:SLK) is pleased to report that the initial assays of drill core have been received from the ongoing drill program on the Ruddock Creek Project. The Ruddock Creek Property is located 100 km north of Revelstoke in the Kamloops and Revelstoke Mining Divisions, British Columbia.

Drilling and sampling are continuing on a 24/7 basis, however due to the back-up of samples at the analytical lab, the Company has to date received complete assays for only 7 holes. These are RD-06-116, 117, 118, 119, 121, 122 and 124, which are all located in or to the west of the E-Zone. The following table contains the significant assay intervals for the completed holes.



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HOLE
NUMBER FROM (m) TO (m) INTERVAL (m) ZINC% LEAD%
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RD-06-116 125.85 131.95 6.1 9.81 1.92
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RD-06-117 130.73 136.1 5.37 13.68 2.5
142.55 144.81 2.26 12.64 2.02
159.11 162.55 3.44 8.03 1.06
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RD-06-118 115.85 116.58 0.73 12.39 0.23
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RD-06-119 157.0 161.07 4.07 7.2 1.0
167.0 174.39 7.39 14.78 3.16
178.38 183.36 4.98 4.22 0.76
192.5 198.56 6.06 9.33 2.07
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RD-06-121 91.08 100.84 9.76 5.8 1.32
117.0 118.49 1.4 15.71 2.76
124.05 129.79 5.74 6.78 1.53
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RD-06-122 146.35 152.51 6.16 6.93 1.26
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Drill hole RD-06-124 was drilled near the eastern edge of the known mineralization and contained no significant assays.

The first phase of the 2006 drill program is continuing to focus on the E-Zone, located at the eastern end of the Ruddock Creek Massive Sulphide Horizon. This horizon is known to continue for over 5 kilometres westward into the Oliver Creek area. Drilling to date has been successful in expanding the Massive Sulphide Horizon to the west, south and north. The recently added third drill will commence drilling in the vicinity of drill hole RD-05-113 and will define the zone eastward towards the existing drilling pattern, and if practical, down dip to the west where the zone remains open. Hole RD-05-113, the most westerly hole to date that has intersected the E-Zone mineralization is located over 1 kilometre west and down dip from where the E-Zone outcrops at surface. The mineralized intersection in drill hole RD-05-113 was 14.05 metres grading 15.79% zinc and 3.33% lead. The current program is designed to confirm the continuity of the massive sulphide mineralization along strike from surface to drill hole RD-05-113 and continue to extend the zone even further to the west.

Diamond drilling will continue in the E Zone area until precluded by weather conditions and then move into the Oliver Creek Target area at the west end, which is at a lower elevation and can be worked for a much longer period. The visual and reported assay results to date confirm that the zone of massive sulphide mineralization continues down dip from where the E-Zone outcrops at surface, towards drill hole RD-05-113 for a potential strike length of over 1 kilometre. The zone is expected to continue down dip to the west where there has been no drilling. The results from the ongoing drilling program will be compiled by the Company and released as they become available.

Road construction to the Light Lake area is continuing and once completed will allow for the establishment of a permanent camp. The Light Lake site is also near the proposed portal location for future underground access to allow definition drilling and development of the E-Zone. Exploration on the Ruddock Creek Property is being conducted under the supervision of the Company's Qualified Person (as defined by NI 43-101), Jim Chapman, P.Geo.

Selkirk holds an option to acquire up to a 70% interest in the Ruddock Creek Property pursuant to an option agreement with Doublestar Resources Ltd. (TSX VENTURE:DSR).

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.


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

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