Selkirk Metals Corp.
TSX VENTURE : SLK

Selkirk Metals Corp.

May 05, 2009 07:00 ET

Selkirk Metals Corp.: Ruddock Creek Operations to Focus on Continued Resource Expansion

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 5, 2009) - Selkirk Metals Corp. ("Selkirk" or the "Company") (TSX VENTURE:SLK) is pleased to provide this report on the Ruddock Creek Project, British Columbia. In 2008, Selkirk completed an intensive year of exploration including the completion of a 994 meter decline, a 180 meter incline cross cut to provide access for underground diamond drilling and the completion of 32 underground diamond drill holes, 31 of which successfully intersected the E Zone Massive Sulphide Mineralization. In addition, Selkirk has also completed 97 surface holes totaling 24,000 meters on the Property since 2004. Access to the areas of the underground workings was gained through the construction of a new 8 kilometer road. A 40 man camp with related shop, storage and core logging and processing facilities were also constructed and remain on site.

The Company is now in the process of finalizing a calculation of the resource currently defined within the Ruddock Creek Property and the completion of an updated 43-101 technical report. In addition, on December 12, 2008 the Company submitted a Project Description Report to the Government of British Columbia Environmental Assessment Office which, in turn, issued a Section 10 Order for the Project on February 12, 2009. The issuance of this Order is an important milestone for the Company as it represents the initiation of the development permitting process for the Ruddock Creek Project. Selkirk intends to continue consultation with the relevant government and regulatory bodies, affected communities and First Nations as part of the ongoing process to obtain the permit allowing the Project to proceed to production.

The E Zone has now been defined from surface outcrop down plunge for a length of approximately 1.2 kilometers. It is located at the eastern end of the "Ruddock Creek Sulphide Horizon" (the "Horizon"), which has been defined in sufficient detail to confirm lateral continuity over a length of approximately 5 kilometers in an east-west direction. Along the Horizon, significant zones of mineralization include the Creek, T, U, V and Q Zones. In addition to historic exploration, which resulted in the discovery of these zones, Selkirk has conducted surface mapping, sampling, airborne, ground and bore hole geophysical surveys, and to date, limited diamond drilling on the Creek, U and Q Zones.

As a result of the current economic and market conditions, Selkirk has elected in 2009 to focus its exploration efforts on defining the resource potential of the rest of the Ruddock Creek Sulphide Horizon, while continuing with engineering and development studies of the E Zone. To this end, the Company is planning detailed surface electromagnetic studies over the Ruddock Creek Sulphide Horizon. This survey will encompass the Creek Zone west through to the U Zone representing a length of approximately 2 kilometers of the Horizon. Previous drilling in the Creek Zone, includes 5.13 meters which assayed 21.27% zinc and 4.61% lead in Hole 160 and 12.6 meters which assayed 11.26% zinc and 2.44% lead in Hole 149. Results for previous drilling by Selkirk from the U Zone include 8 meters assaying 11.5% zinc and 1.15% lead in Hole U7, 14.1 meters assaying 7.59% zinc and 1.34% lead in Hole U1 and 7.7 meters assaying 21.48% zinc and 2.5% lead in Hole U2. Significant grades of zinc and lead mineralization have been discovered over mining widths in all zones on the Property. This combined with the excellent continuity observed in the E Zone clearly exhibits the potential to significantly increase the resource base within the Ruddock Creek Sulphide Horizon. The goal of future exploration programs will be to define additional tonnages of this mineralization to enhance the development potential of the project.

While the Company will continue to work towards development of the E Zone, any significant expansion of the existing resource, as a result of ongoing exploration of the balance of the Ruddock Creek Sulphide Horizon will obviously add significant value to the Property, potentially increase any planned operation and continue to enhance shareholder value.

Every exploration program that has been conducted by Selkirk over the past 4 years has been successful in continuing to expand and define the high grade zinc, lead massive sulphide deposit within the Ruddock Creek Property. Company management will strive to continue this excellent record of success and to build upon the resource that has been currently defined within the Property.

The Company has also updated its Corporate Presentation and released a Summary of Operations - March 2009 which can be viewed at the Company's website links below:

Link to Corporate Presentation: http://www.selkirkmetals.com/presentation/slide1.htm

Link to Summary of Operations: http://www.selkirkmetals.com/i/pdf/Selkirk-Summary-of-Operations-April-09.pdf

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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