Selkirk Metals Corp.
TSX VENTURE : SLK

Selkirk Metals Corp.

August 10, 2006 09:00 ET

Selkirk Metals Corp.: Third Drill to Further Expand Ruddock Creek Massive Sulphide System

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Aug. 10, 2006) - Selkirk Metals Corp. ("Selkirk" or the "Company") (TSX VENTURE:SLK) is pleased to report that the decision has been made by the Company's exploration department to add a third drill 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.

The third drill has a greater depth capacity and will be utilized in the vicinity of drill hole RD-05 -113 the most westerly hole to date that has intersected the E-Zone mineralization, which contained 14.05 metres grading 15.79% zinc and 3.33% lead. Drill hole 113 is over one kilometre along strike to the west of where the E-Zone outcrops. Mineralization has been intersected over approximately 250 metres down dip from the surface exposures. The current program is designed to confirm the continuity of the massive sulphide mineralization along strike, and extend the zone to the west of drill hole RD-05-113. This represents a large area to evaluate during the 2006 exploration season and the third drill will serve to accelerate this process. The third drill will focus on delineating the mineralized horizon in the vicinity of drill hole 113, where it remains open in all directions. While the Company is very satisfied with the field interpretation of the drilling results to date, the assays from the completed holes are still pending due to the extreme back up at the analytical laboratories. Selkirk will compile and release the assay results as they become available.

With respect to project logistics, a core logging facility has now been established at the proposed location of the permanent camp at Light Lake. Road construction to the camp is continuing and once completed will allow for the establishment of the more 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).

COMPANY UPDATE

The Company also announces that it has received shareholder approval at its Meeting of Shareholders held on July 25, 2006, of its rolling stock option plan which sets the number of common shares which may be issued pursuant to options previously granted and those granted under the Plan to a maximum of 10% of the issued and outstanding common shares at the time of the grant, in accordance with the policies of the TSX Venture Exchange (the "Exchange"). The number of shares which may be reserved for issuance to any one individual may not exceed 5% of the issued shares on a yearly basis or 2% if the optionee is engaged in investor relations activities or is a consultant. The Stock Option Plan has also been approved by the 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.


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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