Selkirk Metals Corp.
TSX VENTURE : SLK

Selkirk Metals Corp.
Doublestar Resources Ltd.
TSX VENTURE : DSR

Doublestar Resources Ltd.

April 12, 2007 13:38 ET

Selkirk Metals and Doublestar Resources to Merge to Accelerate Development of Their Flagship Ruddock Creek Property

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 12, 2007) - Selkirk Metals Corp. ("Selkirk") (TSX VENTURE:SLK) has executed a formal Arrangement Agreement that supersedes the Letter of Intent signed with Doublestar Resources Ltd. ("Doublestar") (TSX VENTURE:DSR) on March 1, 2007, as amended.

The Arrangement Agreement sets out the formal terms and conditions for the acquisition of Doublestar by Selkirk through an exchange of one-half of one common share of Selkirk for each one Class "A" share of Doublestar (the "Transaction").

The parties have begun the process of preparing a formal information circular describing the transaction that will be delivered to Doublestar shareholders on or about May 15, 2007.

Doublestar will hold a special meeting of its shareholders coincident with its annual general meeting on June 12, 2007 at which time it will seek shareholder approval of the Transaction. The approval of Selkirk shareholders is not expected to be required in order to complete the Transaction. All directors and officers of Doublestar (and their respective affiliates) have entered into support agreements with Selkirk pursuant to which they have agreed to support the Transaction and vote all shares of Doublestar held by them in favour of the Transaction.

On Behalf of the Board of Directors of Selkirk Metals Corp.:

Gordon Keevil, President

On Behalf of the Board of Directors of Doublestar Resources Ltd.:

Alan Savage, Chief Executive Officer

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 management of Selkirk and Doublestar 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 the public filings of both Selkirk and Doublestar 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.

Contact Information

  • Selkirk Metals Corp.
    Gordon Keevil
    President
    (604) 687-2038
    (604) 687-3141 (FAX)
    Website: www.selkirkmetals.com
    or
    Doublestar Resources Ltd.
    Alan Savage
    Chief Executive Officer
    (604) 688-7377
    (604) 688-7307 (FAX)
    Website: www.doublestar.net