NEWS RELEASE

SELKIRK METALS CORP.

1255 West Pender Street, Vancouver, B.C. V6E 2V1

Tel.:  (604) 687-2038  / Fax.:  (604) 687-3141

TSX Venture Exchange: SLK

Warrants: SLK.WT

COMPANY UPDATE

November 1, 2007 - Vancouver, British Columbia ??? Selkirk Metals Corp. (the ???Company???) wishes to announce that it has entered into a Consulting Agreement (the ???Agreement???) with O&M Partners, LLC, (the ???Consultant???) of 708 Third Avenue, 5^th Floor, New York, New York, USA, 10017, executed October 30, 2007.

Pursuant to the Consulting Agreement, the Consultant will provide investor targeting services to the Company and will, among other things, use its best efforts to initiate contacts and meetings with institutional investors, independent money managers and market makers for a period of 12 months subject to early termination in accordance with the termination provisions of the Agreement.  As partial consideration for the services to be provided by the Consultant, the Company has agreed to pay the Consultant a fee of U.S. $10,000 per month, out of the Company???s working capital, for each month in which two full days of meetings are scheduled.  Each additional day beyond two full scheduled days would be provided at a cost of U.S. $5,000 per day.  In addition, the Company has granted incentive stock options to the Consultant to purchase a total of 200,000 shares of the Company at a price of $1.00 per share.  The options expire on October 30, 2009 and vest as to 25% upon the date that is three (3) months from the date of grant and 25% every three months (3) thereafter.

The Consultant has advised that it holds, directly or indirectly, no shares of the Company.

For further information on Selkirk Metals Corp. please visit its website at www.selkirkmetals.com.

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 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 Selkirk at www.sedar.com for further information.