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NEWS RELEASE
SELKIRK METALS CORP.
Suite 800 -1199 West
Hastings Street, Vancouver,
B.C. V6E 3T5
Tel: (604) 687-2038 / Fax: (604) 687-3141
TSX Venture Exchange: SLK
Ruddock Creek Underground Programs Reaching First Milestone
May 20, 2008 - Selkirk Metals Corp. (“Selkirk” or the “Company”) is pleased to provide this
update
of operations
on the Ruddock Creek Property, located 100 km north-northwest of Revelstoke in
the
Kamloops and Revelstoke Mining Divisions, British Columbia.
In October of
2007, Selkirk commenced the underground exploration program, the most important
operation to
date on the Ruddock Creek Property. This program includes a one kilometer long
decline,
lateral development and approximately 10,000 meters of underground diamond
drilling. It is
all designed
to enable detailed drilling of approximately 50% of the E-Zone that has notbeen defined
by surface
drilling. Due to the depth of this portion of the E-Zone from surface, the
detailed drilling
necessary to
complete resource calculations, engineering and development could only be
completed
through the
underground program. No further surface drilling of the E-Zone is required as
the upper
portion has
been drilled at the required spacing.
Since the
year end break, the underground development program has continued uninterrupted
and is at
a length of
approximately 620 meters. Other than one area of difficult ground conditions,
the
progress has
been excellent since January and there has been no lost time due to weather or
operational
difficulties. The decline is now nearing the first milestone of 650 meters
where the initial
phase of
underground diamond drilling will commence. Drilling is now expected to be
underway in
early June.
The drilling from this location will test the up dip component of the E-Zone
from the
deepest
defined point to date. The decline will continue to be developed to a length of
approximately
900 meters
where the lateral development will be completed to the east to establish
drilling stations
proximal to
the deposit, at which time a second drill will be added. The two drills should
be able to
complete the
10,000 meters program by early fall.
Approximately
24,000 meters of surface diamond drilling by Selkirk over the past 3 years has
defined
the E-Zone
continuously for 1.2 kilometers down the plunge from where the Zone is exposed
at
surface.
Based on this length and the average dip and thickness of the zone as defined
to date, the
indicated
size of the zone is sufficient to contain a tonnage of the target
mineralization that would
justify
development. Selkirk is therefore progressing with related engineering and
environmental
studies,
regional and local consultation and initiating the permitting process. Once the
diamond
drilling has
been completed, the results will be compiled to determine the final resource
contained
within the
target area and this will, in turn, be used for mine planning and the
completion of a scoping
study as soon
as possible thereafter.
…/Cont’d
.
Selkirk
Metals Corp.
News Release –
May 20, 2008
Page 2 of 2
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ADEQUACY OR ACCURACY OF CONTENT OF THIS PRESS RELEASE
“We
have been working diligently since we first became involved in the Ruddock
Creek Property and
are about to
make the next major step to realizing production. The commencement of
underground
drilling and
the intersection of the E-Zone at depth will clearly define the potential of
this important
Property to
Selkirk and its shareholders. We are very pleased with the underground program
over the
past four
months and look forward to a successful conclusion of the program and the
completion of
the scoping
study,” stated Gordon Keevil, President. Operations on the Ruddock Creek
Property are
being
conducted under the supervision of the Company’s Qualified Persons (as
defined by NI 43-101),
Jim Miller-Tait, P.Geo., Vice President
of Exploration and Tom Colbourne, P.Eng., Vice President of
Mining.
COMPANY UPDATE
The Company
has entered into a Client Services Agreement (the “Agreement”) with RAP Capital
Corp. (the “Consultant”) of Suite 800 – 1199 West Hastings Street,
Vancouver, British
Columbia,
Canada, V6E 3T5,
executed April 23, 2008.
Pursuant to
the Client Services Agreement, the Consultant will assist in formulating plans
and budgets
for the
enhancement of the Company’s image and the distribution of information
concerning the
Company to
existing shareholders, brokerage firms, and registered representatives,
institutional
investors,
fund managers, securities analysts, potential investors who have contacted the
Company
seeking such
information, the media and others as appropriate, among other services for a
period of
three months
beginning on April 23, 2008. The Agreement shall automatically renew on a month
to
month basis,
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 $1,500 per month plus GST, out of the Company’s
working
capital.
The
Consultant has advised that it holds, directly 11,000 common shares of the
Company.
On Behalf of
the Board of Directors:
(signed) “Gordon Keevil”
Gordon
Keevil, President
For further
information on Selkirk Metals Corp. please visit our 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 the Company expects, are
forward-looking
statements. Although management believes the expectations expressed in suchforward-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.