Skeena Announces Pricing of Fully Subscribed Private Placement

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES

OR FOR DISSEMINATION IN THE UNITED STATES

Skeena Announces Pricing of

Fully Subscribed Private Placement

Vancouver, BC ( May 26, 2017 ) Skeena Resources Limited (TSX.V: SKE) (“ Skeena” or the

“Company”) is pleased to announce that it has priced its fully subscribed private placement offering

previously announced on May 23, 2017 (the "Offering"). The Offering will consist of the sale of

100,000,000 units of the Company (the “Units”), each Unit consisting of one common share of the

Company (each, a “Common Share” and, collectively, the “Common Shares”) and one-half of one

common share purchase warrant of the Company (each whole common share purchase warrant, a

“Warrant” and, collectively, the “Warrants”), at a price of C$0 .05 per Unit for gross proceeds of

C$5,000,000. Each Warrant will entitle the holder to purchase one common share of the Company

at a price of C$0.10 for a period of three years following closing of the Offering.

The Offering is being led by RBC Capital Markets who is also acting as sole book -runner on behalf

of a syndicate including Paradigm Capital Inc. and PI Financial Inc. (collectively, the “Agents” ). In

addition, the Company has granted to the Agents an option (the “Agents’ Option” ), exercisable in

whole or in part at any time up to two days prior to closing of the Offering, to increase the size of the

Offering by up to 15% of the base offering size , on the same terms as the Offering . If the Agents'

Option is exercised in full, the total gross proceeds of the Offering will be C$5,750,000.

The net proceeds of the Offering will be used to fund advancement of the Company’s Snip project

and for working capital purposes. The closing of the Offering is anticipated to occur in mid-June

2017 (the “Closing Date”) and is subject to certain conditions including, but not limited to, the receipt

of all necessary regulatory approvals , including the acceptance of the TSX Venture Exchange. The

securities issued under the Offering will be subject to a statutory hold period in Canada expiring four

months and one day from the Closing Date.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the

securities in the United States. The securities have not been and will not be registered under the

United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities

laws and may not be offered or sold within the United States or to U.S. Persons unless registered

under the U.S. Securities Act and ap plicable state securities laws or an exemption from such

registration is available.

About Skeena

Skeena Resources Limited is a junior Canadian mining exploration company focused on developing

prospective base and precious metal properties in the Golden Tr iangle region of northwest British

Columbia, Canada. The Company’s primary activities are the evaluation and development of the

Spectrum-GJ copper -gold project as well as exploration on the past -producing Snip gold mine,

acquired from Barrick Gold, and the past-producing Porter Idaho silver mine.

NR: 17-09

May 26, 2017

On behalf of the Board of Directors of Skeena Resources Limited,

Walt Coles Jr.

President & CEO

Cautionary note regarding forward-looking statements

Certain statements made and information contained herein may constitute “forward -looking information” and “forward -looking

statements” within the meaning of applicable Canadian and United States securities legislation, including, among other things ,

information with respect to the expected size and terms of the Offering, the expected timing for closing of the Offering and the expected

use of proceeds of the Offering. These statements and information are based on facts currently available to the Company and there is

no assurance that actual results will meet management’s expectations. Forward -looking statements and information may be identified

by such terms as “anticipates”, “believes”, “targets”, “estimates”, “plans”, “expects”, “may”, “will”, “could” or “w ould”. Forward -looking

statements and information contained herein are based on certain factors and assumptions regarding, among other things, the

estimation of mineral resources and reserves, the realization of resource and reserve estimates, metal prices , taxation, the estimation,

timing and amount of future exploration and development, capital and operating costs, the availability of financing, the rece ipt of

regulatory approvals, environmental risks, title disputes and other matters. While the Company c onsiders its assumptions to be

reasonable as of the date hereof, forward -looking statements and information are not guarantees of future performance and readers

should not place undue importance on such statements as actual events and results may differ ma terially from those described herein.

The Company does not undertake to update any forward -looking statements or information except as may be required by applicable

securities laws.

Neither TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts

responsibility for the adequacy or accuracy of this release.