Skeena Announces Proceeds of C$30.4 Million from Warrant Exercise
Skeena Announces Proceeds of C$30.4 Million from Warrant Exercise
Vancouver, BC (March 24, 2022) Skeena Resources Limited (TSX: SKE, NYSE: SKE) (“Skeena”
or the “Company”) is pleased to announce that the Company has received approximately C$30.4
million from the exercise of 2,812,500 warrants (the “Warrants”) held by Barrick Gold Corporation
(“Barrick”). The Warrants were originally issued to Barrick with an exercise price of C$10.80 on
October 5, 2020 in connection with Skeena acquiring 100% of the Eskay Creek gold-silver project
(“Eskay Creek” or the “Project”) located in the Golden Triangle of British Columbia, Canada.
Proceeds from the exercise of these Warrants will be used by the Company to fund 60,000 metres of
exploration drilling planned for Eskay Creek in 2022. A skid-based drilling program is expected to
commence on the Project in April, followed by a helicopter supported drilling program consisting of
eight diamond drill rigs in June. The fully funded exploration program will focus on supplementing the
existing mine plan with additional near surface mineralization amenable to open -pit mining methods
and will be paralleled by exploratory drill testing of the deep Mudstone extensions north of the former
Eskay Creek mine. Allocation of meterage will remain results driven. Expansion and delineation drilling
will also occur in the new 21A West Zone as well as the recently discovered 23 Zone.
About Skeena
Skeena Resources Limited is a Canadian mining exploration and development company focused on
revitalizing the past-producing Eskay Creek gold-silver mine located in Tahltan Territory in the Golden
Triangle of northwest British Columbia, Canada. The Company released a Prefeasibility Study for
Eskay Creek in July 2021 which highlights an open -pit average grade of 4.57 g/t AuEq, an after -tax
NPV5% of C$1.4B, 56% IRR, and a 1.4 -year payback at US$1,550/oz Au. Skeena is currently
completing both infill and exploration drilling to advance Eskay Creek to a full Feasibility Study in 2022.
On behalf of the Board of Directors of Skeena Resources Limited,
Walter Coles Jr.
President & CEO
Contact Information
Investor Inquiries: [email protected]
Office Phone: +1 604 684 8725
Company Website: www.skeenaresources.com
Qualified Persons
Exploration activities at the Eskay Creek Project are administered on site by the Company’s
Exploration Managers, Raegan Markel, P.Geo., John Tyler and Director of Exploration, Adrian Newton
P.Geo. In accordance with National Instrument 43 -101 Standards of Disclosure for Mineral Projects,
Paul Geddes, P.Geo. Vice President Exploration and Resource Development, is the Qualified Person
for the Company and has prepared, validated and approved the technical and scientific content of this
NR: 22-06 | March 24, 2022
news release. The Compa ny strictly adheres to CIM Best Practices Guidelines in conducting,
documenting, and reporting the exploration activities on its projects.
Cautionary note regarding forward-looking statements
Certain statements and information contained or incorporated by reference in this press release constitute “forward-looking
information” and “forward -looking statements” within the meaning of applicable Canadian and United States securities
legislation (collectively, “forward-looking statements”). These statements relate to future events or our future performance.
The use of words such as “anticipates”, “believes”, “proposes”, “contemplates”, “generates”, “targets”, “is projected”, “is
planned”, “considers”, “estimates”, “expects”, “is expected”, “potential” and similar expressions, or statements that certain
actions, events or results “may”, “might”, “will”, “could”, or “would” be taken, achieved, or occur, may identify forward -
looking statements. All statements other than statements of historical fact are forward-looking statements. Specific forward-
looking statements contained herein include, but are not limited to, statements regarding the results of the PFS, completion
of a feasibility study, processing capacity of the mine, anticipated mine life, probable reserves, estimated project capital
and operating costs, sustaining costs, results of test work and studies, planned environmental assessments, the future
price of metals, metal concentrate, and future exploration and development. Such forward -looking statements are based
on material factors and/or assumptions which include, but are not limited to, 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 receipt of regulatory
approvals, environmental risks, title disputes and the assumptions set forth he rein and in the Company’s Management’s
Discussion and Analysis (“MD&A”) for the year ended December 31, 2020, and the Company’s Annual Information Form
(“AIF”) dated March 25, 2021. Such forward -looking statements represent the Company’s management expecta tions,
estimates and projections regarding future events or circumstances on the date the statements are made, and are
necessarily based on several estimates and assumptions that, while considered reasonable by the Company as of the
date hereof, are not guarantees of future performance. Actual events and results may differ materially from those described
herein, and are subject to significant operational, business, economic, and regulatory risks and uncertainties. The risks
and uncertainties that may affect the forward-looking statements in this press release include, among others: the inherent
risks involved in exploration and development of mineral properties, including permitting and other government approvals;
changes in economic conditions, including ch anges in the price of gold and other key variables; changes in mine plans
and other factors, including accidents, equipment breakdown, bad weather and other project execution delays, many of
which are beyond the control of the Company; environmental risks and unanticipated reclamation expenses; and other
risk factors identified in the Company’s 2020 MD&A and AIF, and in the Company’s other periodic filings with securities
and regulatory authorities in Canada and the United States that are available on SEDAR at www.sedar.com or on EDGAR
at www.sec.gov.
Readers should not place undue reliance on such forward -looking statements. The Company does not undertake any
obligations to update and/or revise any forward-looking statements except as required by applicable securities laws.