Skeena Sells Porter Idaho Silver Project
Skeena Sells Porter Idaho Silver Project
Vancouver, BC ( July 1 6, 2018) Skeena Resources Limited (TSX.V: SKE, OTCQX: SKREF)
(“Skeena” or the “Company”) is pleased to announce that it has entered into a purchase and sale
agreement (the “Agreement”) to sell Mount Rainey Silver Inc. (“Mount Rainey”) to StrikePoint Gold
Inc. (“StrikePoint”). Mount Rainey holds the Company’s 100% interest in the Porter Idaho property (the
“Property”) located near Stewart, British Columbia.
Under the terms of the Agreement, and as consideration for the sale of the Mount Rainey shares, the
Company will receive, at closing, 9,500,000 common shares of StrikePoint representing approximately
12% of the outstanding shares of StrikePoint. Skeena will also receive a total of $1,500,000 in cash -
$250,000 of which is payable on closing and the remaining amount payable in instalments of $250,000
to $375,000 over a period ending on December 31, 2019. As security for the future cash payments,
Skeena will take a pledge over all of the Mount Rainey shares. In addition, Skeena shall receive a 1%
NSR on the Property and StrikePoint shall have the option to buy back 0.5% at a price of $750,000.
Walter Coles, Jr., Skeena’s CEO stated, “We are happy with the terms of the deal with StrikePoint for
Porter Idaho. It divests a non-core project, which generates cash for Skeena while at the same time
allowing us to participate in potential upside on the Property via our new share position in StrikePoint.
Porter Idaho is an exciting high-grade silver asset and we look forward to drill results from StrikePoint’s
soon to commence exploration program.”
It is anticipated that closing of the transaction will take place prior to the end of July and the transaction
remains subject to the acceptance of the TSX Venture Exchange.
About Skeena
Skeena Resources Limited is a junior Canadian mining exploration company focused on developing
prospective precious and base metal properties in the Golden Triangle of northwest British Columbia,
Canada. The Company’s primary activities are the exploration and development of the past-producing
Snip mine and the recently optioned Eskay Creek mine, both ac quired from Barrick. In addition, the
Company has completed a Preliminary Economic Assessment on the GJ copper -gold porphyry
project.
On behalf of the Board of Directors of Skeena Resources Limited,
Walter Coles Jr.
President & CEO
NR: 18-17
July 16, 2018
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. 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 “would”. 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 receipt of regulatory approvals, environmental risks, title disputes and other matters. While the Company
considers 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 stat ements as actual events
and results may differ materially 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 the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility
for the adequacy or accuracy of this release.