Skeena Signs Definitive Agreement on Eskay Creek
Skeena Signs Definitive Agreement on Eskay Creek
Vancouver, BC ( August 4 , 20 20) Skeena Resources Limited (TSX.V: SKE, OTCQX: SKREF)
(“Skeena” or the “Company”) has signed the Definitive Agreement with Barrick Gold Corporation’s
wholly-owned subsidiary, Barrick Gold Inc. (“Barrick”), pursuant to which Skeena will acquire 100% of
the Eskay Creek gold-silver project (“Eskay Creek” or the “Project”) located in the Golden Triangle of
northwest British Columbia, Canada. As a result of this transaction, Barrick will become a significant
shareholder in Skeena.
Skeena’s CEO, Walter Coles Jr. commented, “ We were encouraged by the positive market reaction
to the announcement of the binding term sheet in respect to the Eskay Creek transaction with Barrick
and are delighted to now announce the signing of the Definitive Agreement. On closing, Skeena will
gain 100% ownership and operatorship of Eskay Creek , which we hope to revitalize as an open -pit
gold-silver mine. Skeena is honoured to have Barrick as an important shareholder in the Company
going forward.”
The Definitive Agreement formalizes the terms agreed to in the binding term sheet dated July 5, 2020
in which Skeena and Barrick agreed to amend the terms of the original option agreement. For further
details on the transaction, please refer to the Company’s press release dated July 6, 2020.
Closing of the transaction is expected to follow within the fourth quarter of 2020, subject to customary
conditions, including certain government approvals and the approval of the TSX Venture Exchange.
About Skeena
Skeena Resources Limited is a junior Canadian mining exploration company focused on developing
prospective precious 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 Eskay
Creek gold-silver mine. The Company released a robust Preliminary Economic Assessment in late
2019 and is currently focused on infill and exploration drilling at E skay Creek to advance the project
to Pre-feasibility. Skeena is also exploring the past-producing Snip gold mine.
On behalf of the Board of Directors of Skeena Resources Limited,
Walter 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. 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 ter ms as
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August 4, 2020
“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 statements 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 TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for
the adequacy or accuracy of this release.