| ||April 22, 2010|
Skeena Purchases Minority Interest In Mexican Subsidiary
| ||News Release: 10-05|
Skeena Resources Limited (TSX.V: SKE) is pleased to announce that in support of its Mexican base and precious metals focus, it has successfully negotiated the purchase of a minority carried interest in its Mexican subsidiary, Skeena Mexico SA de CV ("Skeena Mexico") from a private, Mexico City-based engineering company, Reyna Mining Engineering ("Reyna") (refer to previous news releases dated April 25, 2007 and January 8, 2009). In consideration for the ten percent equity interest in Skeena Mexico held by Reyna, the Company will issue 500,000 common shares of Skeena Resources and settle an outstanding inter-company expense adjustment, subject to regulatory approval. Skeena Resources now owns 100% of Skeena Mexico.
This transaction is the first of a proposed series of corporate re-structurings which will include changes to the current board of directors and the acquisition of additional Mexican projects once they have been indentified.
In order to facilitate the corporate re-structuring, a director has advanced a short-term, non interest bearing loan in the amount of $50,000. A bonus of 200,000 common shares will be payable upon receipt of funds, subject to regulatory approval.
On Behalf of the Board of Directors of
SKEENA RESOURCES LIMITED
J. R. Allan, P. Geol., President & CEO
Neither TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
Contact: Tony Perri -- Investor Relations, Manager at 604-684-8725
Or Raju Wani of Wani Capital at 403-240-0555
Suite 611, 675 W. Hastings St. Vancouver, B.C., Canada V6B 1N2
Tel: (604) 684-8725 Email: firstname.lastname@example.org
You can view the Next News Releases item: Thu Apr 29, 2010, Skeena Acquires Underlying Vendor Interest in Copper-Platinum-Palladium-Gold Tropico Project, Mexico
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