| ||May 31, 2012|
Skeena Announces Share Consolidation
| ||News Release 12-01|
Skeena Resources Limited (TSX.V: SKE) ("Skeena" or the "Company") announces that it is proceeding with the shareholder approved consolidation of the outstanding common shares of the Company as per the Company's AGM held on September 7, 2011. The consolidation of Skeena Resources Limited's common shares on the basis of one postconsolidation common share for every five preconsolidation common shares will be effective as of the market open on Friday, June 1, 2012, under the current stock symbol of SKE.
As a result of the consolidation, the 125,258,949 issued and outstanding common shares will consolidate into approximately 25,051,790 common shares. Any fractional shares resulting from the consolidation comprising less than one-half common share will be rounded down to the nearest whole number and any fractional shares comprising greater than or equal to one-half common share will be converted into one whole common share.
The Company's outstanding stock options and share purchase warrants will be adjusted on the same basis with proportionate adjustments being made to the exercise prices.
Letters of transmittal have been mailed out to the registered holders of the Company's common shares, requesting holders to forward their preconsolidation common share certificates to the Company's transfer agent, Computershare Trust Company of Canada, in exchange for new common share certificates representing their common shares on a postconsolidation basis. Any inquiries regarding letters of transmittal can be directed to Computershare's corporate actions department at 1-800-564-6253. Additional copies of the Letter of Transmittal may be obtained at the Company's website at www.skeenaresources.com.
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 Website: www.skeenaresources.com
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