Selkirk Metals Financial News

Ruddock Creek Underground Development Program Advancing

January 14, 2008 - Selkirk Metals Corp. ("Selkirk" or the "Company") is pleased to announce that underground mining is progressing as planned at the Ruddock Creek Property, located 100 km north-northwest of Revelstoke in the Kamloops and Revelstoke Mining Divisions, British Columbia.

Underground operations commenced in late September with the collaring of the portal and full 24 hour mining cycle on the decline starting at the end of November once the camp construction was completed. The decline has been advanced 200m from the collar of the portal, not including re-mucks, safety bays and water sumps. As expected based on the drilling and geological information, the ground conditions have been excellent. Procon Mining and Tunnelling Ltd. is continuing as the contractor on site with support from Selkirk personnel.

The decline will, at a projected length of 1000m, intersect the massive sulphide mineralization of the E-Zone at the deepest and most westerly point in the area of drill holes RD-05-113 and RD-06-152. Drill results are tabulated below:

HOLE NUMBER	FROM (m)	TO (m)	INTERVAL (m)	ZINC %	LEAD %
E Zone
RD-05-113	708.5	722.55	14.05	15.79	3.33
RD-06-152	648.84	671.40	22.56	11.70	2.27

To date, over 30,000m of diamond drilling has defined a continuous zone of zinc-lead rich massive sulphide within the E-Zone along a length of over 1200m, widths of up to 400m and thicknesses of over 30m. As the Company has previously reported, the massive sulphide contains excellent grades of zinc and lead. The decline will allow for immediate access to the Zone at the western end for bulk metallurgical testing and by way of lateral development and underground diamond drilling extend the Zone to the west.

Diamond drilling from underground will commence as soon as the decline has reached a depth of approximately 800 meters. The initial drilling will focus on the area from the deep holes 113 and 152 up dip towards the near surface resource at the eastern end. This will provide the detailed information necessary to finalize a resource calculation of the entire E-Zone as defined to date and also commence the engineering and design necessary to complete a scoping and ultimately a feasibility study towards development of the deposit.

Once all the final results have been compiled from the 2007 surface diamond drilling program on the E-Zone, Selkirk plans to complete an updated resource calculation of the upper portion of the Zone where sufficient drilling has already been completed. This will allow for a reasonable estimation of the potential of the entire E-Zone to the depth defined.

In the summer of 2008, Selkirk will also continue surface exploration over the balance of the "Ruddock Creek Sulphide Horizon". As a result of previous exploration and the work of Selkirk over the past two years, this horizon appears to be a continuous zone of massive sulphide similar in mineralogy and grade as the E-Zone over a length of greater than five kilometers. As such, there is the geological environment present to host a much larger deposit of massive sulphide in this Horizon. Selkirk will strive to evaluate the overall potential of the Ruddock Creek Property as quickly and as comprehensively as possible as it moves towards potential development.

Operations on the Ruddock Creek Property are being conducted under the supervision of the Company's Qualified Persons (as defined by NI 43-101), Jim Miller-Tait, P.Geo., Vice President of Exploration and Tom Colbourne, P.Eng., Vice President of Mining.

On Behalf of the Board of Directors of
Selkirk Metals Corp.:

(signed) "Gordon Keevil"

Gordon Keevil, President