Selkirk Metals Financial News

U Zone Update, Ruddock Creek Property, B.C.

January 28, 2008 - Selkirk Metals Corp. ("Selkirk" or the "Company") is pleased to release the final results from the 2007 exploration of the U Zone. The U Zone is located 2,100 metres west of the deepest drilling of the E-Zone, approximately halfway along the 5.5 km long Ruddock Creek Sulphide Horizon (RCSH). The RCSH is a near continuous zone of zinc-lead bearing massive to semi massive sulphide mineralization which has been traced through numerous surface exposures, and is illustrated on the Overview Figure on the Company's website, www.selkirkmetals.com.

Over the course of the 2007 program in the U Zone area, eight diamond drill holes were completed along with surface mapping, sampling and prospecting. As a result of this work two new surface showings were located which significantly expand the size potential of this portion of the RCSH. The U Zone West showing is located 500 m to the west of the previously known U Zone surface exposures. This showing is along on trend with the U and the V showings and further indicates the continuity of this massive sulphide horizon. Sampling of this showing returned 14.76% Zn and 2.63% Pb over a 7.5 m chip sample across the mineralization.

The semi to massive sulphide mineralization that was sampled consists of medium to coarse grained sphalerite and galena with accessory pyrrhotite and pyrite. This mineralization appears to be on the same stratigraphic horizon as the V Zone mineralization which is located an additional 500 metres to the west. Most of the terrain between the U and V Zones is covered by talus but the entire 1,000 metres of the RCSH between the U and V Zones, including the area of channel sampling, can be easily tested by diamond drilling during the next surface exploration program.

A total of 8 holes were drilled, 7 from a single setup and the final hole of the season from a second setup. Multiple lenses of mineralization were encountered in five of the eight holes completed. Based on the intercepts observed in these holes, the mineralization appears to be dipping to the north which would be consistent with the other showings along the RCSH. The significant results received from the U Zone drilling in 2007 are tabulated below. Previous drill programs have shown the mineralized horizons at Ruddock Creek to be continuous laterally and where defined down dip with variable thickness of sulphides encountered in individual holes.

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HOLE NUMBER    FROM           TO    INTERVAL    ZINC   LEAD
                 (m)          (m)         (m)      %      %
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U Zone:
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RD-07-U1         86.95    101.06       14.11    7.59   1.34
Including        86.95     90.20        3.25   23.78   3.85
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RD-07-U2         47.5      54.76        7.26    1.7    0.07
                 62.75     69.13        6.38    2.23   0.14
                105.5     114.5         9.0     3.13   0.47
                127.3     135.0         7.70   21.48   2.5
                144.0     149.0         5.0     4.96   0.82
------------------------------------------------------------
RD-07-U4         47.1      47.7         0.6    21.35   0.62
                 57.63     62.13        4.5     4.62   0.52
                 72.22     75.6         3.38    1.87   0.11
------------------------------------------------------------
RD-07-U5        109.18    114.46        5.28    4.8    0.67
                136.3     137.11        0.81    6.54   1.1
------------------------------------------------------------
RD-07-U7         33.14     38.41        5.27    3.43   0.41
                 99.4     120.54       21.14    5.27   0.74
Including        99.4     107.4         8.0    11.50   1.51
------------------------------------------------------------

As mentioned in previous news releases, multiple mineralized horizons have been encountered at both the U Zone and in the northern portion of the Creek Zone. In addition the two targets are at approximately the same stratigraphic level which indicates the possibility of them being continuous beneath the untested 1.2 km that separates these zones. This will be confirmed by ongoing diamond drilling as exploration of the Ruddock Creek Property continues in 2008. The results from the 2007 exploration program have confirmed excellent grades of zinc and lead over several kilometers along the RCSH. This has increased the potential to discover not one but several zones similar in nature to the E-Zone, which is now the focus of the Company's underground exploration and development program.

With the commencement of this underground development and drilling program, the Ruddock Creek Project is now a year round operation. As this program is designed to obtain the information necessary to complete a scoping and feasibility study it is expected to continue into mining operations as the Project develops. 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. Acme Analytical Laboratories Ltd. was engaged to carry out the analytical work on all samples. The analytical procedure utilized was the Group 7AR 23 multi-element assay by ICP-AES methods. The Ruddock Creek Property is located 100 km north-northwest of Revelstoke in the Kamloops and Revelstoke Mining Divisions, British Columbia.

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

(signed) "Gordon Keevil"

Gordon Keevil, President

For further information on Selkirk Metals Corp. please visit its website at www.selkirkmetals.com.