Ruddock Creek Underground Programs Reaching First Milestone
May 20, 2008 - Selkirk Metals Corp. ("Selkirk" or
the "Company") is pleased to provide this update of operations on the
Ruddock Creek Property, located 100 km north-northwest of Revelstoke in
the Kamloops and Revelstoke Mining Divisions, British Columbia.
In October of 2007, Selkirk commenced the underground exploration
program, the most important operation to date on the Ruddock Creek
Property. This program includes a one kilometer long decline, lateral
development and approximately 10,000 meters of underground diamond
drilling. It is all designed to enable detailed drilling of
approximately 50% of the E-Zone that has not been defined by surface
drilling. Due to the depth of this portion of the E-Zone from surface,
the detailed drilling necessary to complete resource calculations,
engineering and development could only be completed through the
underground program. No further surface drilling of the E-Zone is
required as the upper portion has been drilled at the required spacing.
Since the year end break, the underground development program has
continued uninterrupted and is at a length of approximately 620 meters.
Other than one area of difficult ground conditions, the progress has
been excellent since January and there has been no lost time due to
weather or operational difficulties. The decline is now nearing the
first milestone of 650 meters where the initial phase of underground
diamond drilling will commence. Drilling is now expected to be underway
in early June. The drilling from this location will test the up dip
component of the E-Zone from the deepest defined point to date. The
decline will continue to be developed to a length of approximately 900
meters where the lateral development will be completed to the east to
establish drilling stations proximal to the deposit, at which time a
second drill will be added. The two drills should be able to complete
the 10,000 meters program by early fall.
Approximately 24,000 meters of surface diamond drilling by Selkirk over
the past 3 years has defined the E-Zone continuously for 1.2 kilometers
down the plunge from where the Zone is exposed at surface. Based on
this length and the average dip and thickness of the zone as defined to
date, the indicated size of the zone is sufficient to contain a tonnage
of the target mineralization that would justify development. Selkirk is
therefore progressing with related engineering and environmental
studies, regional and local consultation and initiating the permitting
process. Once the diamond drilling has been completed, the results will
be compiled to determine the final resource contained within the target
area and this will, in turn, be used for mine planning and the
completion of a scoping study as soon as possible thereafter.
"We have been working diligently since we first became involved in the
Ruddock Creek Property and are about to make the next major step to
realizing production. The commencement of underground drilling and the
intersection of the E-Zone at depth will clearly define the potential
of this important Property to Selkirk and its shareholders. We are very
pleased with the underground program over the past four months and look
forward to a successful conclusion of the program and the completion of
the scoping study," stated Gordon Keevil, President. 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.
COMPANY UPDATE
The Company has entered into a Client Services Agreement (the
"Agreement") with RAP Capital Corp. (the "Consultant") of Suite 800 -
1199 West Hastings Street, Vancouver, British Columbia, Canada, V6E
3T5, executed April 23, 2008.
Pursuant to the Client Services Agreement, the Consultant will assist
in formulating plans and budgets for the enhancement of the Company's
image and the distribution of information concerning the Company to
existing shareholders, brokerage firms, and registered representatives,
institutional investors, fund managers, securities analysts, potential
investors who have contacted the Company seeking such information, the
media and others as appropriate, among other services for a period of
three months beginning on April 23, 2008. The Agreement shall
automatically renew on a month to month basis, subject to early
termination in accordance with the termination provisions of the
Agreement. As partial consideration for the services to be provided by
the Consultant, the Company has agreed to pay the Consultant a fee of
$1,500 per month plus GST, out of the Company's working capital.
The Consultant has advised that it holds, directly 11,000 common shares of the Company.
On Behalf of the Board of Directors:
(signed) "Gordon Keevil"
Gordon Keevil, President
For further information on Selkirk Metals Corp. please visit our website at www.selkirkmetals.com.
