Skeena Announces Pricing of Fully Subscribed Private Placement

VANCOUVER, BC--(Marketwired - May 26, 2017) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Skeena Resources Limited (TSX VENTURE: SKE) ("Skeena" or the "Company") is pleased to announce that it has priced its fully subscribed private placement offering previously announced on May 23, 2017 (the "Offering"). The Offering will consist of the sale of 100,000,000 units of the Company (the "Units"), each Unit consisting of one common share of the Company (each, a "Common Share" and, collectively, the "Common Shares") and one-half of one common share purchase warrant of the Company (each whole common share purchase warrant, a "Warrant" and, collectively, the "Warrants"), at a price of C$0.05 per Unit for gross proceeds of C$5,000,000. Each Warrant will entitle the holder to purchase one common share of the Company at a price of C$0.10 for a period of three years following closing of the Offering.

The Offering is being led by RBC Capital Markets who is also acting as sole book-runner on behalf of a syndicate including Paradigm Capital Inc. and PI Financial Inc. (collectively, the "Agents"). In addition, the Company has granted to the Agents an option (the "Agents' Option"), exercisable in whole or in part at any time up to two days prior to closing of the Offering, to increase the size of the Offering by up to 15% of the base offering size, on the same terms as the Offering. If the Agents' Option is exercised in full, the total gross proceeds of the Offering will be C$5,750,000.

The net proceeds of the Offering will be used to fund advancement of the Company's Snip project and for working capital purposes. The closing of the Offering is anticipated to occur in mid-June 2017 (the "Closing Date") and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals, including the acceptance of the TSX Venture Exchange. The securities issued under the Offering will be subject to a statutory hold period in Canada expiring four months and one day from the Closing Date.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.