Skeena to Acquire Mount Rainey Silver

VANCOUVER, BC--(Marketwired - August 10, 2016) - Skeena Resources Limited (TSX VENTURE: SKE) ("Skeena" or the "Company") and Mount Rainey Silver Inc. ("Mount Rainey") (a private British Columbia corporation based in Calgary, Alberta) have entered into a definitive agreement dated August 9, 2016 (the "Definitive Agreement") pursuant to which Skeena has agreed to issue up to 25,089,576 common shares in exchange for all of the issued and outstanding common shares of Mount Rainey by way of a Plan of Arrangement (the "Arrangement") under the Business Corporations Act of British Columbia. Mount Rainey's primary asset is a 100% owned portfolio of 46 Crown-granted mineral claims covering the past-producing, underground Prosperity - Porter Idaho - Silverado silver property ("Porter Idaho Project" or the "Project") located in the Golden Triangle of northwest British Columbia in the Skeena Mining Division.

The Company will host an investor conference call to discuss the transaction at 4:15 pm EST/ 1:15 pm PST today, Wednesday, August 10, 2016. The conference call dial-in number is toll-free 888-632-3384 or 785-424-1675 and the verbal pass code is Skeena. A replay of the conference call will be available for three weeks and accessible by dialing toll-free 844-488-7474 or 862-902-0129 along with the pass code 79504332. Media are invited to attend on a listen-only basis. Supporting presentation slides will be available on Skeena's website at www.skeenaresources.com.

The Porter Idaho Project has two known silver-bearing vein systems approximately 2,000 metres apart on opposite sides of Mt. Rainey with a surface portion of the intervening terrain masked by the icefield capping Mt. Rainey. All veins have the same strike, are intimately associated as splays off the well-delineated Silverado Fault and remain open at depth. As the icefield has been rapidly receding during the most recent few decades, it has exposed surface mineralization that may further indicate the apparent structural continuity between the two vein systems.

The Porter Idaho Project contains an historical Indicated Resource of 394,700 tonnes grading 868 g/t silver, 3.37% lead and 1.41% zinc (435,000 tons @ 25.2 oz/ton silver or a contained 11 million ounces) and an Inferred Resource of 88,900 tonnes grading 595 g/t silver (97,900 tons @ 17.3 oz/ton silver or a contained 1.7 million ounces).