Skeena Completes Acquisition of Mount Rainey Silver

VANCOUVER, BC--(Marketwired - September 23, 2016) - Skeena Resources Limited (TSX VENTURE: SKE) ("Skeena" or the "Company") is pleased to announce the closing of the previously announced acquisition of 100% of the outstanding common shares ("Mount Rainey Silver Shares") of Mount Rainey Silver Inc. ("Mount Rainey Silver") (see news release dated August 10, 2016) for consideration of 5.65 common shares of Skeena ("Skeena Shares") for each outstanding Mount Rainey Silver Share. The acquisition was completed by way of a plan of arrangement under the Business Corporations Act (British Columbia) (the "Arrangement"). On closing of the Arrangement, Skeena issued 25,089,576 Skeena Shares to former shareholders of Mount Rainey Silver, who now hold approximately 4.8% of the 518,573,930 Skeena Shares issued and outstanding, on an undiluted basis.

Shareholders of Mount Rainey Silver voted in favour of the resolution approving the Arrangement at a special meeting of shareholders of Mount Rainey Silver held on September 9, 2016. A final order approving the Arrangement was granted by the Supreme Court of British Columbia on September 12, 2016.

In connection with the closing of the Arrangement, Skeena, Mount Rainey Silver, Raimount Oil & Gas Inc. ("Raimount"), and Manitok Energy Inc. (the parent company of Raimount) entered into an agreement, pursuant to which Mount Rainey Silver acquired the Glacier Creek Claims from Raimount, and extinguished existing liabilities aggregating approximately $160,000 owing from Mount Rainey Silver to Raimount, in exchange for the issuance to Raimount by Skeena of 1,450,000 Skeena Shares. The Glacier Creek Claims are 45 crown-granted claims covering approximately 1,630 acres located in the Glacier Creek / Albany Creek area on the east side of the Bear River Valley in British Columbia, together with 12 municipal lots located in Stewart, British Columbia.

Mount Rainey Silver'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 located in the Golden Triangle of northwest British Columbia in the Skeena Mining Division.

In order to receive Skeena Shares in exchange for their Mount Rainey Silver Shares, Mount Rainey Silver's registered shareholders must complete, sign, date and return the letter of transmittal that was mailed to each registered shareholder of Mount Rainey Silver in accordance with the instructions set out in the letter of transmittal.