NEWS RELEASE

SELKIRK METALS CORP.

1255 West Pender Street, Vancouver, B.C. V6E 2V1

Tel.:  (604) 687-2038  /  Fax.:  (604) 687-3141

TSX Venture Exchange: SLK

SELKIRK CLOSES $10.9 MILLION FINANCING

October 16, 2007 - Selkirk Metals Corp. (“Selkirk” or the “Company”) is pleased to announce that it has closed, in two separate tranches, its previously announced non-brokered private placement.  A total of 8,400,000 Flow-Through Units (“FT Units”) were placed at a price of $1.30 per FT Unit, for aggregate gross proceeds to the Company of $10,920,000.  The first tranche, in the aggregate amount of 3,780,000 FT Units, closed on October 10, 2007 (the “First Tranche”).  The second tranche, in the aggregate amount of 4,620,000 FT Units, closed on October 15, 2007 (the “Second Tranche”).  Each FT Unit consists of one flow-though common share (the “FT Shares”) and one half of one transferable common share purchase warrant (“Warrant”), each whole Warrant exercisable for one additional common share at an exercise price of $1.60.  Warrants issued under the First Tranche are exercisable into one additional common share of the Company on or before April 10, 2009.  Warrants issued under the Second Tranche are exercisable into one additional common share of the Company on or before April 15, 2009.

Selkirk paid finders' fees in the aggregate amount of $537,875, being 5% of the gross proceeds procured by the finders.

As subscribers to the private placement, Brian Kynoch (a director) and Debra Watkins (an officer) of Selkirk, acquired either directly or indirectly an aggregate of 43,000 FT Units.  No commission or finders' fees were paid for their participation.  The participation by insiders in the private placement is considered to be a “related party transaction” as defined under Ontario Securities Commission Rule 61-501 (the “Rule”).  The transaction is exempt from the formal valuation and minority shareholder approval requirements of the Rule as neither the fair market value of the securities being issued nor the consideration being paid exceeds 25% of Selkirk’s market capitalization.

The FT Shares and Warrants comprising the FT Units issued under the First Tranche are subject to a hold period that expires on February 11, 2008, and the FT Shares and Warrants comprising the FT Units issued under the Second Tranche are subject to a hold period that expires on February 16, 2008.

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

This release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration and development activities and events or developments that management of Selkirk and Doublestar expects, are forward‑looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions.  Please see the public filings of both Selkirk and Doublestar at www.sedar.com for further information.