Re: News Release - Wednesday, January 14, 2009 Title: Skeena Re-negotiates Acquisition Terms of Malpica Project, Mexico
News Release: 09-02
Skeena Resources Limited (TSX.V: SKE) is very pleased to announce that it has, through mutual negotiation, achieved a deferral of a portion of the Purchase Acquisition terms for the Malpica copper-gold-molybdenum Project, in Sinaloa State, Mexico (see news release dated May 8, 2007). The Project is operated by Skeena's ninety percent owned Mexican subsidiary, Skeena Mexico SA de CV. The remaining ten percent of Skeena Mexico is owned by privately-held Reyna Mining & Engineering SA de CV ("Reyna"). The property vendor is Industrial Minera M�xico SA de CV ("IMMSA"), a division of Grupo M�xico SAB de CV. The revised Purchase Agreement with IMMSA provides for Skeena Mexico to complete its acquisition of a 100% interest in Malpica in return for a series of cash payments ($1,250,000 US paid to date) over the next 2 years totaling $9,869,830 US ($250,000 due January 24, 2009). Additionally, two outstanding cash payment obligations to Reyna, totaling $725,000 US, have been cancelled in return for advancing (to Jan. 24, 2009) the issuance of 2 million shares of Skeena and vending the Company's Tropico Project into Skeena Mexico at no cost to Reyna (the Tropico Project is, also located in Sinaloa State; see news release dated February 19, 2008). Revisions to the property acquisition from IMMSA, and to the terms of the subsidiary acquisition from Reyna, are subject to regulatory approval and a number of minor conditions precedent. Negotiations between IMMSA and Skeena Mexico were facilitated by Mauricio Candiani of Sedna Serficor Investment Bankers - Mexico (www.sedna-serficor.com).
Skeena Mexico is fully compliant with the expenditure and work program commitments, and all permitting and community relations' program requirements to date. During 2007 and 2008, the Company expended approximately $1,750,000 US on a program that included 125 line kilometers of cut-line survey grid emplacement, detailed mapping and prospecting, over 5,500 soil geochemical samples and multi-element analyses, approximately 1,000 line kilometers of 100-metre spaced helicopter-borne magnetic and electromagnetic survey and a 35-hole 5,600 metre Diamond drill program. Analytical results from the drilling were reported in four news releases dated April 14, June 3, June 13, and August 26, 2008 (the reader is referred to the Company's website at www.skeenaresources.com for details).
Under the direction of Dr. David M. Stone, P.Eng., the Company's Vice President of Corporate Development, Skeena is currently undertaking a new resource calculation and a Scoping Study, scheduled for completion in the spring of 2009.
ON BEHALF OF THE BOARD OF DIRECTORS OF SKEENA RESOURCES LIMITED
"Rupert Allan"
J. R. Allan, P.Geol., President
Neither TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
For Further Information Contact: Rupert Allan or Tony Perri - Investor Relations, Manager Suite 611, 675 W. Hastings St. Vancouver, B.C., Canada V6B 1N2 Tel: (604) 684-8725 Fax: (604) 669-2543 Email: tperri@skeenaresources.com |