January 14, 2010
Skeena Summarizes Scoping Study and Posts to SEDAR

News Release:

Skeena Resources Limited (TSX.V: SKE) is pleased to announce the SEDAR posting of its recently completed Scoping Study (Preliminary Assessment) on the Company's Malpica Cu-Au-Ag-Mo project, located 25 km east of the deep-water port of Mazatlan, Sinaloa State, Mexico (see news release dated Dec. 3, 2009). The Study was completed by S. Godden & Associates Limited of Welwyn Garden City, UK. The resource estimates were completed by Giroux Consultants Ltd. and John Zbeetnoff, P. Geo. of Vancouver, B.C. The Study is also posted on the Company's website: www.skeenaresources.com.

The Study is summarized below:

CAPITAL COSTS FOR LIFE OF MINE:

HIGHLIGHTS OF THE PROJECT:

• A low risk, low capital expenditure Project with robust economics and good blue sky potential; majority of capital expenditures deferred to Years 3 and 4 which limits risk exposure to currency and metal price fluctuations.
• Open pit, heap leach operation for first 3.5 years; transitioning to a conventional floatation mill thereafter;
• Internal Rate of Return of 37% at Base Case $2.50 Cu and $825 Au; and
• Payback period of pre-production costs from early heap leaching production revenues of 1.5 years.

BLUE SKY POTENTIAL:

• At a copper price of US$3 per pound and a gold price of US$990 per Troy ounce the undiscounted, EBITDA NPV of the Project increases to $410 million and the EBITDA IRR increases to 66%.
• Mineralized zones remain partially open at depth and on strike;
• Scoping Study sensitivities indicate that the cut-off should be reduced to 0.2% Cu;
• Pit slopes are conservatively designed;
• Silver and molybdenum credits were not included in the Study.
• The Company is convinced that the gold values are under reported as a consequence of non 43-101 compliant data not being included in the resource calculation (ie., early Asarco drilling and Cambior trenches);
• Mining costs are predicated on a contractor operated, new, leased mine fleet.
• Metallurgical recoveries have not been optimized.

http://www.skeenaresources.com/s/NewsReleases.asp?ReportID=380617&_Type=News-Releases&_Title=Skeena-Summarizes-Scoping-Study-and-Posts-to-SEDAR