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Skeena Announces Final Assays From Spring 2008 Drilling, Malpica Project, Mexico

August 26, 2008

VANCOUVER, BRITISH COLUMBIA–(Marketwire – Aug. 26, 2008) – Skeena Resources Limited (TSX VENTURE:SKE) is pleased to announce the fourth and final batch of assay results (diamond drill holes SM- 24 to SM-35 inclusive) from its spring 2008 drill program at its advanced MALPICA copper-gold-molybdenum project in Sinaloa State, 30 km east of Mazatlan, Mexico.

The primary focus of the program at Malpica was to drill test the open-ended strike and dip extent of the two main mineralized tourmaline breccia pipes, Cerro Tunel and Cerro Pelon, where a historic, non-compliant 43-101 resource(i) of 29 million tonnes grading 0.64% copper has previously been reported. Results from the first hole in the program, SM-01, in an untested area north of Cerro Pelon, referred to as Pelon Norte, (drill plan map link, http:// www.skeenaresources.com/i/pdf/2008-08-25_NRM.pdf) yielded an intercept of 232.9 metres grading 0.88% copper equivalent(ii). Copper equivalent (Cu EQ%) values for significantly mineralized drill intercepts for all 35 drill holes are reported in the table below.

Rupert Allan, Company President and CEO, stated “We continue to be pleased with the in-fill and extensional drilling of these two deposits. We have verified the prior historic data and have achieved sufficient drill density to now commence work on an initial NI 43- 101 compliant resource calculation, which should be complete sometime early this fall. In view of the recent strong move in both the price of copper and gold, the Company has also been encouraged to initiate preliminary work on a Scoping Study. Data compilation of geologic mapping and soil geochemical sampling with the recently completed helicopter-borne magnetic and multi-frequency electromagnetic DIGHEM survey is progressing and additional exploration targets are being delineated”.

Holes SM-24 and SM-25 tested for a northerly extension of sulfide Cu-Au-Mo mineralization of the main Cerro Pelon ore body. Hole SM- 24 intercepted oxide Cu-Au from 0 – 24 metres, averaging 0.55% Cu EQ. Hole SM-25 intercepted oxide Cu-Au from 0 – 38 metres, averaging 0.40% Cu EQ.

Hole SM-26 tested for a northeasterly extension to Cu-Au-Mo mineralization of the recently defined Pelon Norte ore body. The hole did not intercept significant mineralization.

Holes SM-27 and SM-28 were infill holes designed to increase drill density in significant sulfide Cu-Au-Mo mineralization adjacent to the southwestern limit of the main Cerro Pelon ore body. Hole SM-27 intercepted Cu oxide mineralization from 0-18 metres, averaging 0.36% Cu EQ. Hole SM-28 intercepted sulfide mineralization from 20 – 60 metres, with an average grade of 0.98 ppm Au, 0.419 % Cu and 0.008% Mo (or 0.88% Cu EQ).

Holes SM-29 and SM-30 were placed to test the western extension and southern margin, respectively, of the Pelon Norte ore body. SM- 29 intercepted significant sulfide mineralization from 64 – 94 metres, averaging 1.12 ppm Au, 1.09 % Cu and 0.102% Mo (30 metres of 2.55% Cu EQ). A lower, gold-rich zone from 116 to 132 metres yielded 2.07 ppm Au, 0.135% Cu and 0.027% Mo. The mineralization remains open to the north and west. Hole SM-30 intercepted a sub-vertical andesite dike and poor drilling conditions. The hole was abandoned before reaching the target depth and did not encounter any significant mineralization.

Holes SM-31 and SM-32 tested for northerly extensions to the Pelon Norte ore body. Hole SM-31 was angled at -60 degrees to the southeast. The hole intercepted oxide mineralization from 0-15 metres and sulfide mineralization from 15 – 76 metres. The entire 76.0 metre intercept averaged 1.39% Cu EQ. Hole SM-32, drilled vertically from the same pad a few metres to the west, only encountered 12 metres of mineralization from surface. The mineralization remains open to the north and down dip.

Hole SM-33, located approximately 50 metres west of Cerro Tunel, was drilled as an inclined hole oriented to the south southeast at – 60 degrees. The hole did not encounter any significant mineralization and indicates that the ore body may have been offset by faulting.

Hole SM-34 was drilled approximately 500 metres south of Cerro Tunel, testing an outcrop exposure of quartz-tourmaline breccia hosted in granodiorite. The hole is characterized by a narrow, gently dipping breccia zone with no significant mineralization. No further work is planned for the area.

Hole SM-35 was drilled approximately 600 metres west of the western limit of the Cerro Tunel to investigate coincidental geophysical and soil geochemical anomalies, and did not encounter any significant Au – Cu mineralization. A strong Cu-Au-Ag soil geochemical anomaly underlying this area requires further follow-up investigation.

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____________________________________________________________________ Cu ____________ From______ To__ Interval______Au______Cu______Mo____ Ag__Equiv Hole-ID__ (metres) (metres)__ (metres)____g/t______ %______ %____ppm______% ——————————————————————– ——- ——————————————————————– ——- SM01____________0____232.9______232.9____0.36__ 0.553__ 0.018____2.3__ 0.88 ——————————————————————– ——- Includes______20______ 32________ 12____0.83__ 0.856__ 0.015____3.5__ 1.30 __________———————————————————- ——- Includes______32______ 40__________8____0.14__ 0.264__ 0.036____0.7__ 0.69 __________———————————————————- ——- Includes______40______ 80________ 40____0.70__ 0.801__ 0.031____3.2__ 1.37 __________———————————————————- ——- Includes______80______ 98________ 18____0.20__ 0.702__ 0.006____1.6__ 0.83 __________———————————————————- ——- Includes____ 104______132________ 28____0.18__ 0.407__ 0.010____4.6__ 0.61 __________———————————————————- ——- Includes____ 166______174__________8____2.12__ 0.819__ 0.053__ 15.9__ 2.16 __________———————————————————- ——- Includes____ 196______200__________4____1.94__ 0.399__ 0.022____1.6__ 1.26 __________———————————————————- ——- Includes____ 212______220__________8____0.29__ 0.168__ 0.062____0.9__ 0.92 __________———————————————————- ——- Includes____ 228____232.9________4.9____0.51__ 0.069__ 0.018____1.9__ 0.44 ——————————————————————– ——- ——————————————————————– ——- SM02____________0________4__________4____0.48__ 0.373__ 0.001____8.4__ 0.60 ——————————————————————– ——- ——————————————————————– ——- SM03____________No Significant Results ——————————————————————– ——- ——————————————————————– ——- SM04__________ 82______ 86__________4____4.28__ 0.968__ 0.014____5.7__ 2.53 ——————————————————————– ——- SM04__________ 90______100________ 10____0.34__ 0.379__ 0.007____1.4__ 0.57 ——————————————————————– ——- SM04__________136______150________ 14____0.34__ 0.161__ 0.006____3.0__ 0.35 ——————————————————————– ——- SM04__________160______174________ 14____0.50__ 0.585__ 0.008____1.7__ 0.84 ——————————————————————– ——- SM04__________192______206________ 14____1.74__ 0.391__ 0.019____3.0__ 1.16 ——————————————————————– ——- ——————————————————————– ——- SM05__________ 30______ 94________ 64____1.25__ 0.598__ 0.005____1.8__ 1.06 ——————————————————————– ——- Includes______30______ 58________ 28____0.34__ 0.696__ 0.001____1.6__ 0.83 __________———————————————————- ——- Includes______58______ 76________ 18____3.44__ 0.629__ 0.015____1.9__ 1.90 __________———————————————————- ——- Includes______76______ 94________ 18____0.46__ 0.415__ 0.001____1.9__ 0.58 ——————————————————————– ——- SM05__________124______146________ 22____0.81__ 0.887__ 0.001____2.9__ 1.17 ——————————————————————– ——- SM05__________160______170________ 10____0.13__ 0.305__ 0.001____1.3__ 0.36 ——————————————————————– ——- SM05__________182______198________ 16____0.49__ 0.273__ 0.001____1.2__ 0.45 ——————————————————————– ——- ——————————————————————– ——- SM06__________ 34______ 40__________6____0.12__ 0.564__ 0.039____1.7__ 1.02 ——————————————————————– ——- SM06__________ 82______ 90__________8____0.32__ 0.513__ 0.011____1.9__ 0.74 ——————————————————————– ——- SM06__________132______140__________8____0.04__ 0.392__ 0.002____3.4__ 0.45 ——————————————————————– ——- ——————————————————————– ——- SM07__________ 66______202________136____0.42__ 0.653__ 0.027____4.2__ 1.10 ——————————————————————– ——- Includes______66______158________ 92____0.22__ 0.793__ 0.026____5.2__ 1.17 __________———————————————————- ——- Includes____ 164______182________ 18____1.89__ 0.660__ 0.039____2.6__ 1.70 __________———————————————————- ——- Includes____ 192______202________ 10____0.21__ 0.233__ 0.017____2.6__ 0.49 ——————————————————————– ——- ——————————————————————– ——- SM08__________ 34______ 68________ 34____0.31__ 0.701__ 0.013____0.9__ 0.95 ——————————————————————– ——- SM08__________ 92______ 96__________4____0.98__ 3.335__ 0.048__ 23.5__ 4.31 ——————————————————————– ——- SM08__________ 96______116________ 20____0.15__ 0.282__ 0.012____0.8__ 0.46 ——————————————————————– ——- SM08__________132______152________ 20____0.25__ 0.328__ 0.021____2.0__ 0.64 ——————————————————————– ——- SM08__________158______172________ 14____4.83__ 0.269__ 0.044____4.7__ 2.31 ——————————————————————– ——- SM08__________196______206________ 10____1.10__ 0.202__ 0.034____2.4__ 0.92 ——————————————————————– ——- ——————————————————————– ——- SM09____________No Significant Results ——————————————————————– ——- ——————————————————————– ——- SM10____________2______ 46________ 44____0.36__ 0.463__ 0.002____1.3__ 0.60 ——————————————————————– ——- SM10__________ 64______ 82________ 18____0.79__ 0.818__ 0.001____4.8__ 1.11 ——————————————————————– ——- SM10__________ 82______ 94________ 12____0.12__ 0.253__ 0.000____0.8__ 0.30 ——————————————————————– ——- SM10__________146______172________ 26____0.52__ 0.468__ 0.001____3.2__ 0.67 ——————————————————————– ——- ——————————————————————– ——- SM11____________0______ 36________ 36____0.12__ 0.222__ 0.000____1.6__ 0.27 ——————————————————————– ——- SM11__________ 48______ 78________ 30____0.26__ 0.432__ 0.011____1.1__ 0.64 ——————————————————————– ——- ——————————————————————– ——- SM12__________ 46______ 64________ 18____0.05__ 0.235__ 0.005____0.5__ 0.31 ——————————————————————– ——- SM12__________ 84______108________ 24____0.23__ 0.651__ 0.012____3.2__ 0.88 ——————————————————————– ——- Includes______84______ 90__________6____0.61__ 1.953__ 0.041____7.2__ 2.63 ——————————————————————– ——- ——————————————————————– ——- SM13____________No Significant Results ——————————————————————– ——- ——————————————————————– ——- SM14____________0______ 12________ 12____0.11__ 0.304__ 0.000____2.0__ 0.36 ——————————————————————– ——- SM14__________ 46______114________ 68____0.25__ 0.565__ 0.014____2.3__ 0.80 ——————————————————————– ——- SM14__________168______198________ 30____0.02__ 0.149__ 0.047____0.8__ 0.66 ——————————————————————– ——- SM14__________230______240________ 10____0.03__ 0.053__ 0.035____0.7__ 0.44 ——————————————————————– ——- ——————————————————————– ——- SM15__________ 26______ 40________ 14____0.09__ 0.270__ 0.000____1.8__ 0.31 ——————————————————————– ——- SM15__________ 72______ 84________ 12____0.12__ 0.255__ 0.007____5.0__ 0.40 ——————————————————————– ——- ——————————————————————– ——- SM16__________ 16______ 24__________8____2.41__ 1.194__ 0.005__ 13.6__ 2.11 ——————————————————————– ——- SM16__________ 42______ 78________ 36____1.77__ 0.378__ 0.011____7.1__ 1.11 ——————————————————————– ——- Includes______42______ 44__________2__ 19.20__ 2.610__ 0.021__ 81.5__ 9.54 ——————————————————————– ——- SM16__________114______132________ 18____0.26__ 0.306__ 0.000____1.2__ 0.40 ——————————————————————– ——- SM16__________146______160________ 14____0.08__ 0.357__ 0.002____1.3__ 0.42 ——————————————————————– ——- ——————————————————————– ——- SM17__________ 10______ 20________ 10____0.09__ 0.500__ 0.003____4.2__ 0.59 ——————————————————————– ——- ——————————————————————– ——- SM18____________0______ 20________ 20____0.03__ 0.316__ 0.003____2.2__ 0.38 ——————————————————————– ——- SM18__________ 58______ 64__________6____0.06__ 0.467__ 0.000____7.6__ 0.54 ——————————————————————– ——- ——————————————————————– ——- SM19____________0______ 36________ 36____0.18__ 0.655__ 0.037____9.1__ 1.16 ——————————————————————– ——- Includes______28______ 34__________6____0.86__ 2.410__ 0.001__ 41.0__ 2.98 ——————————————————————– ——- ——————————————————————– ——- SM20____________0______ 26________ 26____0.06__ 0.255__ 0.002____6.1__ 0.34 ——————————————————————– ——- ——————————————————————– ——- SM21____________No Significant Results ——————————————————————– ——- ——————————————————————– ——- SM22____________4______ 24________ 20____0.08__ 0.413__ 0.034____1.9__ 0.81 ——————————————————————– ——- SM22__________ 62______158________ 96____0.44__ 0.327__ 0.001____1.5__ 0.48 ——————————————————————– ——- Includes______74______110________ 36____0.86__ 0.490__ 0.001____2.5__ 0.79 __________———————————————————- ——- Includes____ 118______134________ 16____0.34__ 0.374__ 0.000____1.3__ 0.49 ——————————————————————– ——- ——————————————————————– ——- SM23____________2______144________142____0.50__ 0.396__ 0.001____2.1__ 0.58 ——————————————————————– ——- Includes______ 2______ 48________ 46____0.23__ 0.335__ 0.001____1.4__ 0.43 __________———————————————————- ——- Includes______64______144________ 80____0.74__ 0.491__ 0.001____2.8__ 0.76 __________———————————————————- ——- Includes______84______ 92__________8____1.93__ 1.551__ 0.001__ 13.6__ 2.27 __________———————————————————- ——- Includes______98______108________ 10____1.60__ 0.886__ 0.003____2.7__ 1.45 __________———————————————————- ——- Includes____ 118______126__________8____1.80__ 0.782__ 0.000____3.0__ 1.38 __________———————————————————- ——- Includes____ 136______142__________6____0.78__ 0.495__ 0.001____2.3__ 0.77 ——————————————————————– ——- ——————————————————————– ——- SM24____________0____ 24.0______ 24.0____0.01__ 0.533__ 0.000____1.5__ 0.55 ——————————————————————– ——- ——————————————————————– ——- SM25____________0____ 38.0______ 38.0____0.02__ 0.369__ 0.001____1.7__ 0.40 ——————————————————————– ——- ——————————————————————– ——- SM26____________No Significant Results ——————————————————————– ——- ——————————————————————– ——- SM27____________0____ 18.0______ 18.0____0.01__ 0.325__ 0.001____3.1__ 0.36 ——————————————————————– ——- ——————————————————————– ——- SM28________ 20.0____ 60.0______ 40.0____0.99__ 0.419__ 0.008____9.4__ 0.88 ——————————————————————– ——- ——————————————————————– ——- SM29________ 64.0____ 94.0______ 30.0____1.12__ 1.092__ 0.102____4.7__ 2.55 ——————————————————————– ——- SM29________116.0____136.0______ 20.0____2.07__ 0.135__ 0.027____0.7__ 1.08 ——————————————————————– ——- ——————————————————————– ——- SM30____________No Significant Results – post-ore dike ——————————————————————– ——- ——————————————————————– ——- SM31____________0____ 76.0______ 76.0____0.62__ 0.891__ 0.027____2.1__ 1.39 ——————————————————————– ——- ——————————————————————– ——- SM32____________0____ 12.0______ 12.0____0.79__ 0.501__ 0.003____1.2__ 0.79 ——————————————————————– ——- ——————————————————————– ——- SM33 to SM35____________No Significant Results ——————————————————————– ——-

(i)The reader is cautioned that this historic resource does not conform to Canada’s National Instrument 43-101 requirements for reporting purposes; as such, the Company is not treating this estimate as current reserves or resources. These estimates should not be relied upon until they have been verified by further due diligence and re-calculated by an independent qualified person.

(ii)Copper equivalent values for significantly mineralized drill intercepts for all 35 drill holes are reported in the table above. The calculation is predicated on metals prices from the 3-year averages reported on the LME: copper at $2.95/lb., gold at $647.40/ oz., molybdenum at $30.97/lb. and silver at $14.00/oz. No allowance has been made for metallurgical recovery or mining dilution.

Quality Assurance & Quality Control

The technical information in this news release has been prepared in accordance with Canadian regulatory requirements set out in National Instrument 43-101 and reviewed by Rupert Allan, P.Geol., President and CEO of Skeena, the designated Qualified Person for this project. On site drilling supervision is provided by the Company’s Latin American management team of Peter E. Boies, and Felipe Ortega. To ensure best practices in sampling and analyses, the N thin-walled diameter core is logged, photographed, and cut in half with a diamond saw. One half of the core is submitted for analysis and the second half is retained on-site. A rigorous chain- of-custody and QA/QC program is applied with the insertion of blanks, control samples, and the preparation of duplicates and replicates. Samples are trucked to Guadalajara, Mexico and crushed by ALS Chemex. The final analysis are completed in Chemex’s ISO- registered laboratory in Vancouver, BC. Gold is analyzed by 30 gm fire assay fusion with an ICP-ES finish, and 31 additional elements by a four acid digestion 0.25 gm ICP-ES analyses. Assays of greater than 10 g/t Au are repeated by 30 gm fire assay with a gravimetric finish, and both copper and molybdenum greater than one percent is analyzed by 0.4 gm ICP-ES.

All drill holes reported on in this news release were drilled vertically unless otherwise noted. Drill intercepts are reported as downhole lengths of various metals over widths in metres, as true widths of the various zones have not yet been reliably ascertained.

ON BEHALF OF THE BOARD OF DIRECTORS OF SKEENA RESOURCES LIMITED

J. R. Allan, P.Geol., President

Cautionary Statement on Forward-Looking Information.

The statements made in this News Release may contain certain forward-looking statements. Actual events or results may differ from the Company’s expectations. Certain risk factors may also affect the actual results achieved by the Company.

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