Skeena Increases Private Placement Financing

May 1, 2015

Mr. Walt Coles Jr. reports

SKEENA INCREASES PRIVATE PLACEMENT FINANCING

Skeena Resources Ltd.’s private placement financing announced on April 21, 2015, is heavily oversubscribed. As a result, the Skeena board of directors has decided to increase the size of the financing to $6.5-million from $4-million. The terms of the financing otherwise remain the same. Each flow-through share will be priced at eight cents per share and each non-flow-through share will be priced at six cents per share. Shares issued under this financing will be subject to a hold period of four months and one day from the closing date of the offering.

This financing will be applied toward advancing the company’s 100-per-cent-owned Spectrum high-grade gold project in the Golden Triangle of northwest British Columbia as well as for general corporate purposes.

The Spectrum property consists of several highly prospective areas. However, the company’s main focus for drilling this summer will be the Central zone, which consists of a series of four or more subparallel, three- to 10-metre-wide, steeply to vertically dipping vein/fracture/breccia zones within a broad halo of lower-grade porphyry-style copper-gold mineralization. The showings on the property are hosted by Triassic volcanics, which are intimately associated with a Jurassic porphyry dike. The setting is highly analogous to the past-producing Snip mine and to Pretium’s Brucejack deposit.

Historically, Spectrum has been subjected to approximately 14,000 metres of drilling in just over 100 holes. However, drilling was generally restricted to the upper 150 metres. Most importantly, the Central zone remains open on strike and at depth, and the topography is highly favourable for continued, low-cost surface drilling.

A limited due diligence drill program by Skeena last fall, targeted primarily at extending the depth extent on four cross-sections, successfully intersected all of its targets, including: 23.84 grams per tonne gold over 6.5 metres (including 40.43 g/t Au over 3.5 m) in hole 14SP-003; 10.63 g/t Au over 27.0 m (including 66.0 g/t Au over two m) in hole 14SP-004; 43.80 g/t Au over two m in hole 14SP-006; and 13.7 g/t Au over four m and 254.5 g/t Au over two m in hole 14SP-009.

Application for a multiyear exploration permit has been submitted to the B.C. Mines Branch and is currently under review. An early start to the field season is anticipated and detailed plans for 10,000 to 12,000 metres of diamond drilling are currently being finalized.

To avoid the possible risk of selective disclosure, the company also wishes to report that it received notice of a potential claim from Eilat Exploration Ltd. with respect to the asset purchase agreement among Skeena, Eilat and others dated April 14, 2014. The company has not received any formal notice of claim with respect to any litigation commenced by Eilat. Based on advice from Skeena’s corporate legal counsel, Fasken Martineau, the company considers the potential claim as described by Eilat to be false and without merit.

The qualified person responsible for the technical information in this news release is J. Rupert Allan, PGeol, the company’s vice-president, exploration.

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