VANCOUVER, BC--(Marketwired - September 23, 2016) - Skeena Resources
Limited (TSX VENTURE: SKE) ("Skeena" or the "Company")
is pleased to announce the closing of the previously announced acquisition of 100% of the outstanding common shares
("Mount Rainey Silver Shares") of Mount Rainey Silver Inc. ("Mount Rainey Silver") (see news
release dated August 10, 2016) for consideration of 5.65 common shares of Skeena ("Skeena Shares") for each
outstanding Mount Rainey Silver Share. The acquisition was completed by way of a plan of arrangement under the Business
Corporations Act (British Columbia) (the "Arrangement"). On closing of the Arrangement, Skeena issued
25,089,576 Skeena Shares to former shareholders of Mount Rainey Silver, who now hold approximately 4.8% of the 518,573,930 Skeena
Shares issued and outstanding, on an undiluted basis.
Shareholders of Mount Rainey Silver voted in favour of the resolution approving the Arrangement at a special meeting of
shareholders of Mount Rainey Silver held on September 9, 2016. A final order approving the Arrangement was granted by the Supreme
Court of British Columbia on September 12, 2016.
In connection with the closing of the Arrangement, Skeena, Mount Rainey Silver, Raimount Oil & Gas Inc.
("Raimount"), and Manitok Energy Inc. (the parent company of Raimount) entered into an agreement, pursuant to
which Mount Rainey Silver acquired the Glacier Creek Claims from Raimount, and extinguished existing liabilities aggregating
approximately $160,000 owing from Mount Rainey Silver to Raimount, in exchange for the issuance to Raimount by Skeena of
1,450,000 Skeena Shares. The Glacier Creek Claims are 45 crown-granted claims covering approximately 1,630 acres located in the
Glacier Creek / Albany Creek area on the east side of the Bear River Valley in British Columbia, together with 12 municipal lots
located in Stewart, British Columbia.
Mount Rainey Silver's primary asset is a 100% owned portfolio of 46 Crown-granted mineral claims covering the past-producing,
underground Prosperity-Porter Idaho-Silverado silver property located in the Golden Triangle of northwest British Columbia in the
Skeena Mining Division.
In order to receive Skeena Shares in exchange for their Mount Rainey Silver Shares, Mount Rainey Silver's registered
shareholders must complete, sign, date and return the letter of transmittal that was mailed to each registered shareholder of
Mount Rainey Silver in accordance with the instructions set out in the letter of transmittal.
About Skeena
Skeena Resources Limited is a junior Canadian mining exploration company focused on developing prospective base and
precious metal properties in the Golden Triangle region of northern British Columbia, Canada. The Company's primary activities
are the evaluation and development of the Spectrum gold project and adjacent GJ copper-gold project as well as exploration on the
recently optioned past-producing Snip gold mine, acquired from Barrick Gold Corp. Skeena's management includes a highly
experienced team of mine-finders, including Ron Netolitzky, Chairman of the Board.
On behalf of the board of directors of Skeena Resources Limited,
Walt Coles Jr.
President & CEO
Cautionary note regarding forward-looking information
This release contains certain "forward-looking information" under applicable Canadian securities laws.
Forward-looking information reflects Skeena's current internal expectations or beliefs and are based on information currently
available to the two companies. In some cases forward-looking information can be identified by terminology such as "may", "will",
"should", "expect", "intend", "plan", "anticipate", "believe", "estimate", "projects", "potential", "scheduled", "forecast",
"budget" or the negative of those terms or other comparable terminology. Assumptions upon which such forward-looking information
is based include, among others, that the business prospects and opportunities of each of the companies will proceed as
anticipated. Many of these assumptions are based on factors and events that are not within the control of Skeena, and there is no
assurance they will prove to be correct or accurate. Risk factors that could cause actual results to differ materially from those
predicted herein include, without limitation, that the business prospects and opportunities of each of the companies will not
proceed as anticipated. In addition, there are risks and hazards associated with the business of mineral exploration, development
and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins and
flooding (and the risk of inadequate insurance or inability to obtain insurance to cover these risks), as well as the risks
disclosed by Skeena in its filings on SEDAR at www.sedar.com. Forward-looking information is not a guarantee of future performance and actual results and future
events could differ materially from those discussed in any such forward-looking information. All of the forward-looking
information contained in this news release is qualified by these cautionary statements. Readers cannot be assured that actual
results will be consistent with such statements. Accordingly, readers are cautioned against placing undue reliance on any of the
forward-looking information contained herein. Skeena each expressly disclaims any intention or obligation to update or revise any
forward-looking information in this news release, whether as a result of new information, events or otherwise, except as required
by applicable securities laws.
Neither TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts
responsibility for the adequacy or accuracy of this release.