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      %
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SM01            0    232.9      232.9    0.36   0.553   0.018    2.3   0.88
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 Includes      20       32         12    0.83   0.856   0.015    3.5   1.30
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 Includes      32       40          8    0.14   0.264   0.036    0.7   0.69
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 Includes      40       80         40    0.70   0.801   0.031    3.2   1.37
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 Includes      80       98         18    0.20   0.702   0.006    1.6   0.83
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 Includes     104      132         28    0.18   0.407   0.010    4.6   0.61
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 Includes     166      174          8    2.12   0.819   0.053   15.9   2.16
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 Includes     196      200          4    1.94   0.399   0.022    1.6   1.26
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 Includes     212      220          8    0.29   0.168   0.062    0.9   0.92
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 Includes     228    232.9        4.9    0.51   0.069   0.018    1.9   0.44
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SM02            0        4          4    0.48   0.373   0.001    8.4   0.60
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SM03            No Significant Results
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SM04           82       86          4    4.28   0.968   0.014    5.7   2.53
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SM04           90      100         10    0.34   0.379   0.007    1.4   0.57
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SM04          136      150         14    0.34   0.161   0.006    3.0   0.35
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SM04          160      174         14    0.50   0.585   0.008    1.7   0.84
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SM04          192      206         14    1.74   0.391   0.019    3.0   1.16
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SM05           30       94         64    1.25   0.598   0.005    1.8   1.06
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 Includes      30       58         28    0.34   0.696   0.001    1.6   0.83
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 Includes      58       76         18    3.44   0.629   0.015    1.9   1.90
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 Includes      76       94         18    0.46   0.415   0.001    1.9   0.58
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SM05          124      146         22    0.81   0.887   0.001    2.9   1.17
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SM05          160      170         10    0.13   0.305   0.001    1.3   0.36
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SM05          182      198         16    0.49   0.273   0.001    1.2   0.45
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SM06           34       40          6    0.12   0.564   0.039    1.7   1.02
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SM06           82       90          8    0.32   0.513   0.011    1.9   0.74
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SM06          132      140          8    0.04   0.392   0.002    3.4   0.45
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SM07           66      202        136    0.42   0.653   0.027    4.2   1.10
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 Includes      66      158         92    0.22   0.793   0.026    5.2   1.17
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 Includes     164      182         18    1.89   0.660   0.039    2.6   1.70
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 Includes     192      202         10    0.21   0.233   0.017    2.6   0.49
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SM08           34       68         34    0.31   0.701   0.013    0.9   0.95
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SM08           92       96          4    0.98   3.335   0.048   23.5   4.31
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SM08           96      116         20    0.15   0.282   0.012    0.8   0.46
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SM08          132      152         20    0.25   0.328   0.021    2.0   0.64
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SM08          158      172         14    4.83   0.269   0.044    4.7   2.31
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SM08          196      206         10    1.10   0.202   0.034    2.4   0.92
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SM09            No Significant Results
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SM10            2       46         44    0.36   0.463   0.002    1.3   0.60
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SM10           64       82         18    0.79   0.818   0.001    4.8   1.11
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SM10           82       94         12    0.12   0.253   0.000    0.8   0.30
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SM10          146      172         26    0.52   0.468   0.001    3.2   0.67
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SM11            0       36         36    0.12   0.222   0.000    1.6   0.27
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SM11           48       78         30    0.26   0.432   0.011    1.1   0.64
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SM12           46       64         18    0.05   0.235   0.005    0.5   0.31
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SM12           84      108         24    0.23   0.651   0.012    3.2   0.88
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 Includes      84       90          6    0.61   1.953   0.041    7.2   2.63
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SM13            No Significant Results
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SM14            0       12         12    0.11   0.304   0.000    2.0   0.36
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SM14           46      114         68    0.25   0.565   0.014    2.3   0.80
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SM14          168      198         30    0.02   0.149   0.047    0.8   0.66
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SM14          230      240         10    0.03   0.053   0.035    0.7   0.44
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SM15           26       40         14    0.09   0.270   0.000    1.8   0.31
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SM15           72       84         12    0.12   0.255   0.007    5.0   0.40
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SM16           16       24          8    2.41   1.194   0.005   13.6   2.11
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SM16           42       78         36    1.77   0.378   0.011    7.1   1.11
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 Includes      42       44          2   19.20   2.610   0.021   81.5   9.54
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SM16          114      132         18    0.26   0.306   0.000    1.2   0.40
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SM16          146      160         14    0.08   0.357   0.002    1.3   0.42
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SM17           10       20         10    0.09   0.500   0.003    4.2   0.59
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SM18            0       20         20    0.03   0.316   0.003    2.2   0.38
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SM18           58       64          6    0.06   0.467   0.000    7.6   0.54
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SM19            0       36         36    0.18   0.655   0.037    9.1   1.16
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 Includes      28       34          6    0.86   2.410   0.001   41.0   2.98
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SM20            0       26         26    0.06   0.255   0.002    6.1   0.34
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SM21            No Significant Results
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SM22            4       24         20    0.08   0.413   0.034    1.9   0.81
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SM22           62      158         96    0.44   0.327   0.001    1.5   0.48
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 Includes      74      110         36    0.86   0.490   0.001    2.5   0.79
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 Includes     118      134         16    0.34   0.374   0.000    1.3   0.49
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SM23            2      144        142    0.50   0.396   0.001    2.1   0.58
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 Includes       2       48         46    0.23   0.335   0.001    1.4   0.43
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 Includes      64      144         80    0.74   0.491   0.001    2.8   0.76
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 Includes      84       92          8    1.93   1.551   0.001   13.6   2.27
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 Includes      98      108         10    1.60   0.886   0.003    2.7   1.45
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 Includes     118      126          8    1.80   0.782   0.000    3.0   1.38
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 Includes     136      142          6    0.78   0.495   0.001    2.3   0.77
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SM24            0     24.0       24.0    0.01   0.533   0.000    1.5   0.55
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SM25            0     38.0       38.0    0.02   0.369   0.001    1.7   0.40
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SM26            No Significant Results
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SM27            0     18.0       18.0    0.01   0.325   0.001    3.1   0.36
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SM28         20.0     60.0       40.0    0.99   0.419   0.008    9.4   0.88
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SM29         64.0     94.0       30.0    1.12   1.092   0.102    4.7   2.55
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SM29        116.0    136.0       20.0    2.07   0.135   0.027    0.7   1.08
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SM30            No Significant Results - post-ore dike
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SM31            0     76.0       76.0    0.62   0.891   0.027    2.1   1.39
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SM32            0     12.0       12.0    0.79   0.501   0.003    1.2   0.79
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SM33 to
SM35            No Significant Results
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(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.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.

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