Fandora Gold Project-Update

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Fandora Gold Project-Update

posted on Jan 26, 2009 02:22AM

January 26, 2009

Selkirk Metals Corp.: Fandora Gold Project-Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 26, 2009) - Selkirk Metals Corp. ("Selkirk" or the "Company") (TSX VENTURE:SLK) is pleased to provide this review of the Fandora Gold Property which was acquired in the summer of 2007 as a result of the acquisition of Doublestar Resources Ltd. ("Doublestar"). The 100% owned Fandora Gold Property is located 20 km northeast of Tofino, BC (the "Property"). While the Company is completing a thorough review of its property portfolio to reflect current market conditions and commodity prices, the Ruddock Creek zinc-lead-silver and Catface copper porphyry projects remain the Company's highest priority projects.

The Fandora claims are located 5 km from tidewater in an area of active logging with forestry road access. The Property covers 2061.4 ha and consists of five crown granted mineral claims (79.4 ha) and six cell claims (94 cells / 1982.0 ha). The claims were originally staked and extensively worked in the 1940's by Privateer Mine Limited with 3,169 ft (966 m) of underground development completed on four levels (1500, 1700, 1900 and 2100 foot levels) and minor underground development, 420 ft (128 m), on the three lower levels, 1010, 1265 and 1400. The following table summarizes the weighted averages of channel samples completed at 5 foot intervals along the drifts of the 1700, 1900 and 2100 foot levels (Campbell 1950).

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          Length      Width       Grade      Length      Width       Grade
Level        (ft)       (ft)    (oz/ton)         (m)        (m)       (g/t)
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2100       448.0       4.52       0.327      136.54       1.38       11.21
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Incl.      100.0       5.02       0.366       30.48       1.53       12.55
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And        208.0       4.17       0.481       63.40       1.27       16.49
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1900       748.0       5.47       0.360      227.98       1.67       12.34
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Incl.      130.0       6.40       0.382       39.62       1.95       13.10
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And        140.0       6.06       0.360       42.67       1.85       12.34
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And        161.5       3.91       0.886       49.22       1.19       30.38
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1700       543.0       5.11       0.322      165.50       1.56       11.04
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Incl.       46.5       5.04       1.250       14.17       1.54       42.86
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The historic data is incomplete from the 1500 foot level where production of 972 tonnes of ore containing 45,660 grams of gold and 8,367 grams of silver (Minfile No 092F 041) occurred from 1960-64. While the historic data is non-43-101 compliant the Company feels that the information is significant in the evaluation of this project.

The Fandora Property consists of several parallel gold bearing quartz veins striking east-west and dipping steeply (70 degrees) north. The veins are shear hosted within Triassic-aged Sicker Group andesite and basalts. The vein system has been explored, by trenching and drifting along the vein, for a horizontal distance of 1,000 m and a vertical distance of 300 m with the gold bearing system being extremely consistent throughout. The vein system is "open" to depth and along strike. The mineralogy consists of pyrite, sphalerite, galena, chalcopyrite, and arsenopyrite with fine grained visible gold. The gold grades increase with the overall sulphide content, and the preliminary metallurgical work completed in 1999 by Doublestar indicate that the gold is non-refractory and a gold and silver recovery of approximately 97% is achievable by cyanide leach.

The Fandora Property has never been explored by modern exploration methods, with all previous exploration in the past being trenching and drifting on the known vein system. Selkirk is planning a comprehensive exploration program including soil geochemical sampling, geological mapping, prospecting, trenching and diamond drilling in conjunction with an underground evaluation of the workings in order to further enhance this project.

This news release has been reviewed and approved by the Company's Qualified Person (as defined by NI 43-101), Jim Miller-Tait, P.Geo., Vice President of Exploration.

On Behalf of the Board of Directors:

Gordon Keevil, President

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