SKE Skeena Resources Limited

Skeena Resources Limited (TSX VENTURE: SKE) is pleased to announce the SEDAR posting of its recently completed Scoping Study (Preliminary Assessment) on the Company's Malpica Cu-Au-Ag-Mo project, located 25 km east of the deep-water port of Mazatlan, Sinaloa State, Mexico (see news release dated Dec. 3, 2009). The Study was completed by S. Godden & Associates Limited of Welwyn Garden City, UK. The resource estimates were completed by Giroux Consultants Ltd. and John Zbeetnoff, P. Geo. of Vancouver, B.C. The Study is also posted on the Company's website: www.skeenaresources.com.

The Study is summarized below:

RESOURCE           MILLIONS of                       MILLIONS of
CLASSIFICATION          TONNES      AVERAGE GRADES        lbs Cu    oz Au
                                    Cu (%) Au (g/t)
-------------------------------------------------------------------------
Total Indicated            9.7      0.589    0.491         125.5  150,000
Total Inferred            39.6      0.477    0.409         416.5  520,000


RESOURCES, DILUTED
at 0.25% Cu Grade Cut-off                      COPPER   GOLD Credits
---------------------------------------------------------------------
Estimated in-pit Mineral Resource
 (37.3 M tonnes)                          405.6 M lbs.    416,000 oz
Estimated net recoverable metal           358.0 M lbs.    385,900 oz.
Average Annual Production                  31.5 M lbs.     33,900 oz.


Assumptions: Base Case metal prices     $ 2.50 per lb.  $ 825 per oz.
Life of mine                                      11.4 years
Average strip ratio                                  1.78


CAPITAL COSTS FOR LIFE OF MINE:

CAPITAL COST                                              ESTIMATED
ESTIMATE         ELEMENTS                                     COSTS
-------------------------------------------------------------------
Pre-Production   Permits, EIS & community, moving
                 adjacent road and power line, SX-EW and
                 heap leach plants, tailings storage
                 facility, project design                    $ 30 M

Mill             Floatation plant, tailings storage
                 lifts, closure                              $ 77 M

Sustaining       Heap Leach Plant and Floatation Plant        $ 4 M

Contingency      10%                                         $ 11 M
                                                            -------
                                                            $ 122 M
                                                            -------


ECONOMIC RESULTS USING BASE CASE METAL PRICES
--------------------------------------------------------------------------
Cumulative gross copper revenues  $ 2.50 per lb.  358.0 M lbs.     $ 895 M
Cumulative gross gold credits      $ 825 per oz.    385,900 oz     $ 318 M
                                                                 ---------
                                                                 $ 1,213 M
Royalties                                                          $  35 M
Cumulative operating costs                                         $ 855 M
                                                                 ---------
Cumulative operating profit                                        $ 323 M
Life of mine capital costs                                         $ 122 M
                                                                 ---------
Net cashflow earnings before income tax, depreciation and
 amortization ("EBITDA")                                           $ 201 M
                                                                 ---------
EBITDA NPV at 5% discount                                          $ 117 M
Internal Rate of Return ("IRR")                                        37%
EBITDA payback period of pre-production costs from heap
 leaching revenues                                               1.5 years
EBITDA payback period including deferred capital for
 floatation plant start in year 3 & 4                            4.9 years


HIGHLIGHTS OF THE PROJECT:

--  A low risk, low capital expenditure Project with robust economics and
    good blue sky potential; majority of capital expenditures deferred to
    Years 3 and 4 which limits risk exposure to currency and metal price
    fluctuations.
--  Open pit, heap leach operation for first 3.5 years; transitioning to a
    conventional floatation mill thereafter;
--  Internal Rate of Return of 37% at Base Case $2.50 Cu and $825 Au; and
--  Payback period of pre-production costs from early heap leaching
    production revenues of 1.5 years.


BLUE SKY POTENTIAL:

--  At a copper price of US$3 per pound and a gold price of US$990 per Troy
    ounce the undiscounted, EBITDA NPV of the Project increases to $410
    million and the EBITDA IRR increases to 66%.
--  Mineralized zones remain partially open at depth and on strike;
--  Scoping Study sensitivities indicate that the cut-off should be reduced
    to 0.2% Cu;
--  Pit slopes are conservatively designed;
--  Silver and molybdenum credits were not included in the Study.
--  The Company is convinced that the gold values are under reported as a
    consequence of non 43-101 compliant data not being included in the
    resource calculation (ie., early Asarco drilling and Cambior trenches);
--  Mining costs are predicated on a contractor operated, new, leased mine
    fleet.
--  Metallurgical recoveries have not been optimized.

ON BEHALF OF THE BOARD OF DIRECTORS OF

SKEENA RESOURCES LIMITED

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

Neither TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.

Contacts: Skeena Resources Limited Tony Perri Investor Relations, Manager 604-684-8725 (604) 669-2543 (FAX) tperri@skeenaresources.com www.skeenaresources.com Wani Capital Raju Wani 403-240-0555