Selkirk Metals Corp.: First Ever Underground Drill Hole Intersects E-Zone Massive Sulphides at Ruddock Creek

Selkirk Metals Corp. ("Selkirk" or the "Company") (TSX VENTURE:SLK) is pleased
to provide this update of operations on the Ruddock Creek Property, located 100
km north-northwest of Revelstoke in the Kamloops and Revelstoke Mining
Divisions, British Columbia.


On July 12th, the underground drilling contractors completed the first
underground drill hole ever drilled at Ruddock successfully intersecting the
deep E Zone exactly as predicted by the Company's technical staff. The first
drill hole was designed to parallel the final stage of the decline in the east
wall to where the ramp was projected to intersect the mineralization, which is
now only 110 metres from the current location. The hole, which was drilled from
the 650m station of the ramp, intersected the target sulphide mineralization
identical to the E Zone consisting of sphalerite, galena and iron sulphides. The
mineralization occurs as sections of disseminated, semi and massive sulphide
over a width of 67.0m from a down hole depth of 325.0 to 392.0 metres. The most
significant base metal mineralization over a width of 10m from 382.0 to 392.0m
was in the hanging wall side, which matches the offsetting surface drill holes
completed in previous years.


Over the past two months, the underground development has exceeded our scheduled
projections and the ground conditions remain excellent. The decline is now at a
depth of 890m with a cross cut planned parallel to the mineralization at a depth
of 900m. The majority of the underground drilling will occur from this crosscut
which will be parallel to the ore and 100m in the footwall. The underground
mining contractors will drive the crosscut at the same time as continuing to
drive the decline through the E Zone mineralization, which is projected to be
intersected at 1,000m where it will cross through the Zone in the area of
previously drilled surface holes tabulated below:



-------------------------------------------------------------
                 FROM       TO    INTERVAL      ZINC     LEAD
HOLE NUMBER        (m)      (m)         (m)        %        %
-------------------------------------------------------------
E-Zone   
-------------------------------------------------------------
RD-05-113       708.5   722.55       14.05     15.79     3.33
-------------------------------------------------------------

-------------------------------------------------------------
RD-06-152      648.84   671.40       22.56     11.70     2.27
-------------------------------------------------------------



"The progress at Ruddock Creek over the past two months has been exceptional in
the rapid advancement of the underground development and the first ever
intersection of the deep E Zone mineralization from underground exactly as
projected in location and metal distribution. I would like to thank all staff,
consultants, contractors and Procon Mining & Tunnelling Ltd. for the excellent
work completed during this period," stated Gordon Keevil, President.


Operations on the Ruddock Creek Property are being conducted under the
supervision of 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

For further information on Selkirk Metals Corp. please visit our website at
www.selkirkmetals.com.


This release includes certain statements that may be deemed to be
"forward-looking statements" within the meaning of the U.S. Private Securities
Litigation Reform Act of 1995. All statements in this release, other than
statements of historical facts, that address future production, reserve
potential, exploration and development activities and events or developments
that the Company expects, are forward-looking statements. Although management
believes the expectations expressed in such forward-looking statements are based
on reasonable assumptions, such statements are not guarantees of future
performance, and actual results or developments may differ materially from those
in the forward-looking statements. Factors that could cause actual results to
differ materially from those in forward-looking statements include market
prices, exploration and development successes, continued availability of capital
and financing, and general economic, market or business conditions. Please see
our public filings at www.sedar.com for further information.