Skeena Announces $6 Million Strategic Investment

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES
OR DISSEMINATION IN THE UNITED STATES OF AMERICA

VANCOUVER, British Columbia, Oct.02, 2017(GLOBE NEWSWIRE) -- Skeena Resources Limited (TSX-V:SKE) ("Skeena" or the "Company") is pleased to announce a strategic investment from Gold Mountains Asset Management Co., Ltd., a subsidiary of Zijin Mining Group Company Limited of China ("Zijin") and certain clients and affiliates of the Sprott Group of Companies ("Sprott Group").

Skeena proposes to issue 83,333,334 flow through units (the "Units") at a price of C$0.072 per Unit for gross proceeds of C$6,000,000. Each Unit will consist of one flow through common share and one half of a warrant (each whole warrant, a "Warrant"). Each Warrant will entitle the holder to acquire one additional common share of Skeena at a price of C$0.10 for 24 months following closing. By way of a charity flow through swap, Zijin and Sprott Group will each subscribe for 41,666,667 Units, for a total of 83,333,334 Units.

Skeena's CEO, Walter Coles Jr. commented, "A strategic investment from two of the most sophisticated investor/operators in the precious metals sector is a strong show of confidence in the value of Skeena's portfolio of mineral properties in northwest British Columbia. The net proceeds of the financing will be used to fund on-going exploration programs."

Closing of the financing is subject to approval by the TSX Venture Exchange. All of the securities issued under this financing will be subject to a hold period of 4 months from the closing date of the offering. Finders' fees may be payable to qualified finders in accordance with applicable regulations.

Skeena's Board of Directors has also passed a resolution authorizing a 10 (old) for 1 (new) share consolidation (the "Consolidation") in order to reduce the number of common shares outstanding. The Company will make similar adjustments to its outstanding warrants and incentive stock options. The Company currently has 644,608,495 common shares outstanding and following the Consolidation there will be 64,460,849 common shares outstanding (prior to the closing of the financing described above).There will be no name change associated with the Consolidation and it is anticipated that the Consolidation will occur immediately after closing of the financing. The Consolidation is subject to TSX Venture Exchange approval, however no shareholder approval is required.

About Skeena
Skeena Resources Limited is a junior Canadian mining exploration company focused on developing prospective precious and base metal properties in the Golden Triangle region of northwest British Columbia, Canada. The Company's primary activities are the exploration and development of the past-producing Snip gold mine, acquired from Barrick Gold, and the past-producing Porter Idaho silver mine. The Company also recently announced Preliminary Economic Assessment results for the Spectrum-GJ copper-gold porphyry project.

On behalf of the Board of Directors of Skeena Resources Limited,

Walter Coles Jr.
President & CEO

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended, (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws, or an exemption from such registration requirement is available.

Cautionary note regarding forward-looking statements

Certain statements made and information contained herein may constitute "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian and United States securities legislation, including, among other things, information with respect to the expected size and terms of the Offering, the expected timing for closing of the Offering and the expected use of proceeds of the Offering. These statements and information are based on facts currently available to the Company and there is no assurance that actual results will meet management's expectations. Forward-looking statements and information may be identified by such terms as "anticipates", "believes", "targets", "estimates", "plans", "expects", "may", "will", "could" or "would". Forward-looking statements and information contained herein are based on certain factors and assumptions regarding, among other things, the estimation of mineral resources and reserves, the realization of resource and reserve estimates, metal prices, taxation, the estimation, timing and amount of future exploration and development, capital and operating costs, the availability of financing, the receipt of regulatory approvals, environmental risks, title disputes and other matters. While the Company considers its assumptions to be reasonable as of the date hereof, forward-looking statements and information are not guarantees of future performance and readers should not place undue importance on such statements as actual events and results may differ materially from those described herein. The Company does not undertake to update any forward-looking statements or information except as may be 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.

Contact: Walt Coles Jr., President & CEO
or Kelly Earle, Vice President Communications
Email: kearle@skeenaresources.com

Suite 650, 1021 West Hastings Street
Vancouver, BC, Canada V6E 0C3
Tel: (604) 684-8725
Fax: (604) 558-7695