Selkirk Metals Financial News

Underground Drilling Continues as Decline Reaches 900 Meter Mark

July 29, 2008 - Selkirk Metals Corp. ("Selkirk" or the "Company") 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.

The second diamond drill hole from the 650 meter location along the decline has now been completed successfully intersecting the target massive sulphide horizon of the E-Zone as predicted. Again, the character and width of the zinc-lead bearing massive sulphide zones intersected correlates very well with the intersections from the Company's surface drill holes from 2004, 2005 and 2006. Each new diamond drill hole that intersects, confirms and expands the E-Zone adds to the technical data base that is being used to generate the engineering studies in support of planned mining operations. This drilling is the first phase of a planned 10,000 meter underground program that will entail the use of two drill rigs.

The underground mining program that is in support of the diamond drilling is now at the 900 meter length, where the lateral development will be completed to allow for the necessary detailed drilling of the E-Zone deposit. The drill station to the west of the decline is nearing completion at which time the second underground drill will be mobilized to the Property. The 200 meter crosscut to the east of the decline will then be completed with the establishment of drill stations every 50 meters. The drill currently at the 650 meter station will move to the east crosscut to continue drilling once the first east drill station is completed. All drill operations are being planned under the direction of our resource geologist and engineers to ensure that all the necessary information for the engineering study will be collected by the end of the current operation.

The main decline will be driven at the same time as the east crosscut. The drilling results and geological mapping of the underground development have confirmed that the decline is entering the footwall or underlying rocks of the E-Zone. It is therefore expected that the first mineralization will be encountered by the decline in the near term. The decline will continue until it has crossed completely through the zone of sulphide mineralization into the hanging wall of the E-Zone.

"We continue to be very pleased with the ongoing developments at the Ruddock Creek Property. The drilling continues to confirm the projected location and mineralization of the E-Zone and the underground development continues to exceed the projected progress. We are now looking forward to the intersection of the E-Zone by the decline and the ongoing diamond drilling program, which have been the two goals of this major phase of development at Ruddock Creek," 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:

(signed) "Gordon Keevil"

Gordon Keevil, President

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