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Skeena Resources Ltd (4)
Symbol SKE
Shares Issued 65,392,363
Close 2022-02-08 C$ 13.02
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Skeena to appeal commissioner's call on Albino Lake

2022-02-08 09:04 ET - News Release

Mr. Walter Coles reports

SKEENA RESPONDS TO CHIEF GOLD COMMISSIONER'S DECISION ON MATERIAL IN ESKAY CREEK ALBINO LAKE STORAGE FACILITY

Skeena Resources Ltd. has responded to the decision made by the chief gold commissioner on the materials in the Albino Lake storage facility at the past-producing Eskay Creek gold-silver project.

An individual holding a mineral claim on the lands that underlie Skeena's Albino Lake storage facility applied to the chief gold commissioner on Aug. 27, 2021, for a determination as to the ownership of the minerals in the materials deposited in the Albino Lake storage facility by the previous operators of the Eskay Creek mine. The materials in question consist of tailings and minerals, containing sulphides and certain deleterious elements from the Eskay Creek mine, and are managed by Skeena under a Lands Act surface lease, and authorizations under the Mines Act and Environmental Management Act.

Notwithstanding Skeena's continuing environmental obligations in respect of these materials, on Feb. 7, 2022, the chief gold commissioner handed down a decision, determining that the individual, Richard Mills, owns all the materials in the Albino Lake storage facility.

Skeena believes that the chief gold commissioner's decision is in error and intends to appeal the decision to the Supreme Court of British Columbia in accordance with the appeal provisions in the B.C. Mineral Tenure Act.

Walter Coles, president and chief executive officer, commented: "It is incomprehensible to us that the chief gold commissioner of British Columbia would transfer ownership of materials that Skeena and, prior to that, Barrick, have actively managed and environmentally monitored for decades in the Albino Lake storage facility to an individual who staked barren mineral claims below the facility. We feel this sets a grave precedent for mineral exploration, development and environmental liability management in British Columbia. Skeena will utilize all legal avenues to remedy this situation within the B.C. court system and we have already begun the appeal process."

About Skeena Resources Ltd.

Skeena Resources is a Canadian mining exploration and development company focused on revitalizing the past-producing Eskay Creek gold-silver mine located in Tahltan territory in the Golden Triangle of northwest British Columbia, Canada. The company released a prefeasibility study for Eskay Creek in July, 2021, which highlights an open-pit average grade of 4.57 grams per tonne gold equivalent, an after-tax net present value at a 5-per-cent discount of $1.4-billion, 56-per-cent internal rate of return and a 1.4-year payback at $1,550 (U.S.) per ounce gold. Skeena is currently completing both infill and exploration drilling to advance Eskay Creek to a full feasibility study in 2022.

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