Skeena Resources Ltd (SKE)

[douginil]

Skeena Completes Sale of GJ to Newcrest for C$7.5M

Vancouver, BC (May 1, 2020) Skeena Resources Limited (TSX.V: SKE, OTCQX: SKREF) (“Skeena” or the “Company”) is pleased to report the completion of the asset purchase agreement, announced February 4, 2020, to sell 100% of the Company’s interest in the GJ Copper-Gold Property (the “GJ Property”) to Newcrest Red Chris Mining Limited (“Newcrest”) for C$7.5 million of cash.

Under the terms of the asset purchase agreement with Newcrest, dated February 3, 2020, Skeena sold 100% of Skeena’s interest in the GJ Property in consideration for:

A cash payment of C$7,500,000 to Skeena; and
The assumption by Newcrest of future payment obligations and royalties on the GJ Property, including those outlined in the Company’s October 6, 2015 news release.


The transaction is subject to certain conditions including, but not limited to, the receipt of all necessary consents and approvals, including the acceptance of the TSX Venture Exchange.