Zinc

[Lone Clone]

Selkirk Signs Amended and Restated Arrangement Agreement With Doublestar and Releases Updated Technical Report on Ruddock Creek
Friday June 15, 5:08 pm ET

http://biz.yahoo.com/ccn/070615/200706150397408001.html?.v=1

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - June 15, 2007) - Selkirk Metals Corp. ("Selkirk") (TSX VENTURE:SLK - News) executed an Amended and Restated Arrangement Agreement on June 7, 2007 that supersedes the original Arrangement Agreement signed with Doublestar Resources Ltd. ("Doublestar") (TSX VENTURE:DSR - News) on April 5, 2007.

The Amended and Restated Arrangement Agreement sets out the formal terms and conditions for the acquisition of Doublestar by Selkirk through an exchange of one-half of one common share of Selkirk (the "Selkirk Shares") for each one Class "A" share of Doublestar (the "Transaction").

The principal changes effected by the Amended and Restated Arrangement Agreement are: (i) the scheduled time for delivering a formal information circular describing the Transaction to Doublestar shareholders is extended from May 15, 2007 to June 18, 2007; (ii) The deadline for Doublestar to hold a shareholders' meeting to approve the Transaction was extended from June 15, 2007 to July 16, 2007; (iii) The deadline for exercising various termination rights found in the Amended and Restated Arrangement Agreement by both Doublestar and Selkirk is extended from July 31, 2007 to August 31, 2007; and (iv) Selkirk may elect to make cash payments to Doublestar shareholders otherwise entitled to receive fewer than 10 Selkirk Shares in lieu of Selkirk issuing Selkirk Shares to such Doublestar shareholders.

The parties have finalized a formal information circular describing the Transaction that is being delivered to Doublestar shareholders today.

Doublestar will hold a special meeting of its shareholders coincident with its annual general meeting on July 12, 2007 at which time it will seek shareholder approval of the Transaction. The approval of Selkirk shareholders is not expected to be required in order to complete the Transaction. All directors and officers of Doublestar (and their respective affiliates) have entered into support agreements with Selkirk pursuant to which they have agreed to support the Transaction and vote all shares of Doublestar held by them in favour of the Transaction.

Selkirk commissioned the preparation of a technical report effective June 12, 2007 entitled "National Instrument 43-101 Technical Report on the Ruddock Creek Property" (the "Ruddock Creek Technical Report"). The Ruddock Creek Technical Report was prepared by James (Jim) Chapman, P. Geo., a "qualified person" for the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

The Ruddock Creek Technical Report describes the results of the 2006 exploration program at Ruddock Creek as well as results from previous years. Selkirk has successfully met all objectives of the 2006 exploration program, which has justified the plan to accelerate development of the Ruddock Creek property through an extensive 2007 program of underground development, surface exploration and engineering. Selkirk has completed the planning process for this program and operations commenced in early May.

Selkirk expects to commence the 2007 program with a 10,000m surface drilling program. This work will start with expanding on the known mineralized occurrences at the Q, R and U showings in Oliver Creek. As conditions permit the drills will move up to the Creek Zone to expand the horizon defined by the 2006 drilling. Definition drilling of the near surface portion of the E Zone will likely commence in July. The underground program will entail the collaring of an exploration decline this summer followed by underground drilling.

A full text version of the Ruddock Creek Technical report is being filed on SEDAR today and will be available at www.sedar.com.

On Behalf of the Board of Directors of Selkirk Metals Corp.:

Gordon Keevil, President

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 management of Selkirk and Doublestar 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 the public filings of both Selkirk and Doublestar at www.sedar.com for further information.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of content of this press release.


Contact:

Gordon Keevil
Selkirk Metals Corp.
President
[phone]
[phone] (FAX)
Website: www.selkirkmetals.com

Source: Selkirk Metals Corp.