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Selkirk Completes Acquisition of Doublestar

Tuesday, July 24th, 2007

Selkirk Metals Corp. is pleased to announce that its previously announced acquisition of Doublestar Resources Ltd. has now closed. The acquisition was completed by way of a plan of arrangement pursuant to the Business Corporations Act (British Columbia) and resulted in the exchange of one-half of one common share of Selkirk for each one Class “A” share of Doublestar (the “Transaction”). All shareholders who hold less than 20 Doublestar shares will be paid out in cash.
Doublestar shareholder approval of the Transaction was obtained at the annual and special meeting of Doublestar shareholders held on July 12, 2007. Court approval of the Transaction was obtained by orders of the Supreme Court of British Columbia dated July 18 and 19, 2007.
As part of the Transaction Selkirk issued 17,765,418 Selkirk Shares, 75,000 replacement stock options and 955,555 replacement share purchase warrants to acquire all the shares, options and warrants of Doublestar. With the completion of the Transaction there are now 64,545,195 issued and outstanding Selkirk Shares.
Prior to the Transaction Doublestar and Selkirk were partners in the Ruddock Creek zinc-lead project, being the most important mineral asset of each company. With the completion of the Transaction Selkirk now holds 100% of the Rudduck Creek zinc-lead project.
Combining the interests of both companies, through this Transaction, is expected to facilitate the raising of capital required to advance the Ruddock Creek Project and other projects. The combined company will also afford Selkirk shareholders the opportunity to participate in an entity that realizes synergies and economies of scale by combining the administrative functions and assets of Selkirk and Doublestar.

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