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Skyline Gold Corporation: Skyline Announces Increase in Private Placement and Closing of First Tranche

^{Published on 2009-08-24 12:38:41, Last Modified on 2009-08-24 12:38:43 - Market Wire}
 

RICHMOND, BRITISH COLUMBIA--(Marketwire - Aug. 24, 2009) - Skyline Gold Corporation ("the Company") (TSX VENTURE:SK), a company engaged in the exploration and development of its Bronson Slope mining property in north western British Columbia's 'Golden Triangle', is pleased to announce that further to our news release of August 7, 2009, the Company has closed the first tranche of its non-brokered private placement of 1,632,167 units at a price of $0.18 per unit for net proceeds of $293,790. The prior announced amount was 1,332,167 units for proceeds of $239,790. There will be further closings. The Company is hopeful for additional subscriptions up to an additional $600,000 by final closing.

The proceeds of the placement will be used for general corporate purposes and to advance the Bronson Slope Project. Each unit consists of 2 flow through common shares each priced at $0.06 and 1 non flow through common share priced at $0.06 and 1/2 of a share purchase warrant. Each whole warrant will entitle the holder to purchase one additional share of the Company at a price of $0.08 per share for a period of one year from date of issue. The units have a hold period that expires 4 months from the date of issue. Finders' fees of $10,994 will be paid on the first tranche of this private placement.

ON BEHALF OF THE BOARD OF DIRECTORS

SKYLINE GOLD CORPORATION.

David Jensen, P.Eng., President

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.